Datum Token Overview
Is Datum Token the next big marketplace for data? Let’s find out! Datum represents a decentralized and distributed top-notch performance NoSQL database supported by a blockchain ledger. What this technology does is, that it allows any individual to anonymously and securely backup structured data from smart homes, smart networks, wearables, as well as other IoT devices. Datum provides a marketplace where users are get the option to sell or share the data on their very own terms.
Description of the Project
Datum Network targets to assist internet users in retaking authority over their data. The Datum client submits data of the users to the network and enciphers it with rules for usage that are given by the data producer.
The Datum network is going to utilize IPFS, which is a storage protocol for distributed data. It is a peer to peer protocol designed to store and share media in a distributed file system. Data on the network are then set to duplicate to storage nodes, which is a part of the Bigchain DB cluster. Miners provides the network with storage capacity and computational power, and in return, they receive Datum Tokens.
Ultimately, users are going to be able to sell their produced data on the Datum marketplace. Ethereum based smart contracts start the release of data that is going to be sold, accordingly to the usage rules set by the owner of data. The trade of data will compensate in Datum Tokens.
Consumers of the Datum network consist of entities that are non-profitable, like NGOs and researchers, as well as companies that are private. Consumers gain advantage from direct access to verifiable and confirmed data.
When data consumers take an interest in buying data, the data producer receives a specific request for purchase of data. The user then has the option of:
- Accept the request – the decryption key is sent to the data consumer
- The user submits a counteroffer with the changed proposal.
Datum network accentuates the integrity of the customer as a vital aspect in this operation and believes this will motivate the buyers of the data to create and maintain a trusted track record. This system will also ensure data producers that their data are not going to be abused.
The Datum Network depends on the Datum Token Smart Contract to ensure safe exchange of data and in the meantime to respect the given terms by data owners.
The Ecosystem consists of following:
- Users submit data- They do that by connecting various services to the platform, compensating with a small Datum Token charge to store it in the network.
- Storage Node Miners- They transmit and save the encrypted data, acquiring Datum Tokens for that action.
- Purchasers acquire data in trade for Datum Tokens that are paid back to the original data owners.
What are the Datum Token utility use cases?
The Datum Token is a ethereum erc-20 utility token operated to pay for fees on the network for submitting data and as a return for ensuring storage nodes. Because of the plan that the Datum supply is going to decrease, tokens swapped for activities in the Datum network will go to destruction.
Is there a Product?
Yes, there is in the form of a Datum app that is available in android store and IOS Web app. Here are some traits that depict the Datum app:
- Secure- In the app, the entire data is going to have encryption on the network
- Private- Data is wholly cleaned from patterns and private identifying information.
- Distributed- Data will be in storage among numerous storage nodes that run Datum’s blockchain database.
- Simple- An easy-to-use interface makes Datum network complicatedness easier for daily users.
- Share- Chance to share data with non-profitable entities like NGOs, researchers, and
- Sell- Users can sell selected anonymized data to trustworthy entities and in return gaining Datum Tokens.
How will this product make money?
Datum charges companies a fee to access user data, and in that way Datum makes money. Users are always in control, regarding deciding which personal data they are willing to share.
A worldwide market already exists with many data brokers like Experian, Acxiom, Epsilon, Datalogix, Corelogix, and others. They are not based on the blockchain, so users are not in control of data that is monetized and collected from them.
One of the main competitors for Datum in the crypto space is Pillar, which currently develops a multi-chain, open-source wallet as a private data locker. This wallet is holding all assets like financial records, health records, resumes, money, ownership of certain things. One fundamental difference between Datum and Pillar is that Pillar targets to be a universal operating system, aiming to replace Android apps and iOS with its private data locker, and Datum network is working with third-party apps.
The team members of this project have extensive experience regarding building big-scale management and data processing systems. Roger Haenni, who is the CEO, made a company for smart wearables for babies. Gebhard Scherrer, which is in charge for operations, has previously been working as a sales director for all sorts of companies. VC Tran, in charge of marketing, founded a company that provided solution for thermal and aircondition systems. Florian Honegger, known as a expert in developing smart contracts, has a 15-year experience in data management and enterprise document architect in the micromechanics, automotive and defense sectors.
Pros and Cons
- The destruction of Datum tokens used on the platform ensures stable growth in value if the marketplace is successful.
- Excellent white paper.
- The potential for growth is immense.
- Excellent website.
- Very experienced team.
- Huge competition in the data marketplace industry.
- More marketing is required.
The Datum Token will ease the compensation of storage nodes and data sources and create a brand-new era of safe and decentralized data storage and exchange.
The ICO ended in November, and the project raised in total 7.2 million USD. The current market cap of the token is 11.2 million USD, and the token is currently traded on four exchanges: Kucoin, Huobi, Coss, and Okex.