Google Releases Tools to Analyse Ethereum Blockchain Data

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Kazan, Russian Federation - Aug 5, 2018: Google logo on smartphone screen. Google is an American technology and online services company. Illustrative editorial.. Source: shutterstock.com

After the release of Bitcoin’s BigQuery database tool at the start of 2018, Google recently launched a new BigQuery tool to analyze Ethereum’s blockchain. According to Google’s blog post released on August 29, 2018, the technology company decided to make the Ethereum dataset available because of its unique system architecture. Ensuring the Ethereum blockchain data is available on Google Cloud will enable new forms of analysis and visualizations which will be useful for making business decisions.

Google Allows Chrome Users to Read Data Stored on Ethereum’s Blockchain

While the Ethereum blockchain’s software has an API for many functions like checking transaction status, checking wallet balances, API endpoints are non-existent when it comes to viewing and assessing data stored on the blockchain. As a result, Google’s BigQuery tool for the Ethereum blockchain can provide informative graphs and visualizations of the activities on the Ethereum blockchain.

For example, here is a graph detailing all the Ether transfers and transaction costs in 2018.

The Next Web noted that these graphs could be extremely useful when it comes to making complex business decisions. A simple database query on Google’s BigQuery can help the Ethereum community continuously check to see if the Ethereum blockchain is running and well and when a potential upgrade is required.

The BigQuery tool also has strong online analytical processing (OLAP) capabilities and can support the level of analysis required without needing additional API implementation. Furthermore, the software can synchronize with the Ethereum blockchain and computers that run Parity on Google Cloud. It will also pull data from the Ethereum blockchain on a daily basis. The data from the Ethereum blockchain is also stored according to date on BigQuery so it’s simple, easy, and cost-effective to explore this data. The Ethereum blockchain data can also be viewed on Kaggle, an online community of data scientists and machine learners.

Interesting Queries and Analysis on the Ethereum Blockchain

To provide an example of Google’s BigQuery on the Ethereum blockchain, Google assessed three popular topics which include popular smart contract event logs. Google discovered that the primary use for the Ethereum blockchain has been the exchanging of digital tokens.

By querying the dataset’s contracts and transactions, Google was able to discover the most popular type of smart contract based on the transaction count.

The most popular ERC-721 smart contract on the Ethereum blockchain was the Cryptokitties Game. By understanding how CryptoKitties were logged onto the Ethereum blockchain, Google noted that users could now search for log tables and even transform this data into a visual format. For example, Google has provided a visualization of Cryptokitty pedigrees for accounts with more than 10 Cryptokitties. In this visual, color represents the owners while size reflects the reproductive fitness of each cat.

Since there are many tokens on the Ethereum Blockchain, Google also launched a query to measure the top ten most popular Ethereum tokens based on its number of transactions. They noted that the fifth most popular token is OmiseGo ($OMG). Google then queried for the daily count of $OMG tokens from its inception to August 2, 2018. The increase and spike in blue activity was a result of a recent airdrop, where many OMG tokens were distributed into many wallets at one time.

According to The Next Web, Google’s BigQuery tool for the Ethereum blockchain enables users to now extrapolate data and compare smart contracts. Google’s analytical tools, therefore, provide greater insight and analysis into the Ethereum and Bitcoin blockchain.

The technology company is also planning to release more blockchain-related tools in the near future. The company announced in July 2018 that they would release a new development kit that will give customers an easy way to build smart contracts and create their own decentralized applications.

Google Releases Tools to Analyse Ethereum Blockchain Data was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.