[ICO Watch] DataBroker DAO – A marketplace to sell & buy sensor data
Organisations and individual researchers spend billions of dollar in just buying and maintaining sensor data. After which, still, the data is hidden behind ‘silos and garden walls.’ This is affecting the growth and investment of IoT sensors and the cost of buying and maintaining these sensors also acts as an entry barrier for new players in the field.
This is the problem statement that DataBroker DAO is working to solve by acting as a marketplace of sorts for IoT sensor data. What DataBroker DAO plans to do is connect IoT sensor owners with parties interested in buying their data. The owners of these sensors can be anyone, ranging from MNC’s to small-sized research facilities.
How does it work?
The modus operandi of the marketplace is similar to that of Amazon or eBay. Which means anybody can use their platform and it will be pretty intuitive.
The entire operations of DataBroker DAO works with smart-contracts on the Ethereum network. Owners can put up the data that is generated by their sensors, by staking some of their DTX (the in-house token) and interested parties can buy the data using the same.
The gateway operators will have an Ethereum main net blockchain node and run the open source DataBroker DAO dAPI on top of it. So as when data is generated by the sensors, it is sent to the dAPI, which then checks who all have bought rights to which sensor. The data is then transmitted to the clients automatically, which cuts down significantly on transmission times.
Proceeds that are generated by this transmission of data is split three ways. 10% of it goes to the gateway operator, 10% goes to the platform and the largest share, 80% goes to the sensor owner.
Although the use of blockchain isn’t very high in the product, it is an integral part of it. The platform uses the Ethereum blockchain to carry out and process payments.
DTX is the name of the in-house utility token. The in-house token is an ERC20 and hence is compatible with all online and offline wallets.
The pre-sale of the DTX tokens started on the 19th of March and the pre-sale bonus is 30%. The main sale, however, is scheduled to start on the 26th of April. Each Ethereum is estimated to equal about 4000 DTX.
Data is a sour point in the world right now. With so many participants in a sector that is lacking in trust, making it decentralized is probably the way to go. Because with decentralization and shifting to the blockchain provides all participants irrefutable transparency and a certain amount of responsibility.
But the interesting thing to watch will be the adoption of the marketplace in the industry. The product right now looks like its main target clientele will be researchers and other smaller players because the bigger players in the use of IoT industry data will most probably want their own sensors to make sure that it is authentic.
In the event that DataBroker DAO does win over a large number of sceptics in the data market and the big players in the IoT industry right now, it will certainly be a product to watch out for.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.