New Web3 AI Tools: Using BlockAgent to Monitor Blockchain Activity

Web3 is like a sport. It has a liveness to it - meaning that it needs to be watched and monitored in real-time to be able to deploy any kind of strategy. This is where blockchain observability and monitoring tools come in. Observing what's happening on-chain is the equivalent of having a clear view of the scoreboard at all times. Whether it's a financial transaction, data exchange, or contract execution, observability tools ensure these actions are visible on an ongoing basis.

Enter: BlockAgent. BlockAgent allows the user to observe and monitor blockchain activity. It does this by automating the collection of real-time transaction data on your behalf, which can be served directly to your backend application via a webhook URL. This capability allows for immediate integration of transaction data into users' systems, ensuring timely and relevant updates.

Enhanced tools for blockchain monitoring

BlockAgent may be a tool in a developer's toolkit but it's a weapon in a Web3 investor's arsenal. Packaged in a beautiful, easy-to-use interface, it's a leap forward in blockchain observability. BlockAgent provides a real-time monitoring solution that is both intuitive and highly customizable, addressing the core needs of developers working with smart contracts across different blockchains.

BlockAgent makes use of Fetch.ai's AI Agent technology for real-time monitoring. It has a focus on user experience, offering a streamlined interface that simplifies the complexity of blockchain data.

The Swiss Army Knife of Blockchain

BlockAgent has four important highlights:

• A 100% no-code mechanism to set up notifications and alerts for smart contracts with support for various types of contracts (ERC20, ERC721, ERC1155)

• Deep insights into contract executions and state changes. Users don't have to visit a block explorer to check if execution is successful or failed.

• Event logs to record token transfers - which enables communication between different blockchains, allowing smart contracts to react to events on other chains.

• Oracles emit events when new external data is available, triggering smart contracts to update based on the latest information.

An additional core feature of BlockAgent is its new Chainlink integration. Within BlockAgent, users can simply provide a supported asset name from Chainlink's docs - and DeltaV's LLM interface picks up the ticker symbol. From there, users can add a time range (from-to) and select Ethereum, Polygon, or Arbitrum chain to retrieve historical price data via a Chainlink-integrated Fetch.ai agent.

BlockAgent opens up a variety of use cases, for instance:

NFT Marketplace: Users can leverage BlockAgent to create and deploy an agent that streams specific NFT contract transactions. This agent listens to the transactions from an RPC (Remote Procedure Call) node, filtering out data as per the user's requirements (defined when the agent was deployed using BlockAgent). The agent can then stream the data back to the user's server using a webhook URL. This setup allows the user to listen to real-time NFT order transactions, update their database, and notify users about order fulfillment when a transaction gets executed. Using this, users will not have to rely on third-party NFT APIs.

Copy Trading: Users can deploy an agent that monitors specific smart contracts for copy trading apps. This agent can execute trades whenever the specific conditions defined by the user are met. With this setup it's possible to follow the trading strategies of successful traders and mirror them.

Portfolio Tracker: Users can also build and deploy an agent that monitors trades on specific liquidity pools and decentralized exchanges. After deploying another agent that communicates with this trade data agent, the trade data agent can provide real-time trade details to the user's agent. This communication enables user actions such as monitoring token prices and building strategies. 

Some additional use cases include:

DEX: Facilitating efficient trading on decentralized exchanges by updating order books and user balances in real-time via event logs.

DAO: DAOs can leverage the platform for governance actions such as proposal submissions, voting outcomes, and the execution of decisions.

Identity Management: Track changes in user identity or access permissions within decentralized applications.

Regulatory Compliance: The platform can provide an authentic record for auditing purposes, ensuring compliance with regulatory requirements.

Powered by AI: Fetch.ai's AI Agents at the Core

At the heart of BlockAgent's innovation lies Fetch.ai's AI Agent technology. It enables BlockAgent to offer real-time insights across multiple blockchains, adapting to the user's specific needs without the overhead of traditional monitoring tools. AI Agents facilitate a more intelligent, responsive platform that can anticipate and react to the dynamic landscape of blockchain data, setting a new standard in the field.

Here's how the agents work in three steps:

Step 1: Select

Users have the flexibility to subscribe to various types of blockchain transactions according to their specific needs, bypassing the requirement for any additional indexing service. This selection process enables users to tailor their monitoring activities, focusing on particular areas of interest such as NFTs, tokens, etc. BlockAgent supports a wide range of agent types and templates, including ERC20, ERC721, and ERC1155, allowing for a highly customized monitoring setup.

Step 2: Deploy

Once a use case template is selected, deploying it is as simple as a single click. BlockAgent's advanced agent templating engine takes over, deploying an AI agent on Agentverse tailored to the user's specifications for monitoring. This step highlights the ease with which users can start monitoring transactions through BlockAgent's Common Indexing Service, emphasizing the platform's user-centric design and functionality.

Step 3: Serve

The final step leverages BlockAgent's advanced features to provide users with real-time transaction data. Users can specify intervals in seconds to subscribe to transactions, which are then served directly to their backend application via a webhook URL. This capability allows for immediate integration of transaction data into users' systems, ensuring timely and relevant updates. BlockAgent's filter parameters offer further customization, simplifying the monitoring process and ensuring that users receive precisely the data they need.

Expanding Horizons: Future Plans

BlockAgent's journey is just beginning, with support for major blockchains like Ethereum and Polygon (on both mainnet and testnet) already integrated. The roadmap includes expanding this support to include other significant chains such as Solana, Avalanche and other non-EVM blockchains.

BlockAgent is still gearing up for its public release. We understand the community's need for innovative solutions and are dedicated to not just meeting but exceeding these expectations by delivering a tool that is both powerful and user-friendly.

As BlockAgent opens up more of its features, its potential to empower developers is immense. The future of blockchain monitoring has arrived, and it's bright with the promise of BlockAgent.