Powered by the DATA token, Streamr is a peer-to-peer decentralized data storage network and data marketplace facilitating real-time data streams. Using the Streamr Marketplace, users can buy and sell valuable data that can be used for various novel applications. Data tokenization has become a popular trend in the blockchain industry. The new data economy is helping to build an equitable, privacy-centric web that puts users in control of their data. Furthermore, thanks to the Streamr Data Fund, and Streamr Data Unions such as Swash, and Tracey, Streamr provides decentralized data products and grants that help to kickstart exciting new decentralized data projects.
In this article, we’re going to explore the Streamr decentralized data storage platform and the native DATA token. Also, we’ll discuss Data Unions, including Swash, and Tracey. Plus, we’ll look at how the Streamr Marketplace is providing valuable data tokenization for the new data economy.
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What is Streamr? – Exploring the Data Economy
Built on Ethereum, Streamr is a decentralized global peer-to-peer network for real-time data streams. As a gateway to the new data economy, Streamr provides ethical data sharing models that preserve user privacy and facilitate scalable crowdsourced datasets known as “Data Unions”.
Data Unions utilize the value of data without the need for custom infrastructure. Sold on the Streamr Marketplace, these crowdsourced datasets incentivize data providers using micropayments and allow for frictionless data flow and comprehensive analytics.
Furthermore, Streamr promotes data monetization in a way that empowers users by rewarding them for sharing their data. Streamr nodes earn the native DATA token by providing valuable data to the network. Moreover, Streamr uses crowdsourcing to incentivize the creation of datasets that would otherwise be difficult to compile and access. This is achieved using the Publish/Subscribe pattern (pub/sub), an architectural design pattern that acts as a framework for messaging between publishers and subscribers.
All Streamr data is accessible via a plug-and-play real-time data network that is highly robust and scalable. Plus, data can be connected to a borderless network that delivers encrypted data to thousands of users in under 400ms. This is made possible without the need for third-party intermediaries. Plus, decentralized data provided by Streamr can be integrated into existing systems simply, with just five lines of code.
Decentralized Data Storage & Data Tokenization
The use cases for decentralized blockchain-based applications are becoming increasingly diverse. One of the most popular use cases in recent months is decentralized data storage and data tokenization. Projects such as the Interplanetary File System (IPFS), Ocean Protocol, and Internet Computer Protocol (ICP) are striving towards a shared goal. This is a user-owned, privacy-centric decentralized web.
These projects aim to democratize the web, putting users in control of their own data and how it is used. Also, decentralized data storage and data tokenization is a great way for anyone with spare bandwidth or hard drive space to make a passive income with crypto! This is thanks to the increased demand for decentralized data marketplaces and data service providers in various sectors.
Decentralized data storage and data tokenization are breaking down centralized data silos. This is achieved using blockchain technology to create tamper-proof, transparent, and secure datasets. Furthermore, this data cannot be corrupted by a single entity or small group of bad actors.
By incentivizing a network of nodes to provide accurate, reliable data, decentralized data storage and data tokenization have become essential tools for many industries. This technology is widely used by Artificial Intelligence (AI) practitioners, enterprises, and in supply chain management. In the future, we can expect to see a continuation of this trend as we move towards a user-owned, decentralized web and data economy.
The DATA Token
The native ERC-20 DATA token is used for settlements and node incentivization throughout the Streamr platform. Also, the DATA token can be used in the Streamr Marketplace to purchase datasets.
Streamr uses smart contracts to secure data permissions and payments on the Ethereum blockchain. Plus, the DATA token can be used to reward groups of data providers with micropayments.
The DATA token is available on several major exchanges including Binance, Bancor, and Uniswap. According to CoinGecko, the DATA token is trading at around $0.08, with a circulating supply of 697,152,733 tokens from a maximum supply of 987,154,514 tokens at the time of writing. Moreover, data is becoming an increasingly valuable commodity. As such, we could see more tokens like the DATA token emerge to service the data economy.
Streamr Core is an ensemble of open-source applications created and supported by Streamr. These applications enable users to create, process, analyze and sell real-time data, along with creating real-time data streams and other data products. This valuable data can then be bought and sold via the Streamr Marketplace.
