The Cryptocurrency market is a phenomenon, and not many people realise its importance and how it will influence the future. After all, data is the new oil! Datum’s technology is just what you need in today’s data-driven world, allowing you to backup structured data in a secure, private and anonymous manner. (Datum also provides a marketplace where you can share or sell that data on your own terms!) It’s been a few years since the launch of the first Cryptocurrency and slowly but surely the whole ecosystem is turning into the financial system of the future. The bitcoin was worth just a single dollar 5 years ago, while now it has managed to touch the borders of the 5,000$ mark.
How Did Cryptocurrency Emerge?
Society is slowly losing faith in the current financial system. In all honesty, people are tired of random financial choices and crisis made by the 1%. That’s how the concept of blockchain cryptocurrencies emerged. The idea was to create a decentralised system, which prevents double spending without a single authority holding absolute power over it. The first attempts were a complete failure, and it wasn’t until “Satoshi Nakamoto”, pseudonym for the anonymous founder, that the first effective Cryptocurrency was born – the Bitcoin.
The concept came from the peer to peer file sharing networks. The main problem was the prevention of double spending while building a fully decentralised network. To be put more simply, centralised systems have a global authority which takes the responsibility to keep track of all transactions, preventing people to double spend, with decentralised systems that authority is gone. That’s why Satoshi Nakamoto made it so that each transaction would have to be verified by every peer in the network.
What is Datum?
It’s basically a database, which is backed by a blockchain ledger and operates on a decentralised level. It’s a platform and also a marketplace, which allows users to safely and privately share and trade data while setting their own terms. The process is as follows:
- The Datum user inserts the data, which is then encrypted by the network based on the respective terms set by the client.
- That data is saved by the node miners, which grants tokens to the miners
- A buyer who is interested in the data takes it under the given terms of the client. The data is purchased with tokens, which are then transferred to the original owner of the data.
The company is relatively new and is still going through a presale mode which will end on September 11th, 2017. The ICO main event will then begin on the 17th of October which will grant a good opportunity to interested parties to get a sizeable amount of tokens at the very beginning at a cheap cost.
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