PONTEM x SENTIO: FIRESIDE FRIDAY RECAP

On January 27, Pontem hosted a community call with Sentio to discuss the potential use cases of their products in the Web3 ecosystem. The conversation also tackled the challenges that the Web3 industry is facing in terms of user experience and accessibility.

Notably, the discussion highlighted how builders are leveraging their expertise and experience from traditional tech to enhance user experience and accessibility in the Web3 environment.

You can listen to the full recording on Twitter, or Discord.

Sentio: Empowering Web3 Teams with Observability Solutions

The rise of Web3 brought about a new era of decentralized applications (dApps) and services that operate on blockchains. However, with the increasing complexity and scale of these applications, the need for effective monitoring and observability solutions has become more pressing than ever.

This is where Sentio comes in - a smart contract layer that aims to accelerate the proliferation of dApps by providing them with the best infrastructure, while also enabling Web3 teams to be more transparent to their communities.

Sentio was founded by a team of seasoned entrepreneurs and experienced engineers who previously worked at companies such as Google, LinkedIn, Elastic, and TikTok. Drawing from their extensive knowledge of observability and large-scale data infrastructure, as well as their enthusiasm for crypto, they were intrigued by the rise of DeFi and Web3 applications in 2020.

However, they also became increasingly worried about the frequent hacks and exploits that were plaguing the space. In response, they decided to utilize their expertise in observability solutions to introduce a fresh level of transparency and monitoring to the Web3 landscape.

One of the major challenges faced by Web3 teams is the difficulty of querying and using data from blockchains. Each blockchain is unique, and the way data is tracked and organized can vary widely from one ecosystem to another. Sentio provides a unified API to query and index data from different ecosystems, making it easier for project teams to access and use this data without having to reinvent the wheel.

Moreover, the nature of blockchain data is highly encoded and compressed, making it difficult to decode and decompress for use. Sentio hosts and maintains the infrastructure needed to decode and store blockchain data, providing Web3 teams with a stable and scalable observability solution that can be used for the long term.

This enables teams to focus on their main applications and services rather than spending time and resources on in-house observability solutions. Sentio has proven to be extremely useful for Web3 teams, including us at Pontem as Liquidswap uses Sentio's API to visualize statistics.

The potential for data products and visualizations is enormous, with countless opportunities for innovative and useful applications that can benefit the entire Web3 ecosystem.

Enhancing Efficiency Through Sentio's Indexing and Visualization: Key Use Cases

Sentio's generic layer of indexing and visualization has made it useful for a variety of projects. For example, lending protocols are using Sentio to build borrower dashboards, providing borrowers with the information they need to make payments on time and giving lenders confidence in the borrowers they're working with.

NFT marketplaces have found great value in Sentio, using it to track the trading volume, floor price, and full price changes of their NFTs. This allows NFT marketplaces to gain insight into the buying and selling trends of their users, enabling them to make informed decisions about pricing and inventory management.

GameFi projects have also found Sentio to be an invaluable tool, using it to track the minting process of on-chain tokens generated through playing games. This helps ensure that the process is correct and that the tokens are being distributed fairly.

Recently, we utilized Sentio’s data tools to mark the whitelist for NFT drops. By analyzing transaction data from Liquidswap users who had transacted within the last 30 days, the team was able to identify potential whitelist candidates and streamline the process.

The potential for new use cases is vast, and the development of a crypto-based billing and payment system for subscription services in Web3 is one area that is ripe for exploration.

The current system for billing in the Web2 world is clunky, with users having to navigate multiple payment options, including credit cards and wire transfers. In the Web3 world, however, the potential for automated payments using smart contracts and stablecoins is enormous.

The integration of accounting systems with crypto payments is another area that has the potential to be transformative. The lack of user-friendly apps that make it easy to use stable coins is currently a significant barrier to the widespread adoption of crypto payments. But, as the underlying infrastructure is superior to traditional banking systems, the potential for disruption is significant.

Innovation in the development of Web3 applications, particularly those focused on payments and accounting, could have far-reaching effects on the way businesses and individuals conduct transactions. It could streamline the billing process, reduce fees, and offer a level of transparency that is currently not possible in the traditional banking system.

Building Better User Experiences in Web3: The Intersection of Traditional Tech and Crypto

Web3 is the latest evolution of the internet, built on blockchain technology that promises to bring decentralization and transparency to various industries, including finance, art, and gaming. However, despite the promises of Web3, the industry has been plagued by challenges in user experience (UX) and accessibility.

Many applications are built by and for crypto enthusiasts, with complex interfaces and jargon that can be intimidating for new users, making it challenging for Web3 to reach mass adoption.

However, as the Web3 ecosystem matures, a new generation of builders is emerging, bringing in their expertise and experience from traditional tech to improve the user experience and make it more accessible. These builders recognize that the problems faced by Web3 have already been solved in Web2, and are determined to bring that knowledge and experience to the decentralized world.

The intersection of traditional tech and crypto is also bringing in a new focus on UX design. Many builders are recognizing that if Web3 is to reach mass adoption, the user experience needs to be more intuitive and accessible to everyone, not just crypto enthusiasts.

For example, the recent changes to the UI of Curve, a decentralized exchange, have made it less intimidating for non-technical users to interact with. However, there is still a long way to go, and builders are working on developing better tooling to abstract away the complexities of Web3 and bundle them together in a more user-friendly way.

