Place/Date: London, UK - April 4th, 2018 at 10:54 am UTC · 3 min read
In the information age, data is one of the most valuable resources on the planet; personal user data is being sold in enormous volumes for enormous profits and often, without the consumer’s consent or knowledge.
It’s an invasive and archaic and invasive practice – the data brokering industry leverages consumer data as an economic asset. Our behaviours, interests, preferences, age, location and gender are being monetized with absolutely no return for the consumer.
At present, large international organizations and companies are benefiting from the $200 Billion worth of sophisticated data sets available; the industry is dominated by huge companies like Equifax who own the data sets of 800 Million individuals worldwide, those data sets brought in $3.16 Billion for Equifax in 2016 alone.
Other larger companies such as Facebook and Google make billions more from the complex data sets gathered from our online habits; most of this data is walled off and sealed away, out of the reach of individuals and researchers who could benefit significantly from the data beyond that of just monetary value.
Datareum is positioning itself to be a disruptive force in this once sided market and are bringing power to consumers through a decentralized data marketplace.
Datareum is creating an opportunity for society to take control of their data and sell it or give it way; through a fair and transparent data marketplace, data providers are incentivised to produce and provide high-quality data. Data purchasers on the other hand now have access to data, for lower costs thanks to complete elimination of intermediaries.
The Datareum platform is made up of a few key components: for starters, Requesters are those who request of purchase data, and they may commission a survey directly or purchase survey results that have already been resold on the data marketplace. Providers are those who give away data for free or sell it, though they may previously be requesters who are providing data through resale.
The Data Marketplace is where smart contracts determine the legitimacy of data entered on to the platform, and it also confirms whether or not the data is delivered of rejected and if so it completes the exchange or payment between the two parties.
The DataVault is a secure location in which data providers can enter all their basic information and therefore can be monetized according to the user’s preference.
Only people who have successfully passed KYC will be able to contribute to the token sale on April 28th, 2018. If you are not KYC approved please do not attempt to participate or send funds anywhere related to the Datareum token sale.
The final key component is the native token of the Datareum platform, DTN, which is used for all transactions on the platform. The pre-sale for DTN will begin April 28th, 2018, participants will be able to make minimum contributions of 1 ETH which lands them a 10% bonus, and if they make contributions of 5 ETH or higher, they will receive a 20% Bonus.