There’s immense power in data. With analytics tools, anyone can leverage data to create massive efficiencies, forge new avenues of income or generate new businesses altogether.
Now that these components are built, anyone can essentially plug them into any application.
An adaptable blockchain listener
This lightweight ERC-20 Analytics app listens to all ERC-20 transfers happening on the Ethereum blockchain. Then, this data can be graphed in a variety of ways.
To create this ERC-20 Analytics tool, we connected two MESG Services: one connecting to Ethereum ERC-20 tokens and another connecting to a tool called InfluxDB. The InfluxDB Module also contained a connection to a tool called Grafana for the monitoring and graphing of data.
While this app is currently set up to observe all ERC-20 events on Ethereum, it can also be adapted to listen to all events on a single ERC-20 address, and can even do the same for all ERC-721 transactions.
However, this tool’s possibilities only start there. MESG’s flexible development infrastructure allows this app to be expanded nearly infinitely to incorporate any technology, functionality or tool available through the internet.
Knowledge is power
This ERC-20 Analytics tool is all about using data in powerful ways. By simply adding additional functionalities to this application, this tool can be adapted for a wide variety of uses.
For example, those launching ICOs could use this tool to monitor and analyze the total token volume throughout an ICO. Patterns could be extracted from these results to inform you when there is a particularly high transfer volume (potentially indicating the use of a bot).
Using MESG, additional technologies and functions can be added to this existing app, such as a connection of an AI system to predict future transfers or token prices.
Alternatively, users could build upon this existing app to include ERC-721 transfers so that people can monitor the performance of digital collectibles such as CryptoKitties.
Those interested in blockchain data analytics could use this tool as it is, or could simply add upon this tool using MESG to influence business strategy, create trading bots, build a front-facing transaction monitoring tool, or even create a decentralized exchange.
The sky is the limit. We encourage you to take this app and add or remove services to make it your own. Or, start from scratch to create your own flexible, reusable application with MESG. The tool is out now, so feel free to get started.