Google Introduces Big Data of Ethereum

Since the time they were introduced, cryptocurrencies like Ethereum and Bitcoin have managed to grab the attention of millions. Even more so for people from the world of technology and finance, including economists. They have been itching to study the functioning of the blockchain technology especially when there is more to it than just cryptocurrency. Google BigQuery had already made Bitcoin’s dataset available in February this year. And now Ethereum’s dataset. Its dataset is now transparent allowing users to a bounteous insight into its workings and how it can be used in other spaces.

You may also like to read: Ethereum Blockchain and Its Features

You might ask why did Google decide to lay out the big data for another cryptocurrency when they have already made Bitcoin’s dataset available. Data scientists could easily have figured out what they wanted from the blockchain technology of one cryptocurrency. That is partly true. Because undeniably both are cryptocurrencies and their OLTP databases do match. But their datasets are categorically distinct. Read further to find out how, and what is Google’s objective for going public with Ethereum’s dataset.

Why did Google do this?

With Google BigQuery, now making Ethereum’s big data available and accessible to everyone, it has ensured that the data can now be perused by interested parties who previously lacked the necessary resources to do the same. Now they can decipher its nuances and further its scope.

While there are existing programs that allow you to keep a check on random functions like checking the balance in an Ethereum wallet or the transaction status, Google wanted to provide more utility than that and provide more aggregate data that updates every day. Therefore, they built a software system that syncs Google Cloud to the Ethereum blockchain. It also extracts data from the Ethereum blockchain ledger on a daily basis and stores date-wise data on BigQuery for convenient access to the users.

What does Google have to say about Ethereum's big data

To put several queries to rest, Google while introducing the Ethereum blockchain on BigQuery months after making the Bitcoin dataset available, distinguished between the two cryptocurrency datasets in its blog.

The crypto-economic unit of Ethereum’s blockchain is Ether composed of Tokens while Bitcoin blockchain currency is Bitcoin. These tokens are created and managed by smart contracts. The transfer value of Ether is precise with resemblance to any debit or credit ledger while Bitcoin value transfers for a particular wallet address would not be as easy to establish. Additionally, Ethereum wallets would not just contain addresses but also bytecodes of smart contracts that could create and execute agreements, too.

According to Google, these smart contracts in Ethereum dataset will also allow a clearer understanding of the functioning of specific smart contracts even if the source codes are missing for the user.

 

For further reading: Structure Of A Smart Contract In Ethereum

Similarly, once Ethereum’s big data is made accessible, clear visualizations of the data will be open to the data experts who can then ascertain how improvements can be made. Furthermore, queries can also be used to find out the transaction volumes and transaction networks between specific wallet addresses.

How does it affect you?

All in all, Google being an established authority in the field of technology has benefited many by introducing Ethereum dataset to BigQuery along with Bitcoin knowing completely well that this revolutionary technology is in the foreseeable future of just about any institution or business.

If you want to be one of the pioneers who want to integrate business with technology and be a part of the inevitable future, we are here to give you the desired push. From ethereum blockchain application development to creating your own cryptocurrency, we at Oodles Technologies are here to help ease your way into the future. To know more about private blockchain solutions, feel free to comment below or shoot us an email and we will get right back to you. Or if you just need to know more about the futuristic technologies and service providers who can help you achieve that, do visit our website.