Data creation on the Internet in the world we live in today is the easiest task therein on earth.From chatting with friends and relatives, to different posts on Facebook, Instagram, Snap, Twitter e.t.c, to organisations saving their customers data on the Internet, we generate loads of data traffic with so much ignorance to as much the substantial revenue we are generating for these large private companies. In a world where the growth of data stored is 4x the growth of the world economy, the monetary aspect of stored data is something to reckon with. In the age we are in, income generated from stored data is as much to prove a great significance in the shift of economic power and value and the only exemption from the riches of the data marketplace is the data originator him/her or itself who has no idea the financial benefit attached to the data given out in the form of signing up on social media such as Facebook, Google, Instagram, Twitter, Snap, Reddit,Medium, LinkedIn to mention few.
Data is created by individual or an organization that uses the Internet in one way or the other, from opening a Google Mail account, to updating files online, post of pictures on facebook and instagram or any other social media platform. This data is owned and stored by large organisations such as the Facebook and Instagram as the users who created this data loses control of their data to such organizations. This data is saved in a large data silos where they are open to tampering, extraction and various exploitation to maximize financial return.
What if you can make profit from your own personal data? what if organizations can maximize financial return by taking control of their data?, that is what Datum has to offer!.
With Datum network, individuals and organisations that creates data are no longer exempted from the financial benefit attach to their data as they can retake total control of their data.
What is Datum ?
Datum is a decentralized storage network that operates on a secure smart contract which gives it users the full control of their data. Datum is also a data marketplace where users can trade their data based on their terms in other to maximize financial return without the intervention of a third-party. With Datum, users determines whether to share, monetized on their own terms or destroy data.
Aim of Datum
To empower data creators with a more reliable way to store and trade their data, and also provides a marketplace platform where such data can be monetized. The idea behind Datum is to shift the economic value attach with generated data in the favour of data creators rather than the big private organisations.
Functions of Datum
- Data storage: It is a decentralized storage network i.e there is no central authority controlling it and also provides maximum security for data by encrypting it with an encryption code which only the data creator have access to. Datum processes data at such a very high speed.
2.Marketplace: A platform on Datum where data buyers can make enquiry about possibility of purchasing data and data owners negotiating terms to sell their data. It is a platform on the Datum network where individuals or organisations can monetized their data.
How Does Datum Works?
Contrary to individuals or an organisations losing total control of their data to free service providers such as Facebook, Twitter, Snap, Instagram and others, Datum with it decentralized efficiency provides it users the platform to have total control of their data, using it secure smart contract blockchain technology in doing so. All transactions on Datum network is powered by a token called DAT.
User provides the data they wish to save on the Datum network and the data is encrypted on the network using the immutuable security process with the user alone having access to the data by using the decryption code sent to them and by so, can determine to share, monetize or destroy such data at will.
DAT Token
It powers all transactions on Datum network. When users decides to sell data to buyers, they are paid with the DAT token. It gives value to data saved on Datum.
Smart Contract
The whole process of data submission by users, data being saved on multiple storage nodes, data encryption, and decryption to buyers willing is referred to as smart contract.
Example of a smart contract is shown below:
Storage Nodes
Storage nodes are data saving operators on the Datum network that saves data provided by users. DAT token are used as incentive to save data on Datum. How long data is saved on storage nodes is dependent on DAT token Payment either by data creator or data consumer to keep data on Datum network.
Use Cases
●John submitted data to the Datum network through the client software and a certain gas fee is charged for data submission.
●The data is saved on multiple storage nodes within the system and such data is encrypted i.e secured with a password and the encryption code is sent to John who have requested to use the Datum network in saving such data.
●When there is a buyer willing to buy the data a notification is sent to the data owner(John) with purchase details such as buyer's name and amount on offer.
●John can accept such offer or make an adjustment to the proposal to suit his terms.
●An agreement is reach, John accepts the deal conditions, DAT token receive by John and decryption code is sent to the buyer.
Note: Data purchase can be on lease term i.e buyer can access such data over a given period of time or data purchase can be permanent.
Conclusion
With the new initiative Datum brings to the world of data storage, this movement will enlighten data creators on a more proper and secure way to save their data using a decentralized storage network and have total control over it, and at the same time open it users eye to the financial rewards associated with data generated by users.
Datum helps shift the economic value attach with generated data in the favour of data creators rather than the big private organisations by allowing data creators sell their data through it marketplace platform using the DAT token as incentive.
With Datum, we usher in a new era of secure and decentralized data storage and exchange.
For more Information and Resources, kindly visit:
Datum Website
Datum whitepaper
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