There have been huge advancements in the field of technology and a few priceless products have been generated in the process. A product or resource that has resulted due to these advancements in the technology is data.
In today's world the data is collected from the data producers by data vendors, which is then sold by them to the companies and the companies make products or offer services according to the data collected.
There are some limitations in the above mentioned process which include :
- The data producers are paid only once (sometimes no payment is provided to them) even if their data is sold to multiple companies.
- The companies which purchase the data from data vendors are not guaranteed the authenticity of the data, it can be incorrect sometimes.
Most of the companies if not all need accurate data to provide better services and products, while big companies like Facebook, Google and Twitter find it very easy to accumulate the accurate data because of the fact that people spend hours on these websites, on the other hand it is very difficult for the start ups or smaller companies to collect this precious gold(data).
Small companies suffer in the collection of data as they have to spend huge money to get. On top of that, the data provided to them is often inaccurate and repetitive which makes both data producers and consumers suffer.
As there is increase or improvement in the technology, the demand for data increases.
The companies need the data in order to offer services and make products as desired by their customers. False data will lead to the manufacture of undesired goods or services which wil subsequently lead to the loss of capital of companies.
Hence there is a need for a solution which will help in providing authentic data and compensation for all the stake holders involved in the process.
Thankfully we have now Quadrant that will work in this area to eradicate the above mentioned problems.
What does Quadrant bring to the table!
Quadrant Protocol plans on eradicating means of sharing adulterated data to the companies and providing compensation to all the stake holders involved in the process.
Quadrant has developed a blockchain which has three components :
Quadrant protocol has data producers which are also known as nurseries, data vendors, also known as pioneers and Elons.
Quadrant protocol has described Elons as ‘the brightest minds’ as their task is to choose data from different data pools known as ‘constellations’ or data smart contracts.
The data then collected will be used to solve the problems associated with the data sharing process.
- The Quadrant Protocol is based on proof of origin concept which means that data produced by the nurseries will be have a proper source and history, this will help eradicate the transmission of fake and repetitive data.
- According to Quadrant, world changing ideas can come from constellations. Data from different sources can be grouped together depending on what type of problem needs to be solved or according to the need of the organisation.
- Quadrant will provide compensation for all the stakeholders involved in the process. The revenue which will be generated by Quadrant on a particular work will be shared among the contributors depending upon their work.
Renumeration can be done by providing the contributors with quad tokens which are erc20 tokens and will be tradable after the completion of ico and distribution of tokens.
- Elons will have the licence to be creative.
- Data consumers will get easier and cheaper data.
- Pioneers and nurseries will be able to generate the revenue within the platform.
Quadrant will allocate tokens to the people who are assigned some particular tasks. eQuad tokens will be used to make transactions and the tokens will be tradable with other cryptocurrencies as well. The value of these tokens will depend on the usage of Quadrant platform, more the usage, more will be the value of tokens.