Blockchain Technology companies have been gathering quite the buzz recently. This can be attributed to the distributed, decentralized architecture of the blockchain which has been accelerating technology and tapping hot beds of innovation that were far from realization in the past. The forward-thinking team behind the Datum Network fails to disappoint as they bring to the forefront a topic that evokes passionate discussion in the technology space - data.
I will be reviewing in-depth in this article,
- The Datum Network
- The smart contract and
- The recently released block explorer.
Big Data and the DAT token smart contract
Gartner in 2001 defined Big data as
data that contains greater variety arriving in increasing volumes and with ever-higher velocity.
As at 2008, a study revealed that an average worker accumulates 3 Gigabytes of data in a year. Today, 10 years later we are producing 0.7 Gigabytes of data daily. This brings to mind once again the term "big data" and the rate at which it has skyrocketed is nothing short of shocking.
To say that data is digital gold is quite the understatement, in a world where virtually everything is becoming "smart" we have the smart homes, the smart phones, the smart glasses, data has become inherently valuable and is a subject undergoing intense study.
Everything we do on the Cyber space generates data right down to the clicks on webpages we visit daily. Most companies use big data along with Hadoop to increase the success of their marketing strategies create better targeted ad campaigns. For example, Netflix the movie streaming behemoth uses big data to forecast user preferences and demand, as a result, we see a spew of back to back commercial box office hits and TV shows.
As a consequence, our data has not been "ours" for a long time, not until now. The Datum Network has broken the domination of companies and organizations over our analyzable data and put us back in the driving seat.
The Datum Network is a distributed scalable NoSQL (Not only SQL) database that allows the secure and and reliable storage of all structured data. Every data owner can then decide to either transact in the marketplace, having direct contact with the organisations that want to procure the data or simply keep all uploaded data securely stored in the database.
The Datum smart contract, found at the address is the backbone, so to speak, of all transactions on the Datum Network and this is what ensures their complete automation and fidelity in such a way that eliminates the middlemen entirely. Smart contracts are self-executing digital contracts that will only pass the commodity, in this case data, to the buyer only when the agreed upon terms are met and Datum Network's smart contract is implemented on the decentralized Ethereum blockchain.
When a user's uploaded data is successfully encrypted by the storage node miners, the smart contract ensures that only the user's set of cryptographic keys can be used to initiate a successful transaction, making the network completely scam free and impossible to hack.
The Datum Block Explorer
On August 21st, via the official Datum blog, the launch of the block explorer was announced. The Datum block explorer gives an instant, elaborate look at all transactions carried out on the Datum blockchain. It differs from traditional Block Explorers with it's ability to thoroughly explore smart contract transactions and interactions. Users can view various details ranging from information on the current block to the number of active nodes in the network, where they are located and the time interval that each node utilizes to read data. However this was only released for the test network specifically. The main network launch date is yet to be announced at the time of this publication.
Connect with the Datum Network on their official channels
Author's Bounty0x username : cryptovixen192
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