Eventum: Platform for Decentralized Real-World Data Feeds

Follow the previous article , I would like to express some details about Eventum platform which maybe useful for anyone who’d participate : https://alpha.eventum.network/?ref=2eYAEMHd

Eventum is the world’s first decentralized platform where the truth is sourced from the crowd and then automatically turned into a real-time API. Reporters get paid for what they see and experience, while developers get any data they want more cheaply and reliably.

How it Works ?
Eventum’s system is a bridge between data providers and developers. Data providers have access to data that is valuable, which they then report via a mobile/desktop app to the validation nodes in the Eventum system. Validation nodes then wait for a consensus to be reached (i.e. multiple data providers send the same information) and then send this data to the developer in the form of a real-time API. The developer locks a reward in a smart contract, which is then split and given to data providers that were part of the consensus. The reward is split proportionally to the speed at which the data was provided, so the real-time nature of the API is incentivized.

Eventum is a platform built on top of a decentralized network of reporting and validation nodes with blockchain as a court system [15]. The platform consists of 3 layers: the core layer, the services layer and the application layer. Both the decentralized network of nodes, which provides the real-time speed, and blockchain, which provides the security and payment solution, are tightly integrated into all 3 layers.

The blockchain is necessary for the platform to be safe and fair. It is necessary for the free market economy to work, for funds to be safely stored and distributed, for the dispute mechanism to be transparent, for the reputation system to function and for the consensus rules to be safely stored. The blockchain is also responsible for decentralized governance, which is built in the core layer and is overseeing all the changes to the system. Eventum is blockchain agnostic and can be used with any blockchain that supports smart contracts, such as Ethereum, Neo and Lisk . The Alpha version is currently based on Ethereum smart contracts.

While all the sensitive information is stored on the blockchain, the real-time nature of Eventum requires hundreds of thousands or even millions of transactions per second. This is not possible on the blockchain itself, even with the scaling solutions like sidechains and sharding . That is why data reporting, consensus building, timing and reward calculations, discovery protocols and routing is done off-chain in a decentralized network of Eventum nodes. All the data is encrypted and nodes are always required to agree on the data they receive and send (i.e. by reaching intermediate consensuses) so that malicious nodes are quickly detected and ignored.

Staking (Data Providers)
Providers can be free to join any market, they can be required to have a certain level of reputation score, they can be forced to stake a fixed amount of tokens or a hybrid approach can be used, where staking is only necessary when reputation score falls below the threshold. Same mechanics can be used to limit voting itself.

In both cases, if data providers act maliciously or vote differently than a majority, their stakes go to the reward pool.
If the staking mechanic is used, the size of the stake is C/n*K , where C is the total reward set by the developer, n is the current number of people that joined the data feed so far and K is the stake factor set by the developer (usually between 1 and 5).
To reduce timing speculations and market manipulations, developers can utilize the market_join_bonus parameter. It is a scaling factor for the reward that each user gets if they join the market before min_people is reached. min_people setting as well as inverse proportionality of the stakes and number of data providers (small number of providers pay higher stakes), prevents groups of people taking advantage of almost empty data feeds and trying to “force” majority without consequences.

Eventum’s solution for cheap and reliable data
Wisdom of crowds principle is used to determine the truth from multiple data sources (i.e. people reporting the data) instead of a single data source, which removes bias and single point of failure. This process is done in real-time by a decentralized network of reporting and validation nodes in the Eventum system. Asymmetrical cryptography and blockchain solutions, Ethereum , Swarm and Whisper , are also used to provide a secure and fair system with free market economics.

Eventum is an open-sourced, extensible platform with an easy-to-use API interface and flexible SDK. Developers can get any real-world data in the form of an API while also being sure the data is verified, i.e. a result of consensus, for which rules are set by the developer himself. The data can not be stored or controlled by a 3rd party, and all funds are securely stored on the blockchain. Moreover, the price is only governed by free market economy, which means there are zero fees and margins on the price of data.

Our time is valuable and our observations and cognitive capabilities are far beyond what any artificial intelligence system is capable of. So why not make use of that and monetize what you see, do and experience. When you become a data provider, you are providing information via a desktop or mobile app and getting a reward if you are part of the consensus (i.e. agreeing with the majority of other reporters). You can also help the network and earn passive income by running a validation node which functions as just-in-time masternode.

As a matter of time , Eventum is making its own revoltion into the blockchain industry . Smart technology to develop the future of social network .

https://eventum.network/