Datum strives to give back control of data to the creator or owner of the data through its platform which uses blockchain technology ensuring immutability, privacy and security of data that is uploaded or held within the Datum ecosystem.
One would wonder why Datum targeted the data market, but it is pretty simple, the data market is projected to become one of the most valuable markets in the years to come. In fact, it can be argued that it is already the most valuable resource, that is data, as all companies rely heavily on data to understand how best they can go about their business in their various areas of specialization in order to realize maximum profits at the end of each financial period.
In as much as data holds value, the people who create it, that is you and I, rarely get to see the fruits of the data that is from them. The data business is full of intermediaries who profit in the region of millions of US dollars yearly as a result of transacting in data which they do not own. In cases where they actually own the data, one would find that they either acquired this data through unscrupulous methods or they got the data unethically, both of which infringe on the rights of the data creator.
Privacy is also a key issue in the data market. There are some websites that require you to consent to data collection up to a certain degree. However, they may go beyond their mandate recording personal and private information which they either sell or use to influence their users in a manner that would benefit them. It is no secret that advertisements prey on the insecurities of their target market. Having personal information would thus be a strong weapon in an advertiser’s arsenal. Such are the issues that Datum aims to solve through its platform.
Another major concern is data security. The value of data has led to hacks and attempted hacks of large centralized internet and technological corporations with some successful hacks getting away with user information, credit card information and private information from users with their information in these platforms. For example, between 2013 and 2014, 3 billion Yahoo user accounts were compromised and no one really knowns how the data obtained may have been used.
Datum features four entities within its ecosystem each with different functions and modes of operation. The first party is the user in Datum. Users are arguably going to be the driving force of this platform as they are the suppliers of the valuable commodity that is data. Users can either provide individual data or business data in the platform. The data can come from any reliable data source or device. IoT devices will also serve as reliable data sources due to their increased use, efficiency and accuracy of the data they collect and relay.
Storage nodes also form the Datum ecosystem. These nodes will be essential in providing computing power needed to facilitate the efficient running of the Datum platform 24/7. They will also serve as storage solutions to the data that will be uploaded to this ecosystem. Storage nodes can provide storage capacity through their devices. Datum hopes to provide data storage globally through storage nodes as they are likely to be distributed in various parts of the world.
Within the Datum platform, Data consumers will also exist. These are those who will make revenue generation for both Datum and their users possible through the purchases they make. Data consumers can either be individuals or corporations looking for legitimate raw or refined data within this platform. Depending on the agreements they make with users in Datum, these consumers can either receive free data from users or they may be required to pay a small fee to access, collect or own the data they need or want.
The Datum ecosystem is open source and can be joined by anyone. The Datum ecosystem also features rewards for those who upload their data into the ecosystem.
Data privacy within this platform will be top notch. First and foremost, data that is submitted to Datum is encrypted ensuring only parties that have the right clearance can access this data. This clearance can only be obtained from the owner of the uploaded data. Secondly, during encryption of data, usage terms are also fitted. This gives extra control to the owner of the data as they can easily determine to gets to access this data and for what period of time will it be accessible to this person. The usage terms also determine whether the data will be charged for a specific consumer of not.
How Datum will work practically in a normal day to day setting is important to potential users of this platform. Android and iOS are the most widely used operating systems with nearly all of their users having accessibility to the internet. Datum taps into this convenience coming up with the ‘Datum Client’ which built for these two ecosystems. Through this feature, users are able to take control of the data they generate through their Android or iOS devices. Moreover, Datum plans to have this feature easily integrate with IoT and other data generation and collection devices as the future promises to be full of these devices.
The Datum Client will act as a sort of dashboard for users of the platform. The following will be available through this feature,
Blockchain ensures that data is immutable and therefore through the Datum Client, users are able to inspect and see the data that is being transmitted from their devices at all times. Furthermore, users can also trace who accessed their data and whether their access was approved or not. Datum Client offers convenience to the great service that Datum offers.
This is where all the information hosted on this platform will be availed. Different people have different values for their data. The prices of data will therefore vary within this ecosystem. Consumers looking for specific data will be able to search for data in the platform. Once they find the specific data they were looking for, they can then bid for the data through the market place. The bid does not guarantee that the data will be sold or its access granted. Gaining access to this data is a privilege that can only be given by the seller or owner of the data. The seller may either counter the bid, reject all together or accept the bid that has been made.
All the transaction process within Datum will require the ownership of DAT tokens. Without them, accessing products in the market places will be impossible as it is the only currency acceptable in the Datum ecosystem. DAT tokens also serve as a means of generating revenue for Datum, its users and investors. The demand likely to be created for DAT tokens as data consumers demand for more data and other users demand for storage space is likely to cause its value to rise with increase in usage. Furthermore, the fact that the DAT tokens are in fixed supply and no future tokens are going to be produced will accelerate the increase in value of DAT. This is great news for those who own DAT tokens. The data market place will be accessible through the applications for iOS, Android and desktop application for Datum.
Storage nodes are highly incentivized as their work is unparalleled. Without their computation power or the storage they offer, decentralization of the data market through Datum would be close to impossible. They are rewarded DAT tokens for the services they provide. The rewards are proportional to the work done or storage offered by each node.
The data prices within this platform are likely to be the lowest prices compared to other platforms. By eliminating intermediaries and adopting a P2P approach, data consumers are likely to find Datum cheaper than any other source. Furthermore, the authenticity of the data obtained from Datum is likely to be recommended over other sources as this data comes directly from their users. Users will be drawn to Datum mainly because it offers monetization of their data which would mean an alternative revenue stream which is actually a necessity in some regions of the world. Data storage options provided are also competitive, in fact, data storage in Datum will be cheaper than any other centralized data storage platform. Furthermore, it is highly scalable as anyone can offer their free storage space for use by the Datum platform. The fact that Datum gives back control of user data will also be appealing to the vast majority.
Datum is an incredible project that will see users get back what is rightfully theirs, their data. It will also help redistribute the concentrated wealth among intermediaries to the rightful owners of data.
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