Permissionless access to data is one of blockchain’s most prominent promises; the idea that anyone anywhere can access and make use of data whichever way they want without requiring the say-so of a centralized entity. That could be access to real-time transaction information to make investment decisions based on the moves of whales (the crypto industry’s term for large investors). In theory, all that’s needed is to plug into the blockchain protocol of interest by setting up a node—essentially a computer that runs the blockchain’s software.
To appreciate how disruptive permissionless access to data is, consider how gaining access to the real-time transaction flow of the largest stock investors would work. In the United States, for example, an exchange such as Nasdaq will need to give you (or a third-party data provider) access to such data. The exchange has the right to decide who receives access and who doesn’t—and at what cost.
With blockchain, no one gets to make that call. The barrier to entry here is limited to the cost (both monetary and non-monetary) of setting up a node.
However, running nodes isn’t the most efficient way for most businesses to access and use blockchain data—especially for legacy companies looking to enter the Web3 space, said Tom Tirman, the cofounder and CEO of Parsiq.
Parsiq is a blockchain data infrastructure startup.
“Consider a traditional investment data provider who wants to start offering crypto data,” Tirman said. “Their preference would be to have access to structured data that can be processed and presented to users without adding the extra operational and technical layer of running their own nodes.”
The added operational and technical layer that Tirman referenced multiplies if the service provider intends to provide data from more than one blockchain network. That’s where blockchain data service providers come in.
Continue reading: https://www.forbes.com/sites/mikeozanian/2022/07/18/juan-soto-contract-rejection-could-make-orioles-a-better-buy-than-nationals/?sh=11ca81d46978
To appreciate how disruptive permissionless access to data is, consider how gaining access to the real-time transaction flow of the largest stock investors would work. In the United States, for example, an exchange such as Nasdaq will need to give you (or a third-party data provider) access to such data. The exchange has the right to decide who receives access and who doesn’t—and at what cost.
With blockchain, no one gets to make that call. The barrier to entry here is limited to the cost (both monetary and non-monetary) of setting up a node.
However, running nodes isn’t the most efficient way for most businesses to access and use blockchain data—especially for legacy companies looking to enter the Web3 space, said Tom Tirman, the cofounder and CEO of Parsiq.
Parsiq is a blockchain data infrastructure startup.
“Consider a traditional investment data provider who wants to start offering crypto data,” Tirman said. “Their preference would be to have access to structured data that can be processed and presented to users without adding the extra operational and technical layer of running their own nodes.”
The added operational and technical layer that Tirman referenced multiplies if the service provider intends to provide data from more than one blockchain network. That’s where blockchain data service providers come in.
Continue reading: https://www.forbes.com/sites/mikeozanian/2022/07/18/juan-soto-contract-rejection-could-make-orioles-a-better-buy-than-nationals/?sh=11ca81d46978
