This piece will be a four part series in which I will be introducing the DataBroker DAO project, analyzing the challenges and solutions, how it works and its use cases, and then finally reviewing the project ICO/token sale. Project Introduction At first glance word DATABROKER is a combination of two words DATA and BROKER, so by default it gives an idea of what the platform is about; buying and selling of data. Sounds simple and easy enough? Not quite. Let’s dive into some facts; Smart devices like our smartphones, home appliances or even vehicles gathers and exchange data on the go with IoT (Internet of Things) sensors embedded in them Technological innovations needs these authentic data to monitor and optimize their operations, but most are limited by the cost of gathering it IoT sensors are very expensive to buy and install (over $600 billion is spent on IoT sensors yearly) The data gathered by IoT sensors for most devices serve a specific purpose and the...
The cryptocurrency space has repeatedly come under different forms of malicious attacks to date with traders, exchanges and blockchains being targets of these attacks at different points in time losing millions of dollars worth of cryptocurrencies in the process. Bitcoin, ethereum, and the majority of other blockchains run on the proof of work PoW consensus algorithm. This has proven time and time again to be not only inefficient but also insecure. Insecurity of PoW All blockchains that run on Pow are vulnerable to a malicious attack called the "51% attack". A 51% attack is possible when a mining pool is able to attain more than 50% of the whole hashrate in a particular blockchain's network. When a mining pool or miner gains this, they will be able to rewrite the blockchain ledger (blockchain reorganization) and then steal the native cryptocurrency of that blockchain through an act called a "double spend". 51% attacks are not fictional this is a very ...
In the previous part of this series I explained the problems the DataBroker DAO is going to solve and the solution , now I will be shedding more light into how the system works and the use cases with a practical example. How DataBroker DAO Works When considering the several use cases of data broker, it’s always important to first know how it works, then outline the target market or actors in the ecosystem I.e. the people that are going to adopt this technology from the sensor owners where it is generated, to the data users and everyone in between. The actors in the DataBroker DAO ecosystem can be classified into four groups namely; Sensor Owners Data Buyers Data Processors Gateway operators Sensor Owners: This group belongs to anyone who has purchased and/or owns an IoT sensor and. Is prepared to monetize on the Databroker platform the data generated by their sensors. Data Buyers: This is a group that consists of every entity looking to purcha...
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