- Project Atlas, a collaborative effort, aims to illuminate the macroeconomic relevance of crypto and DeFi using advanced data integration and tailored statistics.
- The proof of concept focuses on analyzing international cryptoasset flows, enhancing understanding of these evolving financial landscapes.
- The project seeks to streamline industry data and use Bitcoin network transactions for cross-border capital flow approximations, making data more accessible and user-friendly.
In a groundbreaking collaboration, the Bank for International Settlements (BIS), along with De Nederlandsche Bank and the Deutsche Bundesbank, is embarking on a transformative venture named Project Atlas. This initiative aims to illuminate the macroeconomic significance of cryptoasset markets and decentralized finance (DeFi) through the creation of a cutting-edge data platform. Let’s dive into the details of what exactly Project Atlas is all about.
The “Project Atlas” by BIS takes a multifaceted approach, integrating both on- and off-chain data to establish a comprehensive data vetting system. This enables the generation of tailor-made statistics tailored specifically for central banks.
The project’s inaugural proof of concept focuses on analyzing international cryptoasset flows, marking a significant step towards a deeper understanding of these rapidly evolving financial landscapes.
While there is a wealth of industry data currently accessible, it is widely dispersed across various protocols. The project report outlines the proof of concept’s methodology, which utilizes Bitcoin network transactions between crypto exchanges and the geographic location of these exchanges to approximate cross-border capital movements.
Attribution data is expected to connect on-chain transactions to their respective crypto exchanges, allowing for geographical mapping where feasible. Moreover, it is expected that the resulting bilateral flows between countries will be displayed on a globe, presenting the data in a user-friendly and accessible format. Will the project be able to achieve its goal in the crypto-sphere? Let’s find out as time shall unveil.