Insights Network has the goal of creating a trustless and decentralized data exchange network that the masses can use. The network uses a unique combination of Secure Multiparty Computation and the blockchain to enforce exchange of both payment and data between requesters and providers without any third-party involvement. This translates into a user-owned secure consumer database that is the first of its kind.
The team behind the Insights Network feels that the data brokerage industry is broken and has been for years. Each year, more than $200 billion of data gets exchanged in a nontransparent and unfair manner. The data brokers collect the information from multiple sources, put it into profiles, and sell it to organizations who want the data, but the people who the data is about are never even aware of these transactions. As such, the consumers driving the industry do not get a piece of the profit and must deal with negative consequences, such as the risk of hackers getting massive amounts of personally identifying information in a single attack.
Insights Network aims to resolve these issues by creating a secure infrastructure that allows for a decentralized data exchange where organizations and individuals can exchange that data in a manner that is mutually beneficial, compliant, and trustworthy. This is possible due to the advances in smart contracts, decentralized storage, and digital currencies. With those tools, Insight Network can be decentralized and incentivized.
What Is the Goal of Insights Network?
With Insight Network, organizations can request data from a population that they precisely define. The Insights Network users are then able to benefit from the sale of their data instead of data brokers benefiting, as is currently the case. The solution is highly scalable, mutually beneficial, trustworthy, fully secure, decentralized, and affordable.
What Are the Key Parts of the Insights Network?
The Insights Network primarily serves two user types, providers who provide requested data and requesters who request that data. All users get to take advantage of user profiles, authentication, decentralized data brokerage, surveys, and two-sided ratings.
Data Requestors
Although requestors will usually be organizations looking for data, it is possible for anyone to purchase INSTAR tokens then use them to submit data requests. Data requestors will be able to collect relevant data that is from the specific populations they want information. The data will be trustworthy since the providers are targeted and provide data honestly, instead of getting data from a bot. The data will also be timely and convenient, with Insights Network making it possible to collect data quickly without worrying about reaching a demographic. The smart contracts will execute contracts that let the providers sell data without worrying about disclosing their identity.
Data Providers
Providers that meet the target demographic of a data requester will get compensation for providing data in the form of INSTAR tokens. Data providers will get the assurance of consent, knowing that their data is only collected with their explicit permission. They will also benefit from privacy since sensitive information is never included in the data, which instead only delivers broad demographic details. Data providers also receive payment for the data and can trust that the data is handled in a secure manner.
Polls & Surveys
Organizations and businesses can create polls or surveys using INSTAR. This is done via the Requester Dashboard, and the data is fully encrypted to deliver complete privacy. Those who request targeted surveys can export the results via a one-time pad that ensures the results remain private while still useful.
Other Features
DataPools are the groups of participants in Insights Network that have various benefits depending on such criteria as the tokens stored on the app and earned.
Insights Network also has prediction markets, which is a method of generating high-quality predictions that come from a diverse audience made of verified users.
There is also a Block Producer Network on Insights Network, whose members are dedicated as INSTAR token holders and want to retain and secure ownership of data.
INSTAR Token
INSTAR is the token for Insights Network and is how users buy advanced data sets. Simultaneously, users who bring data into the network receive tokens as a reward. There is a total supply of 300 million tokens and a circulating supply of 128 million. At the time of writing, one INSTAR was equal to $0.0125 and can be purchased on Bancor or Bibox, with more exchanges adding it in the future.
The Process
The process on Insights Network begins with a requester creating a request, specifying their target demographics, and making a payment in INSTAR. This goes to a smart contract, and the clients of providers look for applicable surveys that they fit the demographics for. The provider submits their response, which the smart contract then validates. From there, the provider will receive their INSTAR reward and the requester closes out the request, extracting the data from the smart contract.
Other Products
Consumers of Insights Network can use the web wallet to earn and store their INSTAR tokens. This wallet is also available for iOS and Android devices. Businesses will appreciate products like KYC verification and the ability to create surveys via the requester dashboard. Developers will want to make use of the block producers and DataPools, as well as Secure Multiparty Computation.
Is Insights Network Already Functional?
Yes, the Insights Network is already functional. So far, 62,500 contributors have been verified for participation and 1 million INSTAR have been paid. There have been 150,000 transactions so far. During the current Q4 of 2018, the INSTAR token migration will occur with token transferability beginning.
This quarter also sees the launch of INSTAR Wallet 1.0, Android 2.0, and INSTAR Blockchain – Genesis Nodes. The requestor dashboard is already available with the KYC marketplace and there is also ongoing testing and optimization. Both the new website and bounty program are live. This quarter will also see the integration of the INSTAR cold storage wallet and the referral campaign.
Final Thought
Insights Network is a decentralized ecosystem that is designed to allow users to sell and control their own data. Organizations can request data, and via the use of smart contracts, individuals can provide that data and receive compensation in the form of INSTAR tokens.
