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EVENTUM — REWARD SYSTEM ANALYSIS

bheem1912(29)

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With Futourist successfully initiating the third phase of their initial coin offering a few days ago, I turn my attention to another promising startup in Slovenia — Eventum Network. This particular startup is paving the way for revolutionizing the methods of collating and distributing data in a cheap and efficient manner.So what does it do? The problem most modern, digital age firms face in regards to data analytics is capturing the immense volume of real-time data occurring in every moment of our lives. These activities range from common sport events and weekend concerts to highly contentious political debates and war confrontations and the system will allow developers to get to the truth via the source on the ground. In addition, relying on a single data source, as is the case today, results in higher rates of fallibility — be that in human judgment or technical failures; risks that, ultimately, cannot be truly mitigated. On the other hand, the digital revolution has brought us all-encompassing and ever-embracing possibilities of instantaneous communication in our everyday lives that we still haven’t learned to fully employ to its full potential.

One of the things Eventum wishes to accomplish is to utilize the collective knowledge of people around the world to solve tasks ranging from meager data collecting difficulties to highly contentious dilemmas through the use of blockchain technology. This is achieved with the use of wisdom of crowd principle, which states that a large group’s aggregated opinion is as good, if not better, than the answer given by an well-versed individual’s opinion on a certain matter — on average. This removes any inherent bias or other errors from a single data feed. The proposed, and already functional, method is done in real-time by a decentralized network of reporting and validation nodes in Eventum system; developers can get any real-world data while also being sure the data is verified as a result of a consensus. Data providing nodes (i.e. people) that agree with the majority of other reporters (reaching consensus) in turn get rewarded for their participation by the developer for their effort.

Source: Eventum Lightpaper
EVENTS
What Eventum is doing right now is testing the load their system can take, with more participants effectively putting more strain on the network. This is done via events that have taken place throughout February and has thus far worked flawlessly with five hundred participants simultaneously reporting data. These events are currently only accessible through the web reporting app that can be reached here. The team has already tested events like emotion recognition in which participants had to correctly recognize facial expressions on a set of pictures, fake news and content moderation in which participants had to recognize which news were a sham and which tweets were inappropriate. The last event to take place was on 28th February in which participants had to correctly report the exact time at which suspicious activity happened in the video.
NODE FUNCTIONALITY & PURPOSE
The system will feature validation and data providing nodes. Most users will only serve as the second by reporting the data they see. But everyone will also have an option to serve as validation nodes, provided they meet some of the requirements, thus collecting the data from data providing nodes, analyzing it, exchanging it between other validation nodes and when consensus is reached, sending it out to developers who requested and paid for it.

Data providing nodes require little communication over the Eventum platform as their primary responsibility is to provide the raw data to the system via one-way communication to randomly chosen validation nodes. Validation nodes, on the other hand, represent the core part of the decentralized sum of Eventum network and are mainly responsible for capturing the data from data providing nodes (i.e. users), exchanging the data between themselves to form a consensus and delivering the data to developers. Their other uses require them to govern the entirety of the system, like weighing specific nodes by its reputation and regulating their participation. In exchange for their effort, validation nodes are awarded fees for every bit of data correctly processed. To ensure transparency and fair-game, they are required to stake a certain amount of EVT tokens (according to developers, the current estimated number revolves around 13.000) for the duration of the event they are validating. They are chosen at random just before the event to avoid any tampering or illicit activities.

Data flow and node interaction
ARCHITECTURAL OVERVIEW
Eventum will feature three specific layers on top of a network of reporting and validation nodes with the use of blockchain as a court system. With the help of blockchain, the platform will be transparent and process information and transactions in real time and is necessary for the functionality of Eventum. The core layer is summarized in the previous paragraph, so I turn my attention to the remaining two.

The services layer will combine the consensus protocol and smart contract functionality into one all-encompassing Eventum API, through which the marketplace system and data feed will be processed and made available to the application layer.

The application layer is what every end user will and is, to a smaller extent, seeing now. Currently, only the web data reporting node is available for testing, but in the near future, the team is planning on building and supplying users with full data reporting application featured on both desktops and smartphones in contemporaneity with support for validation nodes. The application layer will also feature data analytics for everyone to use along with Eventum SDK for future developers.

You may start asking yourself: “Where the hell does Blockchain come into play?” and you would be right to do so. Blockchain will utilize Ethereum’s smart contract functionality in order to transparently and in real-time collate data and broadcast it into the world for anyone to see. A specific set of smart contracts will each govern disputes and reviews, essentially weeding out the truth from the masses while discarding any fake entries and manipulation, stakes and user reputation, which will penalize violations and attempts at gaming the system whilst rewarding truthful submissions and ultimately regulate the amount of stakes participants will have to submit in order to participate in a given event. Governance will oversee any changes to the core layer that will be done via a decentralized voting system.

ROADMAP
The team conceptualized Eventum platform in May 2017 and in less than half a year built a working prototype; in November, the Alpha version was deployed on the test network and thoroughly tested throughout December, albeit on a small scale with a few participants. The full beta testing started in February 2018, with the platform gathering the attention of 500 alpha participants and their telegram group skyrocketing with more than 14.000 members. So what lies on the road ahead for Eventum?
JANUARY — MARCH

· Alpha validation nodes released to public

· Web reporting interface launched

APRIL — JUNE

· Full public beta version on test network

· 1st part of the community voted markets launched on test network

JULY — SEPTEMBER

· Beta mobile clients released

· 2nd part of the community voted markets launched on test network

OCTOBER — DECEMBER

· Official public launch on main network

· Mobile clients and SDK released

The platform is set to launch its initial coin offering (ICO) at the end of March / start of April in order to kick start the development of their smartphone and other front-end apps and to start promoting their platform on a wide range of platforms. To do this, their total target funds are set at 18.539 ETH with ETH being at around 700 EUR results in at 13 million EUR hardcap.

TOKEN DISTRIBUTION (ETH = 700 EUR):

Total token supply: 500,000,000 EVT
Minimum target (soft cap): 1,159 ETH = 811.000 EUR
Total target (hard cap): 18,539 ETH = 12.977.300 EUR
Conversion ratio: 1 EVT = 0.00007416 ETH = 0,0519 EUR
Team’s vesting: 3 years

If you find this information useful and would like to try out Eventum’s platform, I would very much appreciate registering using my link. The team is promising 3–4 new events before their ICO date, so it’s not too late to join and be one of the early supporters.