Santiment is a blockchain data and analytics provider whose offerings include content streams, data feeds, API’s and its own ERC-20 token, SAN. Though not directly powered by distributed ledger technology itself, Santiment conducts DLT-focused data collection, research and analysis in a decentralized manner using information from blockchain nodes and a distributed network of individuals. Unlike firms such as Chainalysis, which provides a broader array of blockchain data and analytics to a variety of clients, Santiment is focused on providing cryptoasset market data mainly to investors and their service providers (i.e. exchanges and asset management platforms). That said, the platform’s offerings are intended to service a wide spectrum of investors with varying expertise. Santiment’s knowledge base is informed by data both node- and crowd-sourced, and analysis thereof is performed by Santiment’s team of analysts such that it may inform decisions by novice investors, professional traders, funds and exchanges alike.
Contribution Process Details
Within Santiment’s products, metrics provided can be broadly classified as either: financial, including price, market cap and supply data; social, measuring activity and sentiment on crypto-related discussion venues; or developmental, largely focusing on Github events and company statements. As a decentralized platform, Santiment follows a multi-step, semi-distributed information contribution protocol.
The non-algorithmically-governed process begins with Santiment’s analysts and researchers providing baseline, objective information on a given asset, laying the groundwork for further contributions. From there, supporting and real-time data is sourced from two decentralized sources. First, blockchain-based data feeds and analytics are drawn directly from nodes themselves, often by way of multiple block explorers with which the platform has established partnerships. Second, Santiment solicits crowdsourced, human-submitted data for more subjective metrics including sentiment analysis; individuals seeking to contribute must register with Santiment beforehand. Decentrally-sourced information is considered a ‘suggestion’ by Santiment; therefore, before inclusion in Santiment’s knowledge base, node- and crowd-sourced information, and the supplier thereof, is vetted by Santiment’s team. SAN is provided, at Santiment’s sole discretion through a non-protocol governed process, to entities and individuals contributing useful information. Finally, all accepted externally-sourced information is processed and packaged by Santiment’s team as to maximize its utility and understandability for users.
Santiment operates on a subscription-based revenue model, offering a set of products and tiered access plans. Subscriptions, each applicable to a specified class and sophistication of user, are obtainable through a variety of means, including purchase with fiat and cryptoassets as well as through staking, as detailed below in the Asset Details section. Santiment’s three publicly available product offerings, and their respective subsets of accessibility, are:
- Sanbase is Santiment’s flagship product: a cryptoasset market data and sentiment analysis intelligence platform comprised of five main elements. An assets page provides overviews of asset categories, both preset and custom. An insights page allows for community discussion, while a ‘Sonar page’ facilitates creation of custom notifications for changes in metrics; that is, the ‘Sonar’ function ‘scans’ for otherwise ‘hidden’ market movements. Emerging and social trends pages track prevalence on preset and custom keywords, respectively, on popular discussion channels. Sanbase is available in both free and $45/month ‘Pro’ versions, with the latter containing additional features such as full historical data sets and research reports.
- Sandata is an experimental data analysis platform intended for more experienced cryptocurrency traders and researchers. Serving as a ‘testing ground’ for new metrics tools, Sandata provides a broad range of data and accompanying visualization tools; among these are network growth, exchange deposit flows and token velocity graphs. This product is offered only as a paid subscription for $50/month.
- SanAPI is a multi-part, comprehensive API service for use by financial analysts, data scientists and developers. Santiment’s GraphQL API provides data feeds for both individual analysts and third-party applications—most notably, Bitfinex users may access Santiment’s social and development data on any given asset from directly within the exchange’s interface. Also included in the service is Sanpy, a Python wrapper, facilitating in-depth technical analysis and development of custom trading algorithms. Further, SanSDK, found on the project’s Github, provides examples in R and Ruby. SanAPI has a variety of access tiers and price points.
Santiment was founded in 2016 by Maksim Balashevich, a sentiment analyst and crowd psychology expert with extensive experience working with financial publications. Santiment launched in 2017, releasing a whitepaper, conducting the SAN public token sale, and the alpha release of the project’s first product, Sanbase, all as part of its ‘Low Orbit’ phase. Santiment’s transition to ‘Medium Orbit’ phase in 2018 involved an expansion over asset coverage and an increased focus on on-chain analytics. Now operating in ‘High Orbit,’ the project is emphasizing decentralization and the maintenance of a self-sustaining ecosystem, including self-publishing protocols backed by social reputation systems. This phase also saw the first commercial release of products’ desktop and mobile terminals. Current Santiment team members include CTO Valentin Mihov and Product Development Lead Yura Zatsepin.
SAN is a freely-tradable, fungible ERC-20 token used within the Santiment ecosystem. SAN’s token economy centers around four main token functions: payments, membership, staking, and contribution. Previously, any Saniment service or product could be purchased with SAN; however, as of August of 2019, fiat, BTC or ETH became the sole means of payment for Santiment’s paid services. SAN ownership now confers a 20% discount on all products, and SAN may be staked as a means of accessing additional Sanbase features for oneself or one’s user base, free of charge. Staking as a means of accessing Sanitment’s services was notably rolled back to in July of 2019 to only confer access to additional SANbase features, rather than all Santiment’s offerings. Plans to provide access to Santiment’s products in exchange for the burning of SAN have been announced, though not yet implemented. Lastly, SAN is often paid as a reward to incentivize the crowdsourcing of quality cryptoeconomic data. SAN has a fixed, currently outstanding supply of 83,337,000, of which 22% was distributed to founders and 6% allocated for rewards. The remaining 72% was distributed in a July 2017 token sale raising 45,000 ETH.