ChainStats Node Portal, Explained To A 5 Year Old
As one of the core components to our ecosystem, we believe it’s essential that all participants of the ChainStats ecosystem further understands the expansive utilities of on-chain data brought forth by the Node Portal.
In this article we’ll explore what the Node Portal is, why it’s important, and how it works. Don’t worry if you’re new to blockchain; we’ll break it down in a way that even a 5-year-old can understand!
What is the Node Portal?
The Node Portal is like a hub of nodes that collects information from different blockchain networks. It acts as a hub, gathering data from various places and making it available for people and businesses to use. Imagine it as a big tunnel moving on-chain data from various networks into the ChainStats ecosystem to be validated, then for data to enter our application or extracted to third party applications using our services once the data has been validated.
Why is the ChainStats Node Portal important?
The Node Portal is essential because it helps people and organizations access and use data from different blockchain networks. It’s like having a constantly updating library of data sourced from a variety of different supported blockchain networks.
How does the ChainStats Node Portal work?
Think of the Node Portal as a big, secure computer system. It connects to different blockchain networks and collects information from them. It then organizes that information in a way that makes sense and is easy to use. Think of a translator explaining what was said to a language you would understand.
Additional Features:
- The Node Portal ties directly into STATS tokens utility. People can use STATS tokens to vote and have a say in what blockchain networks get added into the Node Portal. It’s like having a voice in a group and using its respective token in the ecosystem to vote for what you think is important.
- The Node Portal offers extra services to make the data even more useful. For example, it allows people to extract data from the Node Portal and use it in their own applications, like adding our data into their own DEX or other business operations utilizing on-chain data. It also lets organizations integrate their private blockchain networks into the Node Portal, making it easier for them to manage and use their data especially with instances requiring cross chain & multi-DLT operations. It’s like having tools that help you use the data in different ways, just like artists use different brushes to create beautiful paintings.
Securing The Node Portal
ChainGuardians and MasterGuardians are unique NFTs (Non-Fungible Tokens) within the ChainStats ecosystem. They serve an important purpose when it comes to the Node Portal. Think of them as special keys or tickets that grant access and validation rights to validating the data flowing in and out of the Node Portal.
When data is transmitted through the Node Portal, it’s crucial to ensure its accuracy and integrity. ChainGuardians and MasterGuardians act as guardians of this process, playing a vital role in validating the data that passes through the portal. Just like security guards who check IDs to make sure only authorized people enter a building, ChainGuardians and MasterGuardians examine the data to confirm its authenticity and reliability.
ChainGuardians, the standard NFTs in the ChainStats ecosystem, provide a layer of validation for data within the Node Portal and are to also serve as a means of further decentralizing the network by allowing distributed community validation. They contribute to maintaining the overall security and trustworthiness of the system while being compensated for providing their resources.
On the other hand, MasterGuardians serve a similar goal though these are managed by the ChainStats Foundation to ensure there is sufficient resources to maintain proper functionality and throughput within the network.
By utilizing ChainGuardians and MasterGuardians as access passes to validate data, the ChainStats Node Portal ensures that only reliable and verified entities are validating the data entering the network. This helps maintain the integrity of the data stored within the portal and enhances the overall trustworthiness of the blockchain ecosystem.
As this data will not only be used by all ChainStats platform users, but also SMEs and corporations that use the integration & extraction services we offer. The needs for their business procedures will require the highest quality of data to fuel their operations effectively.
ChainGuardians and MasterGuardians play a vital role in maintaining the security and decentralization of the validated data within the Node Portal, ensuring that only accurate and verified data enters the system.
About ChainStats
ChainStats is an on-chain data ecosystem built for analytics, data aggregation and multi-chain consensus in blockchain data to enable utilization of on-chain data for industry purposes, ranging from analysis to leveraging the validated data through third party applications. Founded in 2022 by Brian Jun and Joshua Milbers in Delaware, US.
They are one of the early pioneers in building a platform to allow enterprise purposed on-chain data to enhance and build new business workflows through decentralized multi-DLT validation. For more information, visit the company website.
