Datum is a blockchain-based marketplace and data management system that aims to turn data into a secure, tradeable commodity. The aim of the platform is to help users govern their personal data in a very secure, private and decentralized way. As the Datum website explains, “data is the new oil”. The platform has created an exchange for that commodity powered by Ethereum, BigchainDB, and IPFS.
The Datum network provides individuals and bodies such as researchers, companies, startups the best and easiest way access to data while respecting the data owner’s terms and conditions. This exponentially growing mass of data has become a important source of value and economic power for those who are able to control and monetize it. Presently, the business of data sharing is a one way street being ruled by information monopolies with resources and access to users’ personal data via social networks, etc. These social network companies then go on to sell this data to advertisers for an huge amount of money. There are also big security lapses when it comes to where data goes and what is done with it. But by becoming a leading data marketplace, Datum aims to revolutionize the current data market where data creators are hardly ever paid for their data and the monetization happens by middle men who do not add any value.
The approach for monetizing the data is built around a Blockchain platform where client data is protected on a decentralized NOSQL database. Consumers are able to take advantage of the platform by storing any sort of structured data, social media data, wearable device data, or IOT data from smart devices.
Datum believes that if there was marketplace for data that worked in both directions, data could be used in a fairer way. Datum’s stresses on fairer data usage and dissemination is believed to help specific users better quantify and monetize their content, making the entire system more valuable.
Features of Datum Network
- Decentralized Data Storage: Datum offers a secure, private, and anonymous storage of structured data.
Storage Nodes: Miners running storage nodes (the datum app) are paid in Data access tokens (DAT) for storing and providing low latency access to data. - Marketplace: Datum’s marketplace enables users to share their data selectively or sell their data to trusted entities in return for DAT tokens
- DAT Tokens: The Datum ecosystem has its own native cryptocurrency called Data Access Tokens (DAT). This token is based on Ethereum powerful decentralized network, and functions as the currency throughout the Datum ecosystem. Storage miners earn DAT tokens to store and transmit data. Also buyers can purchase DAT tokens on several exchanges to buy user data.
- Mobile App: Datum mobile app is very simple and user-friendly. All data in the app will be encrypted before it’s sent to the network. Data is cleaned from personally-identifying information and patterns. And app users enjoy fast backups and data retrievals through locally close storage nodes.
Practical Use Case of Datum Network
A user, for example, John, submits data and gets paid by a consumer;
1 . John submits a piece of data to the Datum Network using the client software. John pays gas to submit the data. As the data is encrypted, only John can provide a decryption key to all the interested parties.
A Storage Node receives the data and stores the data. The data is replicated to many other storage nodes.
A Data Consumer declares interest to purchase the piece of data.
John then receives a data purchase request with the details such as purchaser and price offered. He can agree to the purchase request or counter offer with a modified proposal.
If John accepts the proposal, John receives DAT Tokens and the decryption key is sent to the Data Consumer who pays in DAT Tokens.
Token Distribution
| Allocation | DAT Tokens | Percentage |
|---|---|---|
| Pubic Contributors | 1,530,000,000 | 51 |
| Reserve Fund | 870,000,000 | 29 |
| Datum Core Dev | 600,000,000 | 20 |
| Total | 3,000,000,000 | 100 |
Datum is going to change the way we manage and control our data. It puts users back in control of their data, letting users choose which data they wish to share, and with which parties. Users can profit off selling their wearable fitness tracker data, for example, while preventing companies from viewing their social media information. Datum really has the potential to change the way we manage personal data
For more info, check out their Website and Whitepaper
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