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Datum : decentralized storage network powered by the Data Access Token (DAT)

raghav007(0)

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Overview :

Datum is a blockchain-based platform that’ll ultimately allow users to retake control of their data. This idea goes beyond personal and habitual information and also covers Internet data that users can control but currently don’t.

To put it simply, Datum provides a marketplace secured by a blockchain ledger designed to put you in control of your data and turn it into a tradeable commodity. As the official website states, “data is the new oil,” so you’ll definitely want to be in full control of yours.

What's the problem with the current market ?

Many companies offer 'free' services, however they then make money from selling your data. Ironically the only person who generally doesn't profit from this sale is the user themselves. The cost of buying an individuals data can vary from around $1 to $100s.

Companies such as Facebook or Google collect your data which then allows companies to buy ads with them and then target their ads at you more effectively.

Datum plans to allow users to profit from their data themselves by selling it directly to companies on the new decentralized platform.

Datum Solution :

The new platform will be available for a variety of different users:

Users : Users will have the option to submit their data on the platform and then given the option of selling it, by being on a decentralized network users will know that their data is completely safe.Users will be able to use the simple to use Datum app which allows them to decide what data they wish to offer for sale.
Storage : The new platform will require a lot of storage, users will have the option of offering storage to the platform.
Consumers : People wishing to access data, users will have the option of allowing access to their data for free or for a charge. The network will require consumers to verify their own information so that users know exactly who's purchasing their data. Users offering storage will receive token rewards.
Token holders : Token holders will govern the decentralized platform.

How will it work ?

The new platform is designed to be easy for users to understand:

The user first submits their data on to the decentralized platform, there will be a small gas fee to process.
A storage node will receive the data and it will be replicated on to other nodes to make it safe.
A consumer shows interest in buying the data.
The user receives an offer for the purchase of their data, the details of the buyer will be displayed. The user then has the option of accepting, rejecting or making a counter offer.
If the user accepts the offer then they'll receive DAT tokens, the decryption key will then be sent to the buyer.

Datum Mobile Application :

Instead of relying on complicated interfaces to store information and complete secure data exchanges, Datum has launched a simple and user-friendly mobile app for such trading of data. There are many advantages to exchanging information through this trusted application. The app's storage nodes prompt quick backup along with fast retrieval of data. Once the data has been submitted, the information is encrypted and cleaned from personally identifying information. By using the revolutionary Datum application, users are provided the opportunity to share their information with non-profit entities like trusted researchers. One of the most important perks of using the app is that users can choose to provide their anonymized data to trusted entities in exchange for DAT tokens. The application's easy-to-use interface promotes a hassle-free trade of information for its users.