Swiss company Streamr has announced the listing of its DATA token on Binance. Their real-time data marketplace went live in May with the potential to forever change the dynamics of data ownership.
The blockchain-backed data platform aims to provide a means of trading data between data providers and consumers. In a video produced by Streamr, they describe how it will work – As people continue to generate more data in their day-to-day lives, such as while driving a futuristic smart car, then they might be able to sell this data to companies who nowadays tend to collect it for free.
Each journey that one takes in a car of the future will likely generate a range of data from thousands of sensors on traffic levels, road quality, and even mechanical feedback. Streamr would allow highways agencies, other drivers, car manufacturers, and even road maintenance teams to use this data by empowering the individual to sell it in real-time.
The listing of their token DATA is a big deal, not least of all because it’s on Binance – the crypto exchange which trades more in volume than any other – and though it is early days yet, the concept seems logically sound.
The climate is right for a decentralized data marketplace
The marketplace launch comes soon after scandals surrounding data have raised important questions about whether people should have some control over the information that they produce and if it is ethical for companies to collect, sell, and use data without people knowing much about the processes involved.
Henri Pihkala, CEO of Streamr, said, “This listing is yet another vote of confidence for the Streamr project and our long-term vision. Having just launched our Marketplace in May, the listing of DATA on one of the world’s leading exchanges is another big 2018 milestone for our project.”
On Streamr’s system, users are connected directly with the interested parties. The advantage of a decentralized peer-to-peer network means that it places the power firmly with the individual and allows them to buy data on their terms while automatically selling what they are producing.
“Given that our community is our most valuable asset, we want to grant them increased accessibility to our DATA token and create the most seamless Marketplace experience possible.
“Our aim is to give organizations and consumers back control of their own data, and having a reputable name like Binance behind us gives us the added layer of credibility to be the enablers of genuine empowerment,” concluded Pihkala.
The Streamr marketplace is a web-based application where data providers can list real-time data streams and data consumers can subscribe to pay for access to these streams. By using Steamr’s crypto token, DATA, it is possible to make data streams around the globe freely tradeable.
Callum reports on developments in the cryptocurrency world and offers a take on the future of the blockchain. Can often be found with a cup of tea reading an altcoin whitepaper.