HOW EPIK PROTOCOL ADDRESSES THE PROBLEM OF DECENTRALIZED DATA STORAGE WITH ITS UNIQUE MECHANSM
There has been a lot of innovation on blockchain since its creation and the world has gradually tilted all the more towards the blockchain industry over the years. With the decentralized nature of the industry- which is the main reason a lot of people are keying into it, it is only pertinent that concerns will arise regarding the storage of data, and this, is a major concern if truth be told. Physical data storage media are rapidly going to waste and loads of redundant data are fast getting into circulation.
Developing a well secured decentralized data storage that can accommodate a large customer base is not only capital intensive, but is one that requires trustworthy and efficient providers as people are more concerned about the safety of their data in the decentralized space.
THE PROBLEM
Prior to the inception of a decentralized storage system on blockchain, only a small amount of data could be shared on Ethereum and it came at a really high cost. But with the creation of a decentralized storage, the rewards became obvious and worth it, namely; a larger storage capacity and better privacy policy. But more than that, what stood out was the ability to share relevant data without having to go through a trusted third party.
Even with this innovation, the decentralized storage still faced a major issue which is the inability to run on a data production mechanism which was sustainable, reliable and efficient. This is where Epik Protocol stepped in.
WHAT IS EPIK PROTOCOL?
Epik is the world’s first ever decentralized storage protocol for AI data. It integrates three major mechanisms, namely, IPFS storage technology, DAO governance model, and Token incentive mechanism, which all combine to make up the technology upon which the protocol is built.
With this unique integration, Epik is able to create a global accessible autonomous community that is able to perform core functions such as trusted storage, trusted governance, trusted incentives, and trusted finance. These functions go a long way in helping global users to collaboratively work at a very reduced management cost whilst continuously creating a loop of high-quality AI data thet can be jointly built and shared.
Incorporating AI into its technology is a win-win situation for both the AI market and Epik protocol. Given the almost insatiable and steady rise in the demand for data, the AI market has been faced with two major problems in its operation namely: an increase in the cost of labour and an increase in the cost of management. Increase in the labour cost stems from the fact that the need for data over the years become more specialized - from audio/visual recognition functionality down to data labelling - to fit into the needs of vast industries. To effectively perform all these tasks, there was a need to develop the knowledge base of labelers to be more specific, which invariably translates to cost.
With an increase in the labour cost coupled with the stiff competition in the market, data-labeling companies have found it more difficult to operate at their full capacity causing some to either fold up or deny working opportunities to potential employees. This wouldn’t be the case if the management cost weren’t so high.
HOW DOES THE EPIK PROTOCOL ADDRESS THE PROBLEM OF THE AI MARKET?
In solving the problem of the AI market, Epik Protocol proposes two solutions;
The odd job economy, and
The sharing economy.
With the odd job economy, data can now be labelled with the help of crowdsourcing without having to rely heavily on the funds in the AI industry. And with the sharing economy, data cashing revenues are made available to all those who partook in the data contribution process.
So basically, the Epik Protocol leverages on the unparalleled data authentication ability of decentralized storage to solve both the labour and management cost of the AI market; and in turn, the AI market offers a sustainable and efficient data production mechanism upon which the decentralized storage can run. An innovation that is the first of its kind in the Blockchain industry.
SOCIAL MEDIA CHANNELS
Website: epik-protocol.io
Github: https://github.com/EpiK-Protocol
Twitter: https://twitter.com/EpikProtocol
Telegram: https://t.me/EpikProtocol
Discord: https://discord.gg/Tz6kZbd
Medium: https://epikprotocol.medium.com/