In today's world data is very important and very useful in helping organizations build good products and services. These data used by organizations are created by Individuals who knowingly or unknowingly create these data by visiting platforms like social media networks. In this way, owners of the platform have access to these data, saved them and sell to parties interested while owners of the data are left with nothing, no incentives or whatsoever.
A study has shown that a great many data are been made once a day; from online shopping, visiting many websites etc, this is where organizations get hold of users data, thus making a massive profit out of it.
There is a platform that is prepared to give users their privilege back, as well as giving them the opportunity to earn all the while giving users control of who get to their data. This platform is known as Datum. With Datum being based on blockchain technology means it is decentralized that is, users have control over their data.
Data exploitation comes as a result of organizations being in dire need of data for the creation of products and services. Thus Datum aims to solve issues confronting large organizations by making it possible for them to approach Individuals within the Datum ecosystem for the needed data while paying an agreed fee to these individuals. In this way, data will always be available.
Individuals who sell or share their data require not to stress over security since their data will be stored in an anonymous and encrypted way, thus guaranteeing data genuineness.
PARTICIPANTS OF DATUM NETWORK
Within the Datum network, users are given certain rights as well as data consumers.
- Users or Data owners: Users are the individuals who transfer the data, or store significant data on the internet while having full control over their data with optimum security over their uploaded data on the internet. These data are encrypted at the point of creation with a code or private key that makes it immutable. To access the data then requires a fee through which users earn.
Furthermore, users who share their data have the right to decide how long their data will last in the hands of data consumers. - Data Consumers: These are the individuals who make utilization of data that is transferred online by the user so as to help them in the creation of better products and services.
Datum also makes it possible for these individuals to build a trusted record so as to enable them to continue having access to users data when they need it.
Data consumers can decide not to unveil their utilization of data, how long they will use the data, identity, trust ratings etc.
WORKING PRINCIPLE OF DATUM NETWORK
The first step is users or data owners coming into an agreement to share their data with Datum network through a software made available by Datum network.
Once the users have agreed, then send the data to Datum network while paying a token for a gas fee, once the data get to Datum network it is encrypted with a private key and the key made available to the users. Through this key, the users can give access to interested parties to access their data. The data sent by the users are stored in the Datum storage centre which is received by a storage node.
When the data is successfully saved on Datum storage centre, it is ready for purchasing. Data consumers can then initiate a buy order, which the data owners receive and analyse. The data owners are in a position to either accept, decline the offer or request for a high buy price.
If the users acknowledge the buy order, they will get DAT tokens and then send the private key of that data to the data consumer.
CONCLUSION
Datum aims to create a platform where users will be the master of their data while deciding who to share the data with and at an agreed price. Users data at all times is secured and stored in an encrypted and anonymous way. Users receive DAT token when they share their data.
DAT is the token of Datum network, it is an ERC20 token based on Ethereum blockchain with a maximum supply of 3 billion.
FOR MORE INFORMATION ABOUT DATUM
Join the Telegram Group: https://t.me/datumnetwork
Follow on Twitter: https://twitter.com/datumnetwork
Follow on Facebook: https://www.facebook.com/datumnetwork/
Website: https://datum.org
Whitepaper: https://datum.org/assets/Datum-WhitePaper.pdf
Bounty0x Username: Chuky
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