We used to say that money runs the world, however, in the modern-day and age, this might not be true anymore. These days, it is all about data. Information is, after all, the most valuable asset on the internet, and this is proven by the fact that some of the world’s largest companies have built their corporate empires using nothing but the information harnessed from their users.
However, even when we look at data, not just any data will do. Fresh data is the most valuable sort, and so getting this data in real-time is nothing short of priceless for those who rely on it. However, it is also important for that data to be freely given by the data providers, instead of being secretly taken from them without their knowledge and consent. This is where a crypto project called Streamr (DATA) comes into play.
How Does Streamr (DATA) Work?
The way that the process works is fairly simple. The project features a decentralized network called the pub/sub network, which consists of Publishers and Subscribers. The network is supported by nodes spread throughout the world who earn DATA in exchange for offering bandwidth and validation.
Streamr, therefore, focuses on seamless data exchange, and monetization of the data. It all runs in real-time, as mentioned, and it uses smart contracts to facilitate the exchange process, so it is all fully decentralized and transparent. The key element of the network is the broker nodes that offer bandwidth and mine DATA.
Streamr has also developed a number of additional technologies in order to create a hierarchically-organized complex that it calls Streamr Stack. This complex is in charge of supporting data transmissions and ensuring that the process will continue to flow without any interruptions. There are five blocks that make up the Streamr Stack, and those include smart contracts, Streamr Editor, Streamr Engine, data market, and Streamr Network.
What Problems Does Streamr (DATA) Solve?
Streamr aims to solve problems involving data, specifically, the delivery of real-time data. It does it through a number of solutions, including:
Offering tools for the new data economy
Streamr uses a P2P, real-time data infrastructure that houses not only its platform but a number of tools for a new data economy. The technology stack contains things like a scalable, real-time messaging network that is hosted on computers around the world. There is also a special marketplace where data can be sold or traded, as well as a set of tools designed for working with real-time information.
Tokenizes the value of real-time information
Streamr allows the tokenization of the value of real-time data and makes it available on the platform’s marketplace and data unions. This is built for IoT devices, decentralized applications, and other products. Furthermore, Streamr believes that this will be one of the most important protocols for Web3.
Focus on network optimization technologies
Streamr admits that its competitive edge lies in the fact that it is an off-chain network, which makes it different from other services that are operating in the same field. This ensures that the risks of the project facing scalability and bandwidth issues is minimal. However, its intention is not to create a special blockchain of its own. For the time being, it is more than happy to use Ethereum’s network as its base network. Instead, its focus is on the development of network tokenization technologies.
It can compensate for lacking capabilities by switching blockchains
While Ethereum has been criticized and even left by many who could not handle its exceptionally high fees and the lack of scalability, Streamr has found that Ethereum meets its needs well enough for now. But, even if it happened that Streamer needs greater capabilities than what Ethereum can provide, the developers can always simply transfer the platform to a different blockchain, which is a huge advantage over projects that are tied to a blockchain.
Benefits of Streamr (DATA)
We have talked about what Streamr has to offer for better real-time data delivery. Now, let’s take a look at the benefits that its users can expect.
Earn DATA for providing bandwidth and validation
The structure of the project is such that decentralized pub/sub network is supported by nodes from all over the world. These nodes earn the project’s native DATA tokens in exchange for validation and the bandwidth that they can provide. In other words, by providing bandwidth and validation, you get to earn passive income from the project, and slowly increase your DATA token supply.
Earn by providing data as a Publisher
Alternatively, you can join the group called the Publishers. Publishers are essentially the project’s data providers, and in exchange for providing data, they get rewarded It is worth noting here that the project also has a group called the Sponsors. Sponsors can include third parties, but also Publishers who might be interested in participating. Their role is to pay DATA tokens into a smart contract to secure the operation of the stream.
Receive data as a Subscriber/Consumer
Finally, there is a group of users who receive data. These are called Consumers or Subscribers, as the nature of their relationship with the Publishers is publish/subscribe pattern that the network uses. After the Sponsors pay DATA tokens to secure the stream’s operation, the data stream is secured by broker nodes that mine the funds from the smart contract (Bounty), and the data then gets relayed to subscribers through publisher or broker nodes.
Final Thought
Streamr is the kind of project that will be crucial once the internet evolves into Web 3.0. The importance of data will likely never fade away, and so companies will always be in need of it. However, with the entire Web3 being about ensuring the user privacy and allowing them to share data only when they want to and with the entities they wish to grant it to, projects like Streamr, which are making the process seamless and rewarding for the Publishers will be crucial.
