Streamr is a decentralized marketplace for real time data crowdfunded in 2017. They aim to replace the centralized structure in place today with a decentralized one built on Ethereum blockchain using Data union framework and relying on the power of cryptography.
Real-time data will increasingly turn into a commodity in the coming years. Whenever we’re using our phones, we’re generating data, which is used for the profits of big centralized data brokers like Amazon’s AWS, Facebook and Google. The Data broker market is worth a whopping $200 billion.
Streamr brings back all the power in the hands of people. Now, we all can join this Data economy and earn from the data that we produce every day.
Interesting, let’s dive into the world of Streamr Network.
Streamr is built on top of a multi layered technology stack but let’s not go there. It’s a complicated world and only for the use of Developers. We’ll focus on the things that are useful for us, the normal people who are possibly not going to build something but still want to participate in this amazing project and earn some profits in the end too. So, the first thing we need to know is
How Does Streamr Work?
source: Streamr youtube channel.
Streamr network has 3 pillars: Publishers (Users like you and me who sell their data), Consumer (Institution or a person who is purchasing that data) and Brokers (Data Unions).
In very simple words, a publisher decides to sell his/her information to Brokers who manage it and sell it to consumers via the Streamr Marketplace.
What are Data Unions and How are they useful for us?
Data union is a framework built on Streamr, that allows people to bundle their real time data and sell it off to earn money. Now, you must be thinking who will buy my data, will it even be relevant for someone. Let me give you an example, suppose you’re driving on a road while sharing your real time data. Now, your data alone would not be beneficial for anybody but if all the other cars on that road also share their real time data then that would certainly be an interesting product to know about the traffic conditions on that particular road, the nearest petrol pump or the next toll plaza. This is called crowdselling.
All of this is facilitated by Data Unions in real time.
This Data Economy makes it possible for an individual to decide which Data Unions have permission to sell his/her information, placing an extra emphasis on privacy, security, transparency and client control, which is not possible at all in the current centralized structure.
“Data Unions are the first convenient and scalable way for people to retail their digital information.”
What Data Unions are available for use?
In near future there will be many more options to choose from with more and more features but I am covering a few that are available right now :
- Swash: It’s the first digital Data Union ever built, which allows a user to customize and sell his/her browsing data. Swash is very easy to set up as an extension for Firefox, Chrome, Microsoft Edge, and Brave. This app lets you monetize your browsing data straight away. This is backed by the Streamr Community fund.
Note: Don’t compare it with Brave Browser as it only gives you BAT tokens to watch the ads while Swash lets you monetize your whole browsing history.
- MyDiem: MyDiem is a different kind than Swash, It’s an Android app that captures demographics like age, gender, country/region. This data is useful for market research of a product or to know how well it is selling among different age groups in different regions. MyDiem is also backed by the Streamr Community fund.
- Spotify Demo: Spotify Demo is not built for commercial use and is limited to only voluntary contributions. It showcases that Data Unions can be incorporated in any existing platform also. It lets users send real time data of which song they’re listening to on Spotify to the Data Union. This information can now be used for market research by record labels like What kind of songs are more popular in a certain region? or at What time users are listening to more romantic songs or pop music? or Which songs users listened to before and after a certain song?
source: Streamr youtube channel
- Tracey: Tracey is a tool that captures the seafood data as it goes through the entire supply chain. It incentivizes the fishermen to reveal their catch in tokens and then sends all this data to Streamr Marketplace to be sold, where institutions have the choice to access the data for free, if they agree to provide microfinance facility. This data is quite useful to monitor the fish stock and make it more sustainable. Tracey is being developed in collaboration with TX, WWF-Philippines, and Union Bank of the Philippines.
Now that we know about Data Unions, let’s move on to DATAcoin, after all this is what we’re all going to earn by selling our information to Data unions.
DATAcoin (DATA) is an ERC-20 token on Ethereum. It’s the usage token of Streamr Network. The main usage of DATAcoin are mentioned below:
- Maintaining and operating a P2P network takes resources: time, electricity, computing power, and communication bandwidth. It is used to incentivize the Broker nodes.
- It is an incentive for users to provide data and help the network grow. Any consumer who wants to access the data also needs to buy it using DATAcoin.
- It is also the basis of karma, the reputation metric in the community of data producers, data consumers, and brokers.More you help the network grow, more karma you have. 1 Karma= 1 DATAcoin. The difference is that karma decays and eventually expires, while the token balance does not. This is to keep everybody active and motivated all the time.
Let’s get to money matters:
Exchanges supporting DATAcoin (DATA)
DATA is supported by some of the biggest Crypto Exchanges in the world. Below is the list of few:
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