Introducing the DSX Network
DataStreamX is excited to launch its decentralized network that will revolutionize the AI and Data-as-a-Service industries and create a level playing field for data driven organizations. The network will provide improved access to quality data with offer improved mechanisms for creating new data and intelligence products that will ultimately improve the lives of every single person.
Why the DSX Network?
Data drives today’s world, but we recognize that the industry is broken; there is an imbalance of power. The Big 5 (Google, Facebook, Amazon, Apple, and Microsoft) are hoarding data, which limits innovation and stifles competition among up-and-coming AI and data firms. With the increasing pervasiveness of AI and machine learning, this growing imbalance in power is going to be catastrophic.
As The Economist suggests, the data economy demands a new approach to antitrust laws, as the large companies are much better equipped to predict future demand, industry trends, and potential competitors , which in turn enable them to impede the growth of budding start-ups.
Large companies are hoarding data
The power of data is no longer a question, as it can give organizations the capability to manipulate industries, economies, and even elections. However, the bigger their power grows, the harder it will be for smaller companies and new market entrants to compete.
We already see what happens when too few have control of the data, such as in the advertising industry where companies like Google and Facebook obtain almost all growth in advertising spend, preventing others from competing.
Google recently lost a 11-year battle against its practices, which leverages on data and give them an unfair advantage. Although the law is on the side of fair competition, taking 11 years to implement laws and regulations is too long a wait. With the rapid developments taking place in the big tech companies, regulations will never be able to catch up.
In some cases, misguided privacy laws give companies more reasons not to share their data. Data laws are imperative, but they should be established in a way that protects people while enabling the development of new innovations and improving the quality of our lives.
Creating new silos will not solve the problem
Creating a new silo is not the proper way of solving this problem. DataStreamX has been successful in accessing large volumes of data from organizations. However, although we continue to grow and become stronger, becoming the next major data controller will prevent us from fulfilling our mission.
To enable the data economy, we want a network of partners who can solve a range of problems. Increasing the quantity and quality of data in the network. By doing so, we want to help enhance the quality of life for everyone.
What’s the DSX Network Solution?
To build the data economy, we realize that the best approach is to decentralize data access. This makes data available to anyone who wants to build data products on the network. In the process of building these data products, it is likely that more data will be added to the network thereby increasing both quality and quantity of data available on the network.
Through the blockchain, the DSX network can ensure authenticity and provenance even though data products might be built upon and combined in a complex manner. Through smart contracts we can ensure that pricing and payment terms are fair and transparent for both the buyer and the seller.
How are we Building the DSX Network?
· The core of the DSX Network is to enable anyone to build upon what has already been created. This will enable Master Nodes and Data Refineries to process, ingest, and create new data products in a transparent and compliant manner where fair competition and data provenance are ensured.
· We will use DSX Data Smart Contracts to allow sellers to stipulate the rules around how their data will be used and paid for. Revenue is automatically shared with the original data providers, in the process creating a system of trust and transparency. This will increase the entire network’s value, as more innovations will be developed with every new node or data feed added into the network.
· We will create DSX Mineral Pools to allow buyers to stipulate the rules and define the metrics that will facilitate the ingestion of distributed streams. This amazing innovation will allow companies to incentivize the masses by distributing a mobile SDK, an IoT SDK, an app, or others, which can allow others to contribute data to their pool.
Anyone — from the general public to established businesses — can support the different mineral pools they want, in turn earning incentives for their participation. As an example, a mobile SDK may incentivize users to share location or histories. Another is a smart fridge company that wants users to contribute data by sharing their grocery list. A third one is an IoT air quality company that wants to collect data from its distributed air quality sensors.
Like oil, data needs to be refined. It goes through various layers before its value is realized. We will enable this. With a decentralized network, there will no longer be a single marketplace for those who build the next generation data economy.
What’s Our Timeline?
Our next step is to build the trusted DSX Network, which we will launch in April 2018 and that will enable companies to authenticate their data on the blockchain.
Our test net is up, and we are looking forward to bringing in our partners and start stamping their data for authentication and provenance.
By the fall of 2018, we will be launching our Data Smart Contracts and Data Mineral Pools.
Data for All
At DataStreamX, we are decentralizing our data marketplace, eliminating the creation of new silos, and creating a network that will drive innovation.
We are creating a data economy that will enable every data scientist, AI company, and data-driven organization to have a fair chance at competing.
We will bring back the concept of garage start-ups that has been obliterated by the data era.
Welcome to the new data economy!
Are you as excited as we are to build this new data ecosystem? Join our Telegram group at https://t.me/datastreamx or follow us on Medium at https://medium.com/datastreamx.
