Databroker DAO Explained

The Basics of Databroker DAO

What the team behind the new project are attempting to do is to create a marketplace where sensor data can be bought and sold. What they are offering is something unique and different as it is anticipated that this is the first such marketplace for this kind of product, and it does have some real potential.

Their aim is that the owners of these devices, and therefore the sensors, will be able to market their openness to their data being bought. However, a better understanding of the actual working process will make things that little bit easier to understand.

The entire basis of their network and platform is that it is built on the Ethereum blockchain while it interacts with multiple Ethereum addresses at the same time via a number of multi-sig contracts. The platform also provides individuals with the chance to have the sensors and to open the data stream which, in turn, will provide them with a source of income on a regular basis.

It’s worth noting that the data can actually be live streamed, and payments are allotted depending on the time spent, so there’s no way that the individual owner of the data can effectively be cheated out of money. Any individual that goes ahead and sells their data will be able to receive 80% of the total revenue which is more than a number of other data sellers where the owner largely misses out.

The Structure of the Platform

The ‘owners’ as such, of the platform will be the people that own the sensors, those processing the data, and the buyers with each one having a key role to play in the grand scheme of things. The owner of the sensor decides to sell their data, so they place it on the marketplace. The data processor buys it in order to enrich the data and to then resell it for a profit. The end buyer, will then pay the final price with them being able to effectively select their data more accurately than they are able to using other methods.

This data can also then work its way up to large scale companies which they can then use as they see fit. Of course, as the individual owners have given their consent to their data being used, just by putting it up for sale, then there will also be no issues in how it is used, which will come as a relief to the companies especially in Europe where new regulations are in place.

So, in short, what we have here is just a different way of people being able to sell the data and information that they collect on a daily basis whereas before they would lose out on this opportunity. They collect tokens, which have been created by the company behind the project, in return for their data, nice and simple and easy to follow. Also, there is undoubtedly a market for all of this simply because data has long been seen as valuable to companies around the world, so just obtaining a different source for it is going to undoubtedly bring in some interest.

Basically, what we are saying is that Databroker DAO is simply trying to make better use of the data that comes from the increase in usage of devices that could be seen as being part of the Internet of Things. It really is slightly less complicated than it is made out to be, and the idea of having a potential revenue stream running with you doing very little in return has to be an attractive proposition to most people.
Check more details in my full Databroker ICO Review