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Cross-chain Mining Model for Extracting Value from Data

GoodData, a public, blockchain-based data management and sharing platform, creatively puts forward an aggregation mining mechanism to release the potential value of data. GooD token, the utility token that powers the GoodData platform, breaks down the barriers between data, users, and decentralized applications as the connector to release data value efficiently. GoodData constructs a dynamic big data ecosystem through a multiple incentive model; these incentives are as follows:

  1. Cross-chain liquidity mining. As the core of decentralized finance (defi), liquidity mining mainly carries out automatic aggregate mining and the automatic distribution of GooD revenue through smart contracts. This can not only solve the risk of centralization, but also allows for transparency in revenue distribution. Users of heterogeneous chains can become liquidity providers (LP) in the pool to obtain GooD revenue while practicing liquidity mining across other chains (such as HECO). Sharing user flow with other chains gives more people the opportunity to participate in the GoodData ecosystem, thus considerably expanding the user base for the release of data value.
  2. Compensation for data sets,computing resources, etc. This mining method provides a scientific and reasonable income distribution model for data owners, data users, liquidity providers and validators to enable the participants of the data ecosystem to benefit from their contributions. The initiative of all parties will be greatly enhanced, and the sharing of data resources and computing resources associated with the GoodData chain database will become faster due to timely feedback.
  3. PoS+PoR mining incentive. PoS+PoR mining is an effective way for users to participate in and assist GoodData network governance, which can achieve a win-win effect of platform node expansion and user wealth growth. The role of miners is to act on network confirmation, to provide data storage space and, and to prevent 51% attacks. This is the traditional miner’s favorite way, with few cognitive obstacles, and it can attract miners of bitcoin, Ethereum, Litecoin, FIL, and other veteran miner groups to participate in GoodData as storage nodes. This provides further underlying support for the dynamic expansion of the database system.

The incentive model of multi-faceted integration as a process of equal token distribution gives full freedom of choice to users who only need to invest in their familiar or recognized modules to get more revenue. In other words, users can get corresponding economic returns as long as they contribute liquidity, whether through token assets or data.

The combination of cross-chain mining of GooD token enables it to be quite inclusive to the participants of GoodData. Multi-chain users will promote the flow of GooD and ensure the depth and speed of GooD transactions. This provides the data holder a wider source of income and lets the user really have the right of free distribution of data premised on ensuring stability and incentive.

GoodData is an open source technology, which aims to accelerate the strong association of data, users and flow between different public chains and enterprises by introducing the decentralized layers, cross-chain mining, cross-chain token exchange, cross-chain resource sharing. and cross-market subject resource coordination, all so as to improve all aspects of current data sharing systems and finally release the maximum value of data.

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A next-gen Metaverse-ready, secure decentralized platform that unearths the real value of NFTs via our multi-role NFT “Cyborg-Goody”.

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