In this post, I will review Datum and talk about the growth it could have in the following months and it's features
What is Datum?
The Datum network allows everyone to store structured data securely in
a decentralized way on a smart contract blockchain.
The project that allows users to take back their personal data. Let's say you stream the internet and every page you are on collects your data. You do not control the collection of your data. Datum provides a marketplace where users can share or sell their data on their own terms. This technology allows anyone to backup structured data like social network data, in a secure, private and anonymous manner.
How it works
Datum works like a marketplace where data consumers and data sources make each other offers for specific types of data, with money (tokens) being involved.
The whitepaper is advertising an phone app that will be the gate to the marketplace. With this Datum client, you will be able to browse offers and trace your transactions. The whitepaper explains that storage nodes host data and provide computing power. They are incentivized by perceiving fees from every transaction, like a “proof of storage” mining: “Storage Nodes are economically incentivized by DAT Token rewards, paid out as a fixed percentage of each transaction and shared amongst storage nodes according to their contribution of resources” (p. 15). Unfortunately, technical and financial descriptions how the storage nodes work are mostly absent of the Whitepaper. We would like to know, by example, if the Datum network can be used as a backup storage.
Benefits of the Datum platform
The modern data industry, while gigantic, is affected by a large number of disadvantages to the source of data themselves – the users.
Data from users are collected automatically and (quietly) by large corporations like Facebook and Apple which are then used to form its advertising channels and sold for large amounts of money. Google will generate over $70 billion this year in revenue from advertising alone while Facebook trails behind with roughly $35 billion from its Facebook Ads platform. Like every internet user, the things you use every day like Facebook and Google are free which is always great.
In fact, more and more platforms are beginning to provide customers a service at no cost to the delight of their users.With a quarter of the world’s population using these platforms, it is no surprise that the data industry is extremely valuable to companies.The reality is that free services are not exactly free as promoted by these platforms. Users are “paying” for the free services by giving away their data for advertising purposes.
All of the data is also shared and analyzed by businesses to be used in the future which extends the situation.Users should remember that data is valuable and it is always yours. When you use these services, you no longer own the rights to your own data.
Instead, your personal data is sold by businesses who make billions off your privacy.
While this article is not meant to paint these corporations in a bad light, it does highlight a prevalent problem in the data industry.
One blockchain startup – Datum wants to solve this problem.
Datum allows users to store data from things they use every day like social media platforms or smartphone apps on the Datum database. First off, data owners (users) pay a small fee in DAT (the tokens used in the Datum platform) to store their data in the 100% secure and private blockchain database. What makes it unique is that data is stored privately in the database is encrypted and secured by the blockchain technology.
Benefits of the Datum platform
The Datum platform offers several benefits to users:
1.Data ownership and authority is finally returned to users
Unlike modern data practices, Datum finally gives users 100% ownership and authority over their data by giving them the ability to control whom they share their data with and at what price.
Datum also provides an open API for developers to use the full set of tools running the platform.
2.Datum provides fair economic opportunities to miners
Miners who help Datum store data on low-latency servers are rewarded with DAT.
There’s nothing fancy needed to store data; all you need is a simple hard-disk and a decent Internet connection and you’ll be able to earn DAT.
3.Datum helps SMEs grow
By revolutionizing the data-sharing relationship between businesses and users, SMEs get to have a bigger and more refined access to data.
CONCLUSIVE THOUGHT
This is the only project based on blockchain that I know, that has a very well defined vision and clear idea on how their solution will be implemented, I believe it will do well on the long run, for more information please refer to the links below
Official website: https://datum.org
Whitepaper: https://datum.org/assets/Datum-WhitePaper.pdf
Telegram: https://t.me/datumnetwork
Facebook: https://www.facebook.com/datumnetwork
This article was created in exchange for a potential token reward through Bounty0x
BountyOx username - piecesg