Datum Will Allow Users To Monetize Their Data Through Its Platform

salmanmiah (50)in #cryptocurrency • 6 years ago (edited)

The most profitable businesses at this point in history are dealing with data. Be it raw or refined, data is the most sought-after resource arguably coming second to none and it is rightly so. Facebook, Google, and practically all other technological giants rely on and need data. Data is the lifeline of all industries. No logical or strategic decision can be made without having an accurate data source. This is why Datum is working on a platform that will make it easier for corporations and individuals to find accurate, unadulterated data. Datum promises to provide data right from the source, which tends to mostly be directly from individuals, they are the main reason why this data is being collected. Human response to the various prevailing conditions requires corporations and other entities to understand the best way to move forward if they are to make profits or if they are to further their agenda.

The Power Of Data

Whoever controls data has by default massive influence, local or national. This is currently the intermediaries and the highest bidders during data auctions by data vendors. This statement can be seen practically during electioneering periods such as the US elections in 2016 or the Kenyan election in 2017, where Cambridge Analytica used user data collected from Facebook to affect the voting patterns in these two regions. This is just one highlighted incidence but it shows the strength of data in getting the desired results. Even advertising relies heavily on data. Before any ad campaign, data is collected on colors that a target group loves, on the influential celebrities of that time, such that when these campaigns drop, the target market is easily penetrated.

Data generators, who are the average people, lose on two fronts in this setup; they lose on the profit their data brings and still lose by getting enticed to purchase products they may not even need. However, it is worth noting that advertising, which is the major consumer of data, is a key part of the world’s economy and its collapse would be detrimental to the entire world population.

Bridging The Gap

Advertising has to continue because its downfall would follow its supporting industries. However, advertisers and other data consumers have a solution in Datum. Datum’s platform is providing a foolproof solution where data obtained is credible, no rights are infringed during the collection of the data and the prices for data obtained in their marketplace is remarkably low compared to the charges data vendors are swindling data consumers with at the moment. Moreover, Datum’s platform is likely to affect the wealth distribution in the data market space positively, at least for consumers and creators of data. Uploading data into the network will earn users Datum tokens which can act as revenue within the Datum platform.

On top of this, Datum will have done away with the use of intermediaries as it will act as the chief intermediary, creating connections but not affecting transactions. Both buyers and sellers will be hosted in the Datum network through which they get to meet each other. The P2P approach makes it such that after Datum, no other third party is needed. Eliminating the intermediaries significantly reduces the cost of data as a huge percentage of what is charged for data is usually to cover costs for intermediaries. Money spent on data, therefore, goes directly to the generator or producer of this data. This ends up saving costs for consumers and empowering producers as they receive more in revenue than what they normally would.

Datum not only targets advertisers but also the vast pool of data consumers that exist within various economies. There are delicate studies and research that require accurate, credible and specific data which may need to be collected directly from the source. Carrying out such exercises may be expensive for researchers. The Datum platform will make it easier for researchers to obtain some of the data they desire at their own convenience and at a cost that is way below what they would have spent. Datum’s incentive is likely to attract users from all parts of the world thereby making Datum a good source of diversified data. Datum will, therefore, fulfill its role as the bridge between credible, accurate, inexpensive data and data consumers.

Validating Data

Data within Datum has to be accurate. Datum, therefore, has a validation plan for all data that will be uploaded to its platform. Going forward, Datum plans on introducing a ranking system such as those that provide the most accurate data are given the highest rank. This would, therefore, advise buyers on sellers with the most credibility. The ranking system will be provided by the feedback obtained from buyers from the various data purchases they make using the platform. In order to increase the credibility of data, the following ways can be used:

►Users have the option of reinforcing their data with third-party validators that are trusted in the data market space.

►By linking their data with their social media profiles and profiles from other platforms, users show transparency which may also build trust with sellers.

►Linking data to verified identities can also help increase the credibility of a user.

Interaction With Users

Data is taking advantage of the fact that a large percentage of the world’s population has smartphones. They are building apps for these smartphones on the major operating systems (Android and iOS). This is where users will get to interact with Datum on a day to day basis. The application will allow users to access all the services and features in the Datum ecosystem.

Datum Client is also an accessibility platform offered by Datum through the Datum app. Users will also access various features from Datum Client as well. Datum Client is like the control center for a Datum user. Transactions that they conduct, access that users give to their data and the number of DAT tokens they hold will all be displayed through Datum Client; having full access to details on account activity within Datum helps improve the credibility of Datum as a fully transparent platform.

The Datum Network

Privacy and security of data take precedence over all other factors. Users are assured that their data remains safe when uploaded to the Datum platform. Encryption is employed such that each set of data uploaded is encrypted and protected ensuring the integrity of the data.

On data storage within the network, Datum uses a decentralized system. Apart from using blockchain technology, data that is uploaded into the network is stored on different devices around the world. Storage nodes are used to host this data and they are incentivized to do so. Encryption allows data to be stored in any device without the content of the data being revealed. Using Datum allows retrieval of this data once the decryption key has been revealed to a buyer. The seller can always access their data as they have the decryption key with them at all times. Blockchain also makes this platform immutable which is great for transparency especially for users and those storing data through the platform. Functionally, the Datum platform is very efficient in allowing buyers to easily search for and find data they are looking for in Datum. Data queries can also be made depending on the type of data a buyer wants.

The network also has a marketplace where all the data being sold can be accessed. The marketplace is simply where buyers and sellers try to find the right price for the data they are buying or selling. Purchasing data through this marketplace requires buyers to make bids in the hope that the sellers will accept them and start processing the transaction. Sellers, on the other hand, may decide to counter with a higher price compared to the bid made. Since Datum is an open platform and anyone can join in buying and selling of data, buyers may opt to get the same data from a different seller who will accept their bidding price. There is also the option of providing data for free by sellers. Data access depends on the agreements the buyer and seller will make, the P2P mechanism allows for negotiations to occur until an agreement is reached between these two parties.

The network and the marketplace will be fueled by the use of DAT tokens, the official currency in the Datum ecosystem.

Token Economics

The token supply will be limited therefore giving room for DAT to increase in value in Datum. No further tokens are going to be produced. The demand that will arise from the use of the Datum ecosystem will further fuel the growth in value of DAT tokens.

Team

The team behind the Datum project is a capable team that has delivered a project relevant to the prevailing changes that the world is experiencing daily. Roger Haenni, the co-founder, and CEO have over 17 years of experience working with data, therefore, he understands how best Datum must be executed if they want to achieve their goals. With Theo Valich as the head of growth, Datum is likely to hit all its growth targets as he has worked with A.I and V.R and therefore understands how to handle new and exciting technology.

All in all, Datum is an exciting project that has the potential to deliver great data at a good price while still maintaining the privacy of their users.

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