Cryptocurrencies represent a new asset class in the financial world with a growing potential impact making now the necessity to stock and analyze the relevant data very essential. Having a top-notch database with high-quality data and with the longest history have been the pride and joy of many mainstream financial data providers across the globe which have been able to retrieve so much data that it has now become a major asset for these companies.
On 22 May 2010, it is said that Laszlo Hanyecz made the first real-world transaction by buying two pizzas in Jacksonville, Florida for 10,000 BTC. In five days, the price grew 900%, rising from $0.008 to $0.08 for 1 bitcoin. Eight years later, the cryptocurrency market led to an incredible increase of crypto-related data thanks to the relatively recent craze for cryptocurrencies and projects based on the blockchain technology in general.
It seemed thus necessary and essential for every stakeholder in the cryptocurrency market to create and/or have access to the best historical and real-time data with high granularity. Nowadays, alongside the advent of blockchain and cryptocurrency-related projects, most of the stakeholders have started collecting, gathering and cleaning data in order to have the best databases with the main purpose to deliver the best products and services to the market.
Terabytes and terabytes of cryptocurrency data… this sounds like CRYX
The CRYX’s project has been developed by a team of Investment Professionals based in London in 2015 with the mission to support cryptocurrency investors by providing benchmarks and data analytics solutions in order to have an accurate view of the cryptocurrency market environment.
A high quality database is essential for the CRYX’s project in order to provide high-quality Indexes, constituent data, machine learning and technical analysis APIs. That’s why CRYX was among the first firms to create a cryptocurrency-related database and to retrieve Big-Data which are now used worldwide by individual and institutional investors.
NeoBlock partnered with CRYX to endow its top-notch Database
Neoblock (neoblock.co) is a leading Consultancy and Data Analytics firm based in London and providing high quality Big Data, Blockchain solution and analytics tools. With over 180 of TB being extracted every day, NeoBlock provides consequent crypto-related data and has greatly contributed to the CRYX’s project which eventually enabled them to create their indexes. Furthermore, the professional Data Science team of NeoBlock has significantly supported the internal development of CRYX’s Machine Learning and Natural Language Processing APIs.
“When you are mining so much data, you are facing different and sometimes unpredicted challenges. Supporting and maintaining such granular data is what defines Big-Data but the great challenge now is to find the rare gem in this latter.” — Niroshan Logeswaran, CTO at CRYX
What can Big Data bring to the cryptocurrency market? Researchers, data scientists and crypto enthusiasts are not sure yet but this is the core of the blockchain technology and architecture. In this case, data never dies. A transaction happens and it is immutable. It remains in the blockchain forever, and ever, and ever…
The CRYX’s Project
If you are interested in the CRYX’s project and are willing to use cryptocurrency related data feel free to visit the CRYX’s website and to contact the team on www.cryx.io