Blockchain Data Processing Pipeline
The Blockchain technology is a distributed ledger system that acts as an open ledger to store processes and manage transactions between different entities. The records in the Blockchain are called blocks, and they contain all information about each transaction occurring on the Blockchain.
The Blockchain data processing pipeline is the series of data processing steps that occurs in processing the Blockchain data.
This consists of some key elements which include a source of data, the steps involved in the Analysis of the data, inference from the data, and a destination for the results and inferences.
Events:
Minting.
Minting cryptocurrency is the process of creating new coins simply by Authenticating data, creating new blocks, and recording the information onto the blockchain through the “proof of stake” protocol
The minting process is decentralized, which allows any member of the community to create crypto without the need for a central regulatory authority. The proof of Stake is a Blockchain consensus mechanism that is used to validate transactions on a Blockchain network where existing users stake their existing coins or tokens to validate their request to create new coins.
Minting is done in the following simple steps:
Step 1: Install web3
Step 2: Create a mint.js file
Step 3: Get your contract ABI(Application Binary Interface)
Step 4: Configure the metadata for your Token using IPFS
Step 5: Create an instance of your contract
Step 6: Update the .env file
Step 7: Create your transaction
Step 8: Sign the transaction
Step 9: Call mintNFT and run node mint.js
Cash Flows
In a report by CoinMarketCap more than 6,700 different cryptocurrencies traded publicly with a total value of more than $1.6 trillion in February 2021, and Bitcoin represented approximately 60% of the total cryptocurrency market Capitalization. Ethereum, represented just a little below 15%. The cryptocurrency in the third position held a market share of approximately 2%. In 2020, there were more than 50 million blockchain wallet users, of which 7 million were active users of Bitcoin.
Bitcoin was first listed in 2008 and was designed with an initial maximum issuance of 21 million Bitcoins. There have been more than 18 million Bitcoins created since its inception, Less than 3million Bitcoins are remaining to be distributed in the Bitcoin network.
You can access the Ethereum Data by following the simple steps.
Creating an Account
Having an Etherscan account allows you to use sign-in-only features such as Address Watch List, Txn Private Notes, Token Ignore List, and APIs.
1. Register an Account
2. Verify Your Email
3. Using Your Account
Creating an API Key
From your Account Dashboard, click on the navigation tab labeled
API-KEYs
Endpoint URLs
An API key generated on Etherscan can be used across all mainnet and testnet explorers.
Total Supply in the Solana network.
Since its inception in 2020, over 305 million Solana tokens have been issued and are in circulation, unlike bitcoin, the Solana blockchain only issues a set amount of new tokens at the beginning of each year. This issuance is based on the year-to-year inflation rate and can vary. When SOL first launched, there was a maximum supply of around 500 million but the blockchain burned (erased from the blockchain) 11 million of them. By December 2021, the maximum supply was around 510 million SOL.
Pool TVL
The total value locked (TVL) is the total value of crypto assets deposited in decentralized finance (Defi) protocol or in a group of Defi protocols. Pool TVL is used to measure and observed public interest in a particular sector of the cryptocurrency industry. All coins in circulation in the protocol make up the TVL, these can include the staked assets, Lendings, and Liquidity pools.
A protocol’s TVL is not a constant metric, it changes as the value of the protocol's assets changes, it also changes as users make deposits and withdrawals. When a cryptocurrency appreciates in value, its TVL increases and it also decreases when the cryptocurrency depreciates in value. You can use the TVL of a particular protocol to determine whether to invest in it or not.
At the beginning of 2020, the combined TVL of all Defi platforms was around $630 million. Protocols can operate on just one network or across many networks, they all have an independent TVL on each of the networks. The largest network by Defi TVL is Ethereum, claiming almost half of the total volume worldwide.
Burning
“Burning” crypto means permanently removing a number of tokens from circulation in the network. Burning is done by transferring the target tokens to a burn address, which can be a wallet i.e. a wallet from which they cannot ever be retrieved. This is also described as destroying tokens.
Burning is done to reduce the total supply of tokens which creates a deflationary event, this event creates an increased value for the remaining tokens in circulation as prices of assets tend to increase when supply becomes scarce.
Tokens on the Binance Protocol can be burnt using the following smart contract function
message TokenBurn {
0x7ED2D2A0 // hardcoded, object type prefix in 4 bytes
bytes from // sender's address
string symbol string // token symbol
int64 amount // increase amount
}
Withdrawal Cash flow.
A crypto withdrawal is a sequence of transactions that allows you to move your cryptocurrency balance off the network to an external crypto wallet that is under your control. Before you can withdraw from your Wallet, you have to pay a withdrawal fee which is variable, depending on which coins are withdrawn, for example, BTC withdrawals cost 0.0004 BTC.
Crypto withdrawals are not reversible once executed.
Total Withdrawal.
The total withdrawal in a Blockchain is the total amount of withdrawal made on a blockchain network at a particular period of time.
You can pull the data behind Blockchain's stats using this API call.
{
"market_price_usd": 610.036975,
"hash_rate": 1841098926.6292908,
"total_fees_btc": 6073543165,
"n_btc_mined": 205000000000,
"n_tx": 233805,
"n_blocks_mined": 164,
"minutes_between_blocks": 8.2577,
"totalbc": 1587622500000000,
"n_blocks_total": 430098,
"estimated_transaction_volume_usd": 123429768.68108143,
"blocks_size": 117490685,
"miners_revenue_usd": 1287626.6577490852,
"nextretarget": 431423,
"difficulty": 225832872179,
"estimated_btc_sent": 20233161880242,
"miners_revenue_btc": 2110,
"total_btc_sent": 184646388663542,
"trade_volume_btc": 21597.09997288,
"trade_volume_usd": 13175029.536228297,
"timestamp": 1474035340000
}
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