Recently, it became loud about the startup Insights Network that is automating the data brokerage industry using EOS blockchain technology and smart contracts . What is it about?
Generally, Insights Network is a platform that simplifies transactions between requesters and providers. Requesters are willing to pay for information from providers. The whole token ecosystem will be fueled by INSTAR tokens that will be used to pay for data. I think that the key stage in the development of the platform is the conviction of early adopters that migration of the existing consumer data into the platform is profitable. And it is worth noting that at this moment the data will become under the control and ownership of the consumers. Users' data that will migrate into the network will be rewarded with ecosystem tokens.
Another key technological solution is the use of Secure Multiparty Computation. What is fantastic about this technology? It is a modern cryptographic solutions that enable computation on unknown data. SMC will be used by Insight Network to solve the following technological problems:
- SMC-based authentication
- SMC-based profile matching
- data point validation.
The team designed custom protocols for each of these use cases.
More about technology used by INSTAR: https://insights.network/
The INSTAR project has a strong team and most importantly the alpha version of the INSTAR platform will be shown in the second quarter of this year. I am convinced that Insights Network has a high growth potential in the long run.