Tencent leads $15 million financing, how Chainbase builds a full-chain data interaction layer
On-chain data is surging, Chainbase keeps users from being overwhelmed.Author: Pzai, Foresight News
As of today, the data generated on-chain has reached hundreds of millions, and the processing of this data has increasingly become a matter that needs urgent consideration in the crypto space. Moreover, with the development of ecosystems, there are varying degrees of bottlenecks and fragmentation in data interoperability between different chains, leading to the need for more complex constructions for related use cases (such as AI, wallets, on-chain infrastructure, etc.), thus the demand for broader and more convenient access to full-chain data is gradually rising.
Recently, the blockchain data network Chainbase announced the completion of a $15 million Series A funding round, led by Tencent Investment Group and Matrix Partners China, with participation from Folius Ventures, Hash Global, JSquare, Mask Network, and Bodl Ventures. This is also Tencent's only move in the crypto space in the past year.
What is Chainbase?
Chainbase aims to integrate all blockchain data into a unified ecosystem, providing an open and transparent data interoperability layer for the AI era. At the operational layer, as a data layer for the full-chain model, it is essential to achieve organic integration of data. In the Chainbase network, roles such as operators, validators, developers, and delegators are included, which then provide data for various Web3 applications through channels like APIs. Currently, there is relevant data from over 20 chains in the network, achieving real-time synchronization of less than three seconds across multiple chains.
In the network, data circulates based on a "manuscript" structure, which consists of two parts: Schema and Operators. The schema defines the data types and corresponding parameters of on-chain transactions, while operators serve as means for data extraction and analysis. After developers compile the manuscript, operators (who need to register in EigenLayer) will index these manuscripts and confirm them with validators, who need to ensure the security and integrity of the data. Delegators will stake and delegate native ETH or protocol token CBT to ensure security from an economic perspective.
Figure 1 Network Operation Model
At the underlying construction level, it has designed an innovative dual-chain technology architecture that supports cross-chain data interoperability and programmability, achieving high throughput, low latency, and finality, as well as higher network security. Specifically, in the dual-chain technology architecture, the execution layer and consensus layer are separated. The execution layer builds economic security based on EigenLayer-supported AVS and provides parallel computing capabilities through the protocol virtual machine (CVM), achieving high-throughput data processing through a programmable runtime environment, allowing developers to handle complex data tasks. In the public layer, thanks to the Cosmos CometBFT architecture, data processing can achieve instant finality without additional confirmations or reorganization, and through Cosmos and EigenLayer, the protocol can establish a dual-staking model.
Token Economics
Within the protocol, CBT serves as a utility token used to coordinate data providers and consumers within the network and incentivize protocol participants to effectively organize data, achieving sustainability of the network and organic growth of the ecosystem.
Figure 2 Token Economics
After developers create the manuscript, relevant queries for the dataset require payment of CBT fees, which include data retrieval costs. 80% of these fees are rewarded to network resource providers (such as operators and validators), 15% is allocated to developers, and the remaining 5% is burned to achieve sustainability. Additionally, 15% of the total supply of the protocol token will be linearly distributed over six years and fully allocated to operators and delegators based on the quality and quantity of data processed. Furthermore, 2% of annual inflation is allocated to validators and their delegators, ensuring the sustainability of the network and long-term incentives.
AI Models in the Crypto World
The crypto world has been built on a vast and rapidly growing amount of blockchain data, which contains rich knowledge and potential opportunities. While continuously extracting and organizing this data, a significant amount of "dark knowledge" in crypto data cannot be effectively organized and planned solely through traditional databases and limited manpower, thus creating a certain barrier to accessing knowledge for the average crypto enthusiast.
Chainbase has built a large model for the crypto world called Theia based on blockchain data, which aims to learn from blockchain data and simulate and reason about the native blockchain environment. In the future, AI agents built on it can effectively understand, predict, and interact with blockchains. Specifically, the model achieves this by decomposing the large model into magnitude vectors and direction vectors, with the resulting matrix reflecting the extensive knowledge on-chain, and the complete reasoning chain built on the model provides users with easily readable results. Additionally, the decentralized data model inherently possesses high-performance cryptonative characteristics and high transparency.
Conclusion
Existing data-related projects face certain constraints in decentralization, performance, versatility, and economic models, while Chainbase hopes to break through this situation to some extent. As Mass Adoption approaches, we are facing a more overwhelming data tsunami, and a solid breakwater is being constructed. We can look forward to a future where we can face it more calmly on a decentralized high-performance architecture.
