What is DataHighway ?
DataHighway, is a decentralized autonomous organization, where community members participation determines its future direction. DataHighway is a unique 1st layer crypto data token launched in November of 2020 with the aim to create a monetary system for the trade of Internet of Things (IoT) data packets, where DHX token would act as a unit of currency. Furthermore, DataHighway is an interchain data marketplace, where holders of DHX tokens can share IoT data packets from their smart devices.
These smart devices can vary from simple sensors found in AI cameras to smart locks, which transmit various amounts of data packets. These devices are owned by their respective data providers and are registered on their home network server. Data Users can be granted access to receive these valuable data to develop various applications. These data packets can be accessed in ad-hoc purchases or on a subscription basis from the interchain data market.
DataHighway is a complex, and layered solution of the Polkadot parachain that allows a minimum of 10 transactions per second (TPS), thus ensuring extensive scalability of moving data packets around the various blockchains. Having a focus on inter-chain connectivity, DataHighway Tokens ($DHX) allows for different blockchains to communicate with one another, enabling them to transmit copious amounts of varied data within the DataHighway market.
Said transmitted data will be Internet of Things data, which is information generated through sensors by technologies that connect and share data with other devices via the internet or any other form of the communication network. IoT data is considered to be an essential commodity, with its data value expected to grow up to $18.6 Billion, according to Kapersky. Needless to say, the world of IoT data is growing extensively; with DataHighways goal to be the main source and marketplace for these data.
Data Highway DAO
DataHighway’s mission is to incentivise community members to operate a unique and developed IoT parachain on the Kusama Network (a sub para chain of the PolkaDot Ecosystem) through the use of DHX tokens. DataHighway token holders will be able to mine, hold, stake (coming soon), and govern DataHighway through its Decentralized Autonomous Organization (DAO) nature.
Within DataHighway DAO, any individual owning and staking Tokens will be able to request a new Referendum on how DataHighway should operate and what move it should take next. This is the next generation Data Token, and it belongs to you!
Once an idea is put forward, community members will then vote upon it through a liquid democratic vote. For the proposal to be successfully implemented into the DataHighway algorithm, it will need a majority of upvotes from the community. It’s important to note that proposals can always be updated after review by the community if another vote (proposing to change it) is successful.
What is Liquid Democracy?
Liquid Democracy or “delegative democracy” is a form of democracy where members vote on all decisions getting passed; except in this scenario if voters aren’t sure about what the referendum is about, they can delegate a representative, that understands the referendum, to represent and vote for them.
For example, if a financial decision was to be made regarding DataHighway but you don’t know much regarding said subject, you’ll be able to choose a person you trust (It could be someone with former or current crypto experience for example) to represent you during the election and cast a vote on your behalf.
Said vote can be either Yes, No, or Abstain. If more than 50% of the votes are in favor of the proposition, then the new idea is applied, and otherwise, if more than 50% of the votes are against, then the motion is denied.
The vote totals are then recorded on a blockchain to ensure that the results don’t get tampered with and to be consulted in the future if needed. The blockchain, therefore ensures that every proposition is tracked and encrypted so that the actual results are maintained to make sure that the victors don’t always tell history.
Having DataHighway as an active DAO assures that it will be fully decentralized and that it will be governed by its users rather than one big conglomerate. It is about giving power to the supporters and to the mining community, the very purpose of the existence of blockchain technology. DHX is the token by the people for the people.
Written by Chuck DHX
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