What data can't do
Data can help you win. But it can also be the reason you don’t.
“What you don’t know can’t hurt you.”
Whoever coined that phrase probably wasn’t a data analyst.
Data is dangerous. The data you know is a powerful tool that can completely change your standing in a competitive market.
And what you don’t know… someone else does.
But like any tool, it’s what you do with it that matters.
What data does
What you can do with data depends on your goals. Data is information, large amounts of information collected and organized into structures that make it easy to find any piece you might be looking for.
For analysts, using data tends to take the form of dashboards — whether for personal curiosity, a paid bounty, a job task, an investing thesis, a claim that needs fact checking, or an infinity of other contexts, an analyst can reorganize data into focused, visual presentations that are easy to share.
For analysts, data is a skill; it’s the ability to answer questions for yourself and others about app/internet/blockchain activity.
Are people really using this app?
What’s the difference between activity on these two chains?
How are crypto markets changing over time?
The answers an analyst can find are as numerous as the questions they can ask.
For developers, using data tends to take the form of an API — the ability to get whatever information you need in the moment to complete the user experience, or build key information into the foundation of your app’s architecture.
Good data can mean time saved, insights into how to make your next move, or disaster avoided.
For companies, using data tends to look like integrating a database — complete, self-hosted data sets give you flexibility and control to find answers quickly and in context.
For companies, data is an advantage; Integrating a well-curated database in a field of interest can set your company apart, enabling you to make the most informed, well-timed, and well-targeted decisions possible. It’s a must-have for entering or operating in any market.
What data can’t do
Data is information. You consume information to gain knowledge. And knowledge, as we all know, is power.
But data isn’t power. At least, not until you actually use it.
Data is just about everything you need to be well-equipped strategically, but it needs a catalyst.
Someone has to query it. Blockchains are transparent data architectures by definition. But they’re not built to be easy to interpret, so few will take the time to decipher them.
But if no one does, are they really transparent?
And transparency is a core pillar of Web3, because what you don’t know can hurt you.
If FTX had been transparent with its data, fewer people may have been hurt. Transparent data can make crypto safer. But only if there are analysts around to query it, watching guard, ready to sound the alarm.
For builders in Web3, untapped data means missed opportunities. “Blockchains are cities”, but they’re also ledgers, which is just a way of storing data. Data is the map that helps you get around Web3.
And for companies, data can have an inverse relationship with risk. The more you know, the less you don’t. Which means the less that can surprise you when you don’t want it to.
How to use data
Good data can feel like a powerup, or it can feel like a glaring weakness. The more access to transparent data the world is equipped with, the better off we all are
Flipside was started to help people engage with crypto more safely, and be more informed. It's since grown into a powerful tool for good in the space — thousands of people are regularly creating dashboards, integrating it with projects, and studying it to draw insights that can help improve the industry.
And it’s much easier to use data than you might think!
First, just take a look at flipsidecrypto.xyz. You can pick any dashboard you like, or filter to find your favorite chain or protocol. Just click on a board that looks interesting, and see what insights you find.
To learn SQL and start querying data yourself, check out one of MetricsDAO’s free courses and see how easy it is.
To integrate data into your app, ShroomDK will get you up and running in minutes.
And for companies that want exposure to all of Web3 in a single, convenient enterprise solution, we’ve got you covered right here.
Stay safe out there, and happy querying.
Want more executive insights into building better in Web3? Subscribe for free.