Data is becoming the new oil in the world today. People are using data as a source of revenue, but most of the reasons why people don’t engage fully in data are that there are no transparent platforms where they can successfully do transactions. To help in solving the issue, Datum is turning data into tradable commodities by creating a global data exchange.
What is Datum?
Datum is a decentralized database backed by a blockchain ledger. The platform distributes high-performance NoSQL database. This technology allows anyone to use the platform to backup structured data like data from wearable’s, social network data, smart home and other IOT devices in a secure, anonymous and private manner. Datum provides a marketplace where user sells data on their own or share data.
Datum aims network aims to provide business such as companies, researchers or individuals the most efficient and frictionless access to data at the same time respecting the owner of the data terms and conditions. By becoming the dominant marketplace, Datum wants to revolutionize the existing data market where people cannot monetize their data and where the creators are rarely paid for their data.
How the Datum works.
Datum works in a manner that provides security and privacy to users and their data. Every step of the platform is secured from unauthorized people and prying eyes. How datum works is very simple. First, users have to submit their data. The submitted data is encrypted with usage terms. The storage node miners save the data to earn DAT token after which buyers purchase the data under owner’s terms. The platform uses smart contracts to initiate off chain key exchange to release data the data owner is paid using the DAT tokens.
The Ecosystem and the DAT coin
To provide secure trading of data, the Datum network relies on its DAT token smart contract while respecting the terms set by the data owner. The ecosystem usually involves data owner paying an amount of DAT token to store data, storage miners will then earn DAT tokens from storing and transmitting the data and finally, the data can be purchased with DAT tokens from buyers but on the owner’s terms.
Datum also uses an app the Datum APP that offers users a simple method to use the network. The app offers privacy at the top level and fast backup and retrieval of data using close storage nodes found on the app.