It is quite apparent by now that for good or bad, we are living in a digital, computerized world. A majority of our activities and actions are now performed virtually rather than physically. Now, even for commercial activities such as buying and selling, one need not visit shops and retail centers. To go a step further, even currencies are now digitized. Banknotes and coins as we know them are being somewhat discouraged and forward-thinking enterprises and business people such as Elon Musk have started trading in cryptocurrencies such as Bitcoin etc.
Of course, technology also has a huge role to play in this, as well. Blockchain, which focuses on the decentralization of data, is gaining enormous popularity and is increasingly being employed in many new initiatives within the IT industry. As we are living in a fast-paced society, it is necessary to keep up with these trends. Decentr is such an innovation. It is a type of Web browser, like Google chrome, which operates on blockchain technology and uses data as a currency. Thus eliminating the need for physical, tangible paper money.
At first thought, it may seem like a strange concept. Let us examine it in more detail.
What is Decentr and what problems it solves?
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As explained briefly above, Decentr is a kind of browser or search engine akin to Firefox or Chrome. Unlike them, however, it introduces the novel concept of introducing data as currency. It aims to empower the end-user, giving each individual the power to control their data however they like, instead of limiting it to big companies and corporations. It is user-friendly and uncomplicated along with unparalleled speed, security, and utility. Given all these features, the Bank of England has also expressed its interest to Decentr about launching a Central Bank Digital Currency (CBDC), under which cryptocurrency is liable to be issued by the Central Bank.
There is often speculation that since data is unstructured and scattered, it cannot be traded or valued and also that the storage and sharing of data are also complicated which is creating hurdles in the way of creating a fully digital economy. There can be no appreciable progress in this regard if the storage of data is not made completely safe.
Decentr aims to do that. It understands the problems necessary to solve to digitize the world economy. To that end, It has built a secure platform that decentralizes data storage, similar to how blockchain operates. If data is decentralized to a greater extent, then it can be stored more securely.
In addition to this, Decentr also provides a multitude of other services, too. To revolutionize online browsing, it gives users the facility of safe online transactions, digital ID, and wallets along with many social media services, too. Each user has a unique digital identity called DecID which makes it easy for the system to identify the user and allows for hassle-free transactions. Data can also be stored for later use, as per the discretion of the end-user. No other platform offers these services as Decentr. Every single activity, even as minuscule as a mouse click, is recorded and valued then distributed in a decentralized way.
Decentr Features and Benefits:
Decentr is different in the way that it uses data as money instead of paper currency, which is also called “fiat money”, to create a sustainable, data-centered economy. Data currency is expressed as something called Personal Data Value (PDV) which in reality is an expression of the user’s unique DecID in terms of economic value. PDV is an exchange mechanism between different digital currencies and paper money. Of course, it is unique to every user. Like other currencies, PDV also fluctuates which is related to positive or negative engagement. A user’s PDV will rise in the case of positive engagement while it would fall if there is negative engagement.
Cooperative Game-Theory:
Another feature Decentr offers is cooperative game theory. It is a game between groups or coalitions of players rather than individuals. It focuses on how groups form and how they distribute the payoff among all players. This theory has effectively proved that data cannot be accurately valued and thus used as a currency without a decentralized system.
dLoans:
dLoan is yet another helpful feature that allows users to obtain a loan in cryptocurrency even if they have a very small sum of tokens in their digital wallet, and for this, no advanced knowledge of crypto trading is required. dLoans are also an attraction because they are granted in terms of a user’s PDV which keeps fluctuating and repayment of loans are also subject to changes in individual PDV's.
Cross-Platform Protocol:
Decentr is also chain-agnostic which means different businesses using different blockchain technologies can communicate and interlink with each other seemingly without any difficulties. This seamless connection across multiple platforms gives Decentr a major advantage over other platforms.
Decentr has many potential benefits, also. It provides horizontal solutions which then develops a link with Payment Service Produce (PSP) vertical solutions. As mentioned before, Decentr decentralizes data in the same way as blockchain so the need for paper money vanishes. As a consequence, all transactions become infinitely less complicated and easier which is a step towards creating a true data-based economy.
Conclusion:
Although Decentr operates a huge market, a major proportion of the general public does not have access to it as of yet. Many big corporations have been trading incognito using stolen and contrived data for a long time, so Decentr is only bringing to the forefront what has been discreetly going on. An estimate places the worth of this data economy at $1.7 trillion in the 7 most developed economies of the world called the G7 countries.
The DEC token also has promising market potential. Although at the latest, it is not quite well known such as Bitcoin or others, and also isn’t on any major listings. Hence, DEC is an undervalued asset that is an attraction for willing investors. Hence, DEC provides long-term investment benefits as it is yet to receive any major listings. However, since Decentr is essentially an experiment, it remains to be seen whether it enjoys widespread success or not because the risk of failure is ever-present.