This trend of traditional tech builders entering Web3 represents a shift towards professionalization and mainstream adoption. The first generation of Web3 builders was more risk-averse and less concerned with traditional design and product philosophies, leading to a proliferation of complex and intimidating applications.

However, with the entry of more traditional tech builders, there is a renewed focus on building Web3 with a user-centric approach that values simplicity and accessibility.

The Dawn of Crypto: From the Bitcoin Hype to the Rise of DeFi

Cryptocurrency has come a long way since the early days of the Bitcoin hype. While the 2017 ICO craze saw a rush of investment in new projects, many of which failed to deliver, the more recent rise of DeFi has brought about a new level of excitement and possibility to the crypto landscape.

The ICO boom of 2017 was a wild ride, with projects launching without smart contracts or products, simply a white paper and an address to send ETH. While many investors lost money in the subsequent crash, it also marked an important step in the development of the crypto ecosystem.

The rise of DeFi, however, has brought about a new level of maturity in the crypto world. Rather than just investment vehicles, these platforms are providing real-world use cases for blockchain technology, with users being able to lend, borrow, trade and stake assets to earn rewards. Interestingly, these platforms are being used and adopted by ordinary people, not just the crypto-savvy.

However, this was just the beginning. The world of DeFi moves quickly, and Cycles are shorter and more exaggerated than in traditional finance. While this can create some instability, it also allows for natural selection to take place, with the most valuable projects rising to the top.

One of the reasons for this rapid development is the fact that DeFi applications are built on top of existing infrastructure, such as the Ethereum blockchain. This means that developers can focus on building the application itself, rather than worrying about the underlying infrastructure.

Although there are risks associated with DeFi, and investors need to be careful when investing in these projects. But for those who are willing to do their due diligence, DeFi offers a world of possibilities.

The Future of Crypto: Bridging the Gap between Web2 and Web3

As cryptocurrency continues to grow and evolve, many are wondering what the next big trends and products will be. While it's hard to predict with certainty, there are a few key areas that show promise for the future of crypto.

One of the biggest themes we can expect to see is bridging the gap between the Web2 and Web3 worlds. Currently, there is still a significant divide between the two, and this is significantly true when it comes to payments.

While there are solutions like SaaS payments available, the current experience is not user-friendly for those who are not tech-savvy.

Additionally, there are concerns about the security of private keys and the risk of losing everything if they are lost. As a result, many crypto users still keep their funds on centralized exchanges, which defeats the purpose of decentralization.

However, with advancements in technology, we can expect to see this gap close over time. There is already work being done to apply AI and other technologies to the crypto world, which could help make it more accessible and user-friendly. Additionally, the rise of the metaverse and GameFi concepts could also help bridge the gap, as it allows for more conversational and video content to be generated more cheaply and easily.

Although, there are still challenges that need to be overcome. For example, the underlying infrastructure for games is still quite limited, which makes it difficult to run high-quality games in a decentralized setting. There are also concerns around trust, as many people still rely on centralized servers to run games and other applications.

Despite these challenges, there is a lot of potential for the future of crypto. By working to bridge the gap between the Web2 and Web3 worlds, it is possible to make crypto more accessible and user-friendly for everyone. Whether it's through advancements in technology or innovations in the DeFi space, there is no doubt that crypto will continue to evolve and grow in the years to come.

Sentio: Addressing the Challenge of Ensuring Data Accuracy in Blockchain Applications

One of the key challenges of building trustworthy blockchain infrastructure is ensuring the accuracy of the data that is being outputted from the blockchain. As a user, how can you trust that the data being reported is accurate, especially when there are multiple sources of data, such as in a gaming application?

Sentio addresses this challenge by providing a read-only service that queries and indexes data from the blockchain. This means that Sentio does not write to the blockchain, but only reads from it. This data can be verified by the blockchain itself, ensuring its accuracy. If there is a discrepancy between the data reported by Sentio and the blockchain, this can be flagged and investigated further.

Moreover, Sentio's expertise in building reliable, real-time, and large-scale data infrastructure makes them the right team to address these challenges. They have invested in building a solution that can handle cases like blockchain reorganization, automatically correcting the data when there is an uncle block generated.

As the use of blockchain technology becomes more widespread, the need for a reliable and trustworthy infrastructure will only grow. Sentio is helping to create a more trustworthy and reliable blockchain infrastructure that can support a wide range of applications.

ABOUT SENTIO

Sentio is a platform designed for monitoring, alerting, and log management, which offers an integrated and hosted experience for decentralized applications. Through the use of Sentio's software development kit (SDK), developers and teams can gather and modify data generated by their smart contracts' events, transactions, traces, and states.

Sentio takes on the task of fully managing the indexing process, while users can use the platform's web interface to visualize and set up metrics, as well as perform advanced searches on the logs.

The overall mission of Sentio is to accelerate the spread of decentralized applications by providing the most effective and well-tested developer tools, infrastructure, and principles to the cryptocurrency community.

ABOUT PONTEM

Pontem is a product development platform that enables global financial inclusion through blockchain technology. Pontem is developing infrastructure and decentralized tools for the fastest and most scalable Layer 1 blockchain – Aptos.

The Pontem Wallet is the gateway to the Aptos ecosystem available for Chrome,  Firefox, and iOS. Pontem Wallet users can send and receive tokens, connect to decentralized applications, and explore the Aptos ecosystem.

As a result of its partnership with Aptos, Pontem has developed foundational dApps like the Move Playground IDE, Liquidswap AMM, and ByteBabel code translator.