Flipside’s CEO wants to Reduce Data Complexity.
Dave Balter, co-founder and CEO of Flipside Crypto, indicated that the NFTs would alleviate the burden placed on users to “maintain nodes, sophisticated data pipelines, or petabyte-scale databases.” ShroomDK is an online Software Development Kit (SDK) that was recently released by the blockchain analytics company Flipside Crypto.
ShroomDK is built on nonfungible tokens (NFTs) and offers an automated mechanism to extract “complete” blockchain data through software. According to the firm, the fact that the software development kit (SDK) is built on NFT makes it possible for it to be modified or resold more simply.
According to the company’s co-founder Jim Myers, the inability to query blockchain data in an automated (programmatic) form from various chains has been an “essential piece of missing infrastructure for blockchain developers and researchers.”
The term “Software as a Service,” or SaaS, refers to the distribution of software through the internet rather than locally on individual devices. An SDK, or Software Development Kit, is a collection of tools for developing software that is often used in the process of developing applications for certain types of hardware or operating systems. Users are granted the ability to resell access to previously acquired software development kits after they have done using them thanks to Flipside Crypto’s tokenized SaaS SDKs.
Flipside will also help Blockchain Developer Work Better
Developers will be able to query data from Ethereum (ETH), BNB Chain (BNB), Avalanche (AVAX), Solana (SOL), Near (NEAR), Flow (FLOW), THORChain (RUNE), and Algorand (ALGO) using ShroomDK NFTs. Other layer-2 solutions, such Optimism and Arbitrum, have also been listed.
Dave Balter, the co-founder of FlipSide Crypto and CEO of the company, stated in an interview that the NFTs will spare users the trouble of having to “manage nodes, complex data pipelines or petabyte-scale databases.” Additionally, the NFTs will provide users with the opportunity to wring more value out of their software licenses:
“Giving a user control over their license is as simple as wrapping SDK access in an NFT,” A sunk cost is a cost that cannot be recovered, and in the case of software licensing, this means that money is lost if the license is not used. That is not beneficial for the end-user, and it is also not beneficial for the company that is providing the goods.
“The remaining use may be resold to anybody by changing the license into an NFT,” it was said. This has two sets of beneficiaries: the original holder, who may turn a loss into something of worth; and new users, who are given the opportunity to test out a product at a reduced price, which he also mentioned.
Users are able to improve their query capacity by upgrading their NFTs, which may also be done via the usage of extra free NFTs referred to as “Spores.”
Balter noted that the NFTs have already been released in a closed beta over the course of the previous month and that the project has experienced great interest from fifty important analysts and companies in the cryptocurrency sector, such as “folks from Rabbithole, Optimism, LlamaDAO, 0x, etc.”
Flipside Successfully Raise $50 Million in Funding
In response to the idea that non-fungible tokens (NFTs) should be associated with particular use cases rather than just functioning as speculative assets, Balter stressed the significance of project usefulness in light of the ongoing bear market. “As a result of the cryptocurrency winter, every blockchain is under additional pressure to expand while simultaneously retaining users and developers. The utility is the most important aspect of a project, yet achieving this demands constant input from the builders. Because of this, we really need ShroomDK right now.”
It is well known that Flipside Crypto enables on-demand analytics for blockchains and supplies data and insight to crypto enterprises. The company offers a platform for “analysts to learn, interact, and compete to solve analytical issues through organized bounty programs” that is free and accessible to the public and contains open data.
The unveiling of the software development kit comes after Flipside Crypto successfully raised $50 million in investment in April via a recent Series A fundraising round that was managed by Republic Capital and received backing from leading cryptocurrency organizations like Galaxy Digital Ventures and Dapper Labs.
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