Lots of data are created by several organizations and individuals which is used for different purposes like perusing information on the internet, communicating via the different social platforms, uploading personal information and files, shopping online and syncing devices. This data is stored and managed by large private institutions on huge data silos which is vulnerable to theft, alteration, exploitation and extraction. Most times, the owner of the data is restricted when registering on different services such as Google, Facebook, Snap, Instagram etc. These platforms offer free services in exchange for data exploitation and extraction. For instance, Google’s Gmail service perusing emails and showing related ads.
Datum offers a network powered by a reliable smart contract blockchain that gives a rare opportunity to all its users to allow them have a maximum control over their data, not just the regular data they produce every day, but also data generated from various IoT devices. Datum incorporates the following key components; A fast and reliable decentralized data store that allows users to keep their structured data on a smart contract blockchain, the DAT token that facilitates data storage and sharing, the data marketplace that enables individuals to incentivize their data based on their agreement, and the control of IPFS and BigchainDB to provide a decentralized data storage backend.
The main point of this network is to ensure that data is totally owned and controlled by the individuals who own or create the data. In a move to realize their objective of returning data back to the hands of their creators, specific entities such as individuals, companies as well as researchers will have unfettered access to efficient and seamless data while sticking to the terms and conditions laid down simultaneously. By becoming the leading force in data marketplace, Datum seeks to revolutionize the current data market by eliminating all intermediaries and ensuring that data creators get a fair share of the deal. In addition, Datum network will offer adequate support for all initiatives that aim to enhance the control of data by their creators or sources.
The Datum Network sets its target to reform the existing data broker system by offering a transparent and an excellent value access to data users. If this is accomplished, it empowers the users and enables them to regain control of how their data is shared and used. Users are incentivized to partake in the activities of the network by offering monetization incentives asides from using it for data storage. The more users registered on the Network, the higher the momentum. This eliminates mistrusts and at the same time enhances the acceptability of the network among its users.
In conclusion, Datum will change the perception of people about data. The empowerment of data creators with a secure means of storing and exchanging their data, and a robust marketplace to incentivize this data, a modern economic system will be designed that empowers users instead of large private institutions. The DAT token will aid storage nodes and compensation of data sources and facilitate a new era of decentralized and secure data storage and exchange thereby providing value to the data generated on the network which will accelerate the development of the network and provide a transparent and an efficient smart contract token.
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Author - Coltpython
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