Streamr: The New Way of Trading Data
DISCLAIMER: This is a guest post by Streamr. The information provided in this post is the responsibility of the writer.
Massive amounts of data is being sent and received every second. But the reality is, all this data has no use at all if we don’t have a system to put it into a network and make it scalable and usable. Streamr is specially designed to solve this problem.
Streamr is the marketplace that tokenizes the value of real-time data. It will allow machines to buy and sell data, and receive compensation for their efforts.
The overall concept of Streamr is simple.
Let’s take the example of driving an electric car. For the car to work at its optimal level, it constantly needs data from other sources, such as information about traffic congestion from other cars nearby, current prices for car fuel from local gas stations, and even local weather conditions.
Streamr is designed to make this real-time streaming of data as easy and efficient as possible.
Streamr Combines Real-Time Data and Payments Using a Single Interface.
For the system to work, it requires a cryptographic token, Datacoin, to make the data tradeable. Datacoin will allow the machines to pay for the data they need. Similarly, this system also enables users to sell the data that is produced by their machines and sent to other users. In return, they will receive Datacoin.
A data source can connect to any node in the blockchain network to publish its data. This network will then instantly deliver it to the valid subscriber. Horizontal scalability is achieved using persistence schemes on a very secure network.
The network integrates with blockchain using smart contracts for security-critical operations, such as data monetization and access control. The whole decentralization system means that anyone can run a node in the network and earn an amount of Datacoin in exchange for providing bandwidth to the network.
Only of the most exciting things about Streamr is that the network isn’t controlled by huge corporations. Instead, it is run by users. This puts the users in full control, and makes it easy for people to monetize their data. It also means that network can continue to operate even if a large number of nodes go down due to an attack or critical failure.
In addition to the network itself, Streamr is creating two applications: the marketplace, and the real-time programming engine.
The Streamr marketplace makes it easy for users to buy and sell Their data. You can think of it like an app store for data streams.
It uses a repetition system to showcase the most popular and trustworthy data, making it easy for the developers to build data-driven decentralized applications.
Streamr also features a visual programming environment and a real-time programming engine. This allows users to seamlessly combine scalable off-chain analytics with on-chain smart contracts, making it easy for users to achieve their real-time data goals.
The Blockchain is Taking Over the Planet.
Henri Pihkala, the founder, and CEO of the Streamr is an expert at developing algorithms and infrastructure. He has spent years analyzing data streams coming in from the stock market, and using it to decide whether to buy or sell stocks.
Henri has had over a decade of experience in this field, which has enabled him to gain a deep understanding of the value of real-time data. It is only very recently that the world began to get excited about the IoT and the massive explosion of the streaming of the real-time stream data that is constantly pouring in from millions of different sensors.
This is what inspired Henri and his team to begin thinking about how to apply this information more generally apply, and to use it for purposes other than simply trading on the stock market. The result led them to Streamr.
Since then, the team have been working relentlessly with the aim of revolutionizing data streaming by changing the way humans and machines trade. Their tokenization method has since opened up endless opportunities for data streaming.
Another opportunity that has been brought to light be Streamr is the decentralization of the delivery network itself. This is a huge opportunity that marks the first steps for enterprises who have a lot of data which they are using internally and externally for their businesses.
As a result of their hard work, Streamr is changing the whole concept of crypto trading. The monetization of raw data allows it to be controlled and sold like never before. Even now, Streamr is continuing to analyze data to make it more understandable and useable.
If this idea catches on, the world economy is likely to see a huge surge in growth.
Now is the Time to Get in on the Action…
For trading agents and business owners who want the benefits of the real-time data, now is the time to take a closer look at Streamr and find out more about how it could be useful for you.
If you’re interested in learning more about how you could use your raw data to make long-term growth strategic decisions, or if you simply want to be certain that your business runs on the optimal level, Streamr could be just the application you’ve been waiting for!