Datum: Monetizing your personal data !!!

“Data is the new Oil”- Clive Humby

You don’t believe. Let’s do a simple social experiment.

Try searching for let’s say a “Best mobile phone 2018” in any search engine. Just browse a while. Now try to open some other websites like YouTube, Facebook etc. You can see ads popping up, advertising the latest range of mobiles, offering discounts on mobile sets etc from various e-commerce websites, new offers from mobile contract providers etc.

Sounds familiar. I am sure you have come across this situation, where you have tried to search for a product or service on the internet and you have been bombarded with targeted advertisements trying to influence you to buy a product.

In simple terms, someone has used your data and profited from it without your consent. What if you can monetize your own data?

If you wish to find out how much your own data is worth, You can use a Data Calculator to find out the worth . Click here

Datum provide you with an option to do the same.

It will be surprising for some of you to know that Data is a tradable commodity and the market is worth in Billions. Let’s first understand why data is important.

Unlike old times, the current generation decision making is strongly influenced by information gathered via the internet. Be it be for buying a product or about altering your perception about a person or community, data plays a big role.

Recent example of infamous “Cambridge Analytica”has shown how the situation is worst than we think. It was a classic example of how your personal data was breached, used without consent, in order to gain financial benefit for the firm as well as how the firm used it to influence users decision making even to influence American election.

The only person here who didn't get financially benefited from all these is the user itself who’s data was sold.

These are the multiple concern’s Datum is trying to address.

So what is Datum ?

Datum is a decentralized global scale database with blockchain characteristics that allows anyone to securely store structured data. Datum returns data ownership to individuals and lets them monetize their data on their own terms. This lays the foundation for a new marketplace powered by a new asset class. Datum turns structured data into a tradeable commodity and is building the $120 Billion Data Economy.- Roger Haenni, Co-Founder and CEO of Datum.

To put in a nutshell, Datum is aiming to build a blockchain based network, where all the data of the user will be stored and encrypted. In the Datum Ecosystem,all the user data will be encrypted and securely stored and only the user will be having absolute control over his data which he will be able to trade in the marketplace in return for Financial benefits, “ The DAT tokens”.

Datum Ecosystem

Datum not only helps the users who want to sell their data but provides an opportunity for Data consumers like marketing firms, Researchers etc who can buy genuine data with the full knowledge of customers. This helps to avoid any future legal hassle as well as cut out any middleman which in turn reduces the cost of acquisition as well as ensure the quality of data as well. Its a win-win scenario for both the parties.

Datum App

Datum has launched a mobile/ web based application which will be the key tool users will be using to take control of their data. With the help of Datum App, users will be able to store data securely as well as the app will act as a marketplace by which the users can sell the data to the consumers as well. The app comes with an inbuilt wallet which will help the users to store all the payments received from the data they will be exchanging.

Datum also provides an option to check all the DAT transactions, as well as sales volume via its website https://dashboard.datum.org/ which help to have a clear understanding about the transactions happening in the past 24 hrs.

Datum Token(DAT).

Currently, Datum is Traded in more than 10 Exchanges with top rated exchanges like Huobi and OKEx. The current value of the token is around 0,012 which is almost the same as the ico price which is positive considering the current market condition. Total supply of DAT Token is fixed to 3,000,000,000 .The current market cap is $11,000,000 USD( As on 10th August) .

Currently, DAT tokens are ERC20 based token and are utilizing Ethereum Blockchain, but they have plans to migrate to their own main net. The main net launch was planned as per the roadmap in Q2 2018 but is delayed and pushed to Q4 2018.

Conclusion

Datum was launched as an Initial Coin Offering (ICO) in October 2017. It had set a target of $ 29.4 Million but was able to achieve only 26% of set targets. ie around $ 7.5 Million only, Irrespective of the setbacks, it was impressive to see the team working hard and trying to keep up with the Roadmap. That shows the Team is serious about the Project which is a great positive aspect.

The greatest challenge for Datum is to attract more users to Datum Marketplace. Currently, there are around 10,000 active users contributing data. But from my perspective, it is not enough for a serious Data Contributor to consider this as a good proposition. Once the number of users increases I am sure that the dream Datum proposes will turn into a reality.

To Know more about Datum

• Check out Datum white paper.
• Check out Datum Website.
• Download the Datum App.

Full disclosure: This article is not intended as investment advice. It is just my personal view points about Datum Network. You should always do your own research and invest you capital wisely.

This article was created in exchange for a potential token reward from Bounty0x and it is written by user nibupraju.

Datum: Monetizing your personal data !!! was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.