Furthermore, the Streamr Core app makes it easy to keep track of resources and earnings via the main user interface. The Streamr Core app interface boasts several features. This includes a user profile, a view switcher, filters, a “create” button for creating datasets, and a quick help menu. Also, the Streamr Core app allows users to view all active streams, products, subscriptions, and transactions.
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The Streamr Data Marketplace
The Streamr Marketplace is an open-source peer-to-peer platform where users can buy and sell access to valuable data from the Streamr network. Also, The Streamr Marketplace enables producers of valuable data to monetize their datasets.
The Streamr Marketplace offers both free and paid data products suited to a wide range of use cases. Using a time-based subscription model, the Streamr Marketplace uses the native DATA token for the buying and selling of valuable data.
Furthermore, the Streamr Marketplace uses the Ethereum blockchain to store a registry of datasets and coordinate access and permissions using Ethereum’s transparent public ledger. Datasets and products are deployed via the Marketplace smart contract, which enables users to purchase valuable data directly from the source, without the need for intermediaries taking a cut.
To access streams of free data products, users can simply “Subscribe” on the Marketplace product page. The data stream will then appear in the Subscriptions section of the Streamr Core application. Free data streams do not require DATA tokens or ETH for access. However, paid data streams require an Ethereum wallet address, and DATA tokens for transactions, along with a small amount of ETH for gas fees.
Streamr Data Unions
One of the key deliverables of the Streamr project is Streamr Data Unions. Streamr Data Unions work by incentivizing participants to crowd-sell valuable data to enable developers to create unique datasets. Anybody that wishes to establish a Data Union or implement an existing project can do so by submitting an application to the Streamr Data Fund.
Data Unions have many potential use cases. This includes media streaming analytics, event location tools, environmental insights, and barcode scanners. Furthermore, Streamr Data Unions can provide cross-chain token balance data and data browser profile plugins.
Created using Streamr, Swash is the world’s first Data Union. Swash enables users to earn a passive income while browsing the web, simply by consenting to the use of their data. Furthermore, Swash uses Streamr’s decentralized, open-source encrypted technology to provide an equitable internet experience with trust and transparency. This model is similar to that of the Brave web browser.
Additionally, Swash does not collect sensitive data that can be used to target or identify participants. Resultantly, Swash operates without the need to compromise on security. As a pioneer of the Streamr Data Union model, Swash has established several partnerships and integrations, including Boson Protocol, Chainlink, and Ocean Protocol.
TX is a commercial subsidiary of Streamr working towards tackling various environmental issues via a pilot project called Tracey. Tracey works in partnership with the World Wildlife Fund (WWF) and UnionBank in the Philippines to promote sustainable fishing. This is achieved by establishing a trustless, immutable chain of provenance for fish that are caught and rewarding fisherpeople for providing valuable data to make this possible.
In many parts of the world, fisherpeople are unbanked, or underbanked. Plus, the profession is largely seasonal. This leaves many without income for long periods between fishing seasons. Resultantly, fisherfolk may need to access loans to support their businesses during these gaps. However, many of the people that need these loans have no access to such financial instruments or are perceived to be too much of a risk for many lenders.
Thanks to the Tracy app, the lending process is made less risky because of the data provided by potential clients to UnionBank. This valuable data is immutable. Plus, it allows fisherfolk to gain accurate credit scores by simply inputting data regarding their catches and trades.
The Streamr Data Fund
The Data Fund was created by Streamr to bootstrap new projects working towards a shared vision of a decentralized data economy. From launch, Streamr set aside 10 million DATA tokens to fund grants. Quick Response grants are awarded for participants building demo applications, product integrations, community incentives, and providing free data to the Streamr Marketplace. These projects can receive up to $5,000 in funding.
Furthermore, Project grants can provide up to $50,000 in funding for Data Union applications and other large-scale projects and data tools. If you have an idea for a project that could benefit from the Streamr Data Fund, you can submit an application using a form on the Streamr website.
In summary, Streamr is one of several blockchain-based projects at the forefront of the new data economy. By breaking down data silos and giving users access to trusted, verifiable data, Streamr is helping to democratize data by putting users in control of the data they create.
Furthermore, Streamr is being used to help businesses and individuals across the world achieve financial freedom. Streamr provides access to financial tools and data services such as Swash and Tracey that could change lives and help fight against global poverty.
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