THE PROBLEM
Forbes has recorded that 2.5 Quintillion bytes of data is created on daily basis, skyrocketing to 90% of data created worldwide in the last two years. Individuals and organizations generate data through:
Internet usage
Activities on social media
Communication
Digital photo
Services
Internet of Things (IoT)
This rapid increase that is four times faster than the world economy becomes a threat to the source of economic power and value. Firms who store and control their user’s data may decide to sell, extract, exploit and tamper with them to their own benefit, at any point in time. Why not propose a blockchain that allows all of its users to retake control of their data, not just the personal and habitual data they produce every day, but also data from the (IoT) devices that they control, and as well pay for users for generating these data? DATUM is here!
INTRODUCTION
DATUM is a decentralized and distributed high performance NoSQL network backed by a blockchain ledger. It allows anyone to securely and anonymously backup structured and input of multiple types of data from social networks, wearable, smart homes, and other IoT devices. The blockchain empowers users by regaining control of how their data gets used and shared. Users are also incentivized to use the network for data storage, not only by privacy but also by monetization incentives. In a nutshell, it provides a marketplace where users can share or sell data on their own terms.
BENEFITS
●Users
They can submit data, these can be personal, collected business data, data from IOT devices or any other data source.
●Storage Nodes
Computer power and storage capacity are provided to miners for efficient storage of data in the decentralized network. Storage Nodes are one of the major pillars that allows Datum to provide global scale storage of submitted data.
●Data Consumers
Users can decide to grant data access selectively or even sell (based on the terms) their data to trusted entities of choice.
Privacy is assured by marking each piece of data in the network with usage terms during the encryption. Through this, the user or the data source can control their data to suit their need. The usage terms are controlled by the DAT token smart contract.
USE CASES
For Email receipts, financial data, Household Device Graphing, KYC Document storage, tokenizing consumer data for enterprises; Datum network is utilized through the following:
A. User submits a piece of data to the Datum Network using the client software. The user pays gas to submit the data. As the data is encrypted, only the user can provide a decryption key to all the interested parties.
B. A Storage Node receives the data and stores the data. The data is replicated to many other storage nodes.
C. A Data Consumer declares interest to purchase the piece of data. The User receives a data purchase request with the details such as purchaser and price offered. He can agree to the purchase request or counter offer with a modified proposal.
D. The User accepts the proposal, the user receives DAT Tokens and the decryption key is sent to the Data Consumer who pays in DAT Tokens.
TOKEN BUDGET AND DETAILS
DAT (Data Access token) is a utility token that can be exchanged for certain privileges on the Datum Network. Such as participation in the data market and registration as the storage node etc. It facilitates transactions in the Datum network, providing value to the data on the network. The utility token cannot have any particular value outside the Datum Platform. Therefore, tokens exchanged for these shall be destroyed, as the supply of DAT is fixed at issuance the net effect of these activities is that the supply of DAT will decrease over time (deflation). Marketplace participation and activity drives spending (destruction) of tokens for privileged services Storage Nodes are paid fees for storing and transmitting data.
The DAT token sale will enable full development of the Datum network and provide an efficient, transparent and secure smart contract token to facilitate exchange of data on the network. Funds raised will be allocated as follows. To mitigate volatile cryptocurrency markets and to provide a Network GmbH with a runway of 24+ months, up to 40% of raised funds will be hedged in USD/EUR/BTC.
ROADMAP
CONCLUSION
Andrew Lewis (2010) once quoted “If you are not paying for the product, you are the product.” - Andrew Lewis, 2010. Datum aims to incentivize both data users and Enterprises in a blockchain based platform, where user’s get rewarded for mapping their own data, selling or leasing them out to their own terms, as well as making them see the need to use data, rather than wasting them.
THANKS FOR READING!
USEFUL INFORMATION LINKS:
Visit Our Website: https://datum.org/
Read Our Whitepaper: https://datum.org/assets/Datum-WhitePaper.pdf
Join Our Telegram: https://t.me/datumnetwork
Join The Bitcointalk forum: https://goo.gl/vAbbkK