Ethereum in BigQuery: blockchain analytics to increase transparency
Cryptocurrencies have captured the imagination of technologists, financiers, economists, and general public. The thing that is more intriguing is the long-term and diverse applications of the blockchain technology.
This latest development was made public on Saturday, when in a blog post the corporate giant mentioned that, whereas an API exists for generally used capabilities, akin to checking transaction standing or pockets balances, it isn’t really easy to entry all the information saved on the Ethereum blockchain.
The post continues to say that “perhaps more importantly,” the API would not permit for viewing blockchain information “in aggregate.”
Providing an insight into the working of Ethereum blockchain
Talking about the new service, Google mentioned:
“A visualization like this … is useful for making business decisions, such as prioritizing improvements to the Ethereum architecture itself (is the system running close to capacity and due for an upgrade?) to balance sheet adjustments (how quickly can a wallet be rebalanced?).”
The software program system Google has constructed on its cloud platform does a number of things:
- Synchronizes the Ethereum blockchain to computers running parity in Google Cloud.
- Performs a daily extraction of data from the Ethereum blockchain ledger.
- De-normalizes and stores date-partitioned data to BigQuery for easy and cost-effective exploration.
The blog also discusses why the latest addition could be helpful for users. Citing the case of CryptoKitties, the post says that CryptoKitties smart contract transactions are by far the most popular and numerous on the Ethereum blockchain. It also provides a visual representation of the pedigree that own more than 10 CryptoKitties.
Another instance deals with one of the most popular Ethereum tokens, OmiseGo. Taking the daily transaction into account of $OMG tokens transfers, we find that there was a big spike in the number of $OMG receivers on September 13, 2017, but no increase in the number of senders. This marked the beginning of OmiseGo token airdrop.
Earlier this year in February, the Bitcoin blockchain data was made available for exploration using Google BigQuery.
Image via Shutterstock
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