DataBrokerDao Recognizes That IoT Sensor Data Requires A Purpose Built Exchange

mcdform (46)in #blockchain • 7 years ago

DataBrokerDao is introducing a marketplace for IoT sensor owners to exchange data with interested parties. The project utilizes the blockchain to execute transactions in a trustless manner using smart contracts, and a token curated registry that provides excellent data quality via a token staking reputation system.

The IoT sensor market is increasing rapidly, in 2015 over $600 billion was invested in the devices. Much of the data collected by these devices are only being used by one system or not at all. DataBrokerDao will allow this data to be monetized and will help sensor owners pay for and profit from their devices. This data will be valuable for a number of industries including agriculture, manufacturing, finance, travel, and medical.

The technology behind DataBrokerDao has varying levels of complexity. The team is relying on smart contracts to connect sensor owners with data buyers. Smart contracts will also operate a token curated registry that guarantees data quality. The team has accomplished many tasks and has a very well designed UI already in operation.

The team's main focus will be on integrating nodes with data gateway operators. The team will have to create a node system that is easy to install and operate with little to no maintenance in order for the platform to succeed.

The token economics for DataBrokerDao are tied to projected values of sensors and sensor data in 2024. The token sale price of DTX is set to equal the projected average value of data from one sensor for one week.

The total supply of DTX tokens is set at 225 million which is the projected number of sensors on the DataBrokerDao platform in 2024.]

With this in mind, the token sale is offering 108 million DTX tokens for sale at a price of 4000 per ETH.

The blockchain data exchange niche has seen huge growth in the past six months with a wealth of projects introducing themselves to market. In a crowded market, it is important to offer factors that differentiate your product from others.

DataBrokerDao is currently the only product that is solely focused on the exchange of IoT sensor data. Most projects are concentrating on exchanging data between consumers and AI trainers or allowing consumers to sell data directly to marketers.

The second factor is that DataBrokerDao has a working product that is available on their website. The user interface is easy to use, it allows searching of sensors data, a location map, and a purchase data stream option.

The team has experience in the blockchain field having created SettleMint which helps established businesses integrate blockchain into their workflow. The software engineer has experience creating marketplaces.

The team appears strong in business and entrepreneurship but lacks previous experience in data markets.

Matthew Van Niekerk - CEO
Roderik van der Veer - CTO
Els Meyvaert - Project Manager
Silke Van den Broeck - Blockchain Developer
Peter-Jan Brone - Blockchain Developer

The DTX token has two utilities, as an internal currency, and for staking as a proof of reputation. As an internal currency DTX will be used to purchase data streams and to reward gateway operators for the handling of the data.

The staking utility is more complex and uses what is known as a token curated registry. A token curated registry means that users must stake tokens to their data streams to provide a confidence level to buyers. While staked DTX tokens cannot be moved.

The more tokens a sensor owner stakes the more visible their stream is on the marketplace (which is the registry). Staking in itself does not work because whales could easily stake DTX to any poor stream.

To inhibit posting of poor streams to the registry, buyers of streams can challenge the quality of sensor owners by staking their own tokens to a stream as a form of negative reputation. When the negative reputation is high enough a DataBrokerDao administrator will review the data stream.

If the stream is decided to be of poor quality the DTX that the sensor owner staked will be rewarded to the challengers. If the data stream is found to be valid the sensor owner will receive the challengers staked tokens.

The project has an effective social campaign although the reach has not expanded to extreme levels. The https://t.me/databrokerdao is well moderated and fairly active with over 5000 members.

The team has kept a Medium blog during the projects evolution and posting has been consistent and informative. Articles detail updates on the project, use cases, and news.

For those interested in reviewing code, the team has a Github account with almost weekly updates.

Overall

DataBrokerDao is entering a rapidly growing niche in the data collection field. They have a big advantage in timing as they have a working product already established. The key to continued success for DataBrokerDao is the onboarding of gateway operators for data transfer and the acquisition of sensor owners to draw customers to the exchange.