The blockchain contains data about users and their transactions, and is for the most part publicly available. Unlike traditional transaction data, which is private to users, blockchain data at a wallet level can be a huge value to help profile and classify users. This is valuable for companies, as it enables them to better understand their power users, and personalize user experiences such as onboarding flows, based on user interests. But are companies using it? Web3 companies and larger companies using blockchain are only starting to realize the edge analyzing this data provides.
But wait, what is a Blockchain again?
A blockchain is a ledger or a distributed database secured and shared among many computers, which go by the term "nodes". It sequentially stores transactions and their contents in digital electronic data. These nodes are part of the network of computers that runs and/or secures the blockchain network in a decentralized manner.
Blockchain works differently than traditional databases. The key difference resides in centralization. While centralized authorities govern databases (like Google having control over its users' data), blockchains use protocols for validating data across decentralized nodes. Moreover, blockchain data is largely public and transparent as it is stored across decentralized nodes.
When one block reaches its capacity, the data gets stored in the next chain's block.
Each Ethereum transaction gives us the following:
- The wallet addresses of both the sender and the recipient
- Transaction amount and the item (token/nft)
- Timestamp (Time of Transaction), etc.
Etherscan and its uses
Etherscan is a popular analytics tool for the Ethereum blockchain. It enables easy access to critical data about transactions, smart contracts, wallet addresses, and more.
Etherscan is useful in:
- Identifying wallets and users that may meet your preferred user persona
- Tracking transactions on a set of tokens or assets
- Tracking and analyzing user or wallet behavior
How to create a list of potential users in Etherscan
Etherscan users can access the Watch List feature, which allows you to track specified addresses. It sends email prompts whenever tracked wallets take part in a transaction. It can track up to 50 wallets in real-time.
Let's say you wanted to create a list to track high-value long term oriented NFT holders, you could take the following steps to add Doodle holders to an Etherscan Watch List:
Step 1- Log in to your Etherscan account.
Step 2 - Search Doodle in the search bar.
Step 3 - Click Holders tab, and copy one of the wallets.
Step 4 - Go to your username on the top right and click on the My Profile page, click on Watch List.
Step 5 - Click on the Add button.
Step 6 - Paste the address and description. Select the notification preference and frequency.
Step 7 - Repeat the above addresses to track desired wallets and see who holds the Doodle NFTs.
Who are the best users?
Any company that uses blockchain can use blockchain analytics tools to derive insights into user behavior. Identifying the best users of your project requires answers to questions like:
- Who are the largest, highest value accounts?
- Which are the most active users, who have the highest transaction volume?
- Who are the most engaged community members that are referring friends to the project?
Etherscan is one way to narrow down the search to identify such users from the clutter, however the UI is not optimized for bulk user analysis.
Once you know who your best users are, you can try find more of them and further refine your product for their needs.
Combine community analytics with blockchain data
Blaze helps connect community data to wallet data, by creating a graph of users across social platforms (like Twitter and Discord), product activity (like sign ups) and wallet activity.
To further research blockchain analytics tools that may help with this, check out our blog on blockchain analytics tools to learn more.
If you are a brand looking to enter the Web3 space but have no clue how to pursue analytics and identify the right set of users, no worries, Blaze has got you covered!
Schedule a demo to find out more.