Sometimes the world never really knows what it wants until it is presented to it. Datum is presenting a decentralized data marketplace which may be something the world actually needs. Ever since blockchain came into play a few years back, the internet has been filled with talk of decentralization. Most people may not even know what they are really talking about, however, decentralization stands out and it seems as though it is something that is actually going to happen. A number of projects have been coming explaining the benefits of decentralization in every sector of the economy. Control of data is one of these benefits. This alone has been swaying the internet population to vouch for more decentralized platforms. Being able to control your data means that more privacy and security will be afforded to the data you produce through various platforms. A practical application of this is the Datum platform. This article explains what you need to know about Datum’s amazing data control ideas and how they may benefit users financially.

Giving Back Control To The User

For the longest time, control of data has never been up to the producer of the data. Many platforms entirely ignore the need for their users to know or dictate how their data is being used. In most cases, users did not even know that their data was being collected which seems like a violation of privacy and ethical laws. The results of these practices have not been welcomed by most users. Take Facebook for example, who had their CEO, Mark Zuckerberg testify in front of Congress as a result of the damning revelations that third-party service providers had been given access to data from a number of users which they used to influence voting patterns through targeting insecurities they observed from analyzing the data they collected. This caused a major dent in Facebook stocks showing just how much people value their privacy and having control of their data.

Facebook is just once known cases amongst many known and unknown cases. The truth is that, with the convenience of smartphones and other portable devices, data is being collected by a number of entities both legally and illegally. Some data uses can be justified, however, notifying users is important. Transparency is very much appreciated by a majority, if not the entire population.

What has also come to light in recent years is how user data is the new gold judging from the profits it has afforded data vendors over the years technology has been vibrant. The sale of data has been taking place without the knowledge of the owners or generators of this data with intermediaries making a killing of something they did not even have a right to. These are just some of the reasons why Datum wants to give back to users control over their data. Data owners and producers deserve profits from their own data which is normally used to remove money out of their pockets after all.

Removing The Middleman, Empowering The Data Producer

For users to make the most out of their data, the intermediaries that vend user data have to be done away with. This can only happen by connecting data consumers directly to data producers. This is essentially what Datum is going to facilitate. In most cases, data consumers usually have nowhere to turn to when they need data at a reasonable price. Obtaining data right from the primary source may be an expensive and tedious task which most consumers may want to avoid. Data vendors provide a convenient and less expensive solution as they usually have different sets of data that they can easily curate to meet the demands of data consumers. The process through which they get this data may not be ethical but for consumers, at least they get the data they need.

In this day and age where every small detail can bring controversies, it seems safer to obtain data from a legitimate source. These sources are scarce and most may not have the diversity that data consumers require. Datum is the solution to these problems.

In order to eliminate these intermediaries, Datum will become the ultimate intermediary through its platform. This is where P2P connections that will benefit both data consumers and producers will be made. A data marketplace will be availed within the Datum platform. Through this marketplace, sellers and buyers of data can negotiate and agree on deals thereby providing a healthy environment for the data business to take place.

Moreover, a data market without intermediaries means that data consumers get the best out of their money. First of all, data consumers will end up spending less while using the Datum platform. Currently, data consumers have to pay for more than the data. They have to pay for the resources data vendors use to get the data plus the profit data vendors aim to get from the data they supply. With Datum, there is only one intermediary, in fact, it’s more of a connector, hence through Datum, data consumers are likely to pay lower prices for the data they require.

The quality of data is also set to go rise. Data vendors are currently getting data through a number of means that may water down the overall accuracy and originality of the data they collect. Data consumers may find that they purchase similar sets of data from different vendors under different titles as a result of these vendors collecting this data from the same source. Such instances are hard to control if there is no framework for ensuring that data sold is unique. There is also the chance that the data obtained may not be the true reflection of the subject of study as the sources may not be as credible as data consumers would want them to be.

There is also the issue of getting the right data when needed. Sometimes these data vendors may not have the data that is required by consumers.

Datum’s platform makes it possible for most of these issues to be dealt with. Data consumers can request for specific data which can be curated by users within the platform as desired by the seller. The data is also authentic as it comes directly from the source. Datum will even provide the option of users linking the platform to some of the applications they use daily such that their data from these applications can be collected and stored in Datum. The Datum community will initially act as a validating community such that data uploaded to the platform can be validated and proved as authentic. As the platform grows, Datum plans to have a more robust validation system that will even involve ranking of users from the feedback that sellers will be giving on the platform based on the purchases they will have made through Datum.

The ranking system will act as a check and motivator to users to always provide the best data at their disposal. The highest ranked users will be recommended and buyers are also likely to highly regard the data they produce as a result of confidence from previous buyers.

User Benefits

The data market is worth billions! This may come as a surprise to a greater part of the world’s population which may not appreciate the value of their data. Datum’s platform wants to ensure that the value of data is felt by every party handling the data right from the one who produces the data to the data consumer. Centralized platforms are more concerned with a centralized monopoly where the ones creating the data connections are the ones profiting the most. They get data cheaply and sell them at exaggerated prices to data consumers. Datum wants profits from the sale of data not only to trickle down but also to flow down to the data producers.

Users will earn through DAT tokens whenever they upload data to the platform. They will also earn DAT tokens from the sales they make via Datum. These are however not the only source of revenue for users, here are some other sources of revenue through Datum users are likely to get:

►Revenue as storage nodes. Datum is planning a global platform that can work from any part of the world with internet access. For this, it requires storage nodes that will supply both the storage space and the processing power needed from computers. Storage nodes will be incentivized to provide these services by Datum rewarding them with DAT tokens for the space they provide and processing through their devices. The more storage space Datum takes up, the more tokens the storage node receives. Rewards on storage will also be based on the period of time a user wants their data to be held in Datum. The number of copies made and where they exist will also affect the revenue generated by the provider of these services.

►Possible increase in the value of DAT tokens. DAT holders stand to benefit from the projected increase in the value of the DAT tokens. The DAT platform provides services that can be appreciated by a great majority in the world. DAT targets to have as many users in its platform such that the increased use of Datum leads to a possible increase in the value of DAT tokens. DAT tokens are to be supplied in a fixed number which will make this growth possible with a growth in demand of the DAT tokens. Users can then get better value for their tokens as the platform continues to grow.

How Users Will Interact With The DAT Platform

The most convenient way available for user interaction is through smartphones. Datum has a mobile application that will make its platform easily accessible. Datum’s platform can also be accessed via desktops through its website.

The Datum Client feature will come bundled with the application. Through the Datum Client, users will be given access to different services and statistics based on their usage of the platform. Data that is stored on the platform can be viewed from the Datum Client giving users a clear and transparent record of the data files they have uploaded or the ones they are hosting on behalf of Datum.

Privacy in Datum can be toggled from the Datum Client. Users will have full control of how they would like their data to be handled; in fact, users will be doing the handling of their own data.

Once data is sold, the buyer receives access to the data and can do with it according to the smart contract. Users can view the data access activity from the Datum Client with a data access report also being accessible providing a detailed summary of the access activity.

Trading on Datum will basically be done through DAT tokens. Transaction details and DAT holding information will also be displayed on Datum Client.

Datum Client allows users to get a quick glance at every activity they are involved in through Datum. The Datum application will be available for Android and iOS which covers a majority of smartphone users globally thereby creating access to a potential market.

Ensuring Data Privacy

Part of the appeal to users is having a platform where they can be assured that their data is fully protected even while in transition between the buyer and the seller. Datum makes this possible by employing encryption methods which ensure that only those with the decryption key can access data held within the platform. This means that even if uploaded data is stored in an unknown location in the world, the storage node provider would not be able to access the contents of the stored data. Buyers who would like to receive this content are sold the encryption key which then grants them access.

Furthermore, usage terms are also bundled in during the encryption which is important as users can control the extent to which a buyer can access the data and for what purpose. Some buyers may abuse the data acquired by making it available for other parties that may not have been part of the deal. This measure ensures that users are the main gainers from their data. Multiple uses of the same data may require multiple accesses depending on the contract agreed upon. The privacy settings can also be toggled using the Datum Client via the smartphone application.

Conclusion

Datum is open source and anyone can participate in its offerings. In an age where resources are being redefined, Datum’s concentration on data may prove to be the best decision for this project. There will always be a need for accurate data as researches and studies increase and as the need for quality and result-yielding advertisements grow. A data marketplace that can provide all the needs of the data consumer market will prove profitable. The use of blockchain is also a plus for Datum allowing it to execute its services in a secure and transparent manner that its target audience would appreciate. DAT tokens will also help in reducing the frictional costs while transacting within Datum.

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