NDN Link Official
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NDN Link Official

Data Aggregators and Blockchain Oracles Of The New Internet

The traditional business model is starting to gravitate more towards data and content and with the emergence of the blockchain, business models are starting to change as well. A new distributed business structure has started to form and this will have earth-shaking consequences for the entire Internet industry.

Personal data is being collected, processed, circulated and consumed, and sometimes even without the consent of its owner. With the rise of data consumption and changes in storage methods, the value of data is growing proportionally. At present, some Internet and financial companies have begun to approach data collection and processing as their long-term strategy.

It is not difficult to see that companies with massive amounts of personal user data belong to industry giants. In fact, data is created by each of us, whether that’s behavioral data, sensitive data, private data, social data, traffic and consumption data, etc. However, traditional tech companies perceive all data as their own, and they profit on data extracted from users. Although these companies that provide services to us have brought convenience in many ways, however, underneath they have also brought many hidden dangers, such as unauthorized data collection.

Centralized data giants possess large amounts of personal data; They cannot and are not willing to provide it to other institutions and enterprises to optimize customer service.

Therefore, with the increasingly serious problem of so-called “information islands”, our trust cost is getting higher and higher, causing great inconvenience in work and life. All of this is due to the governance problem of Internet information and data.

Decentralized systems based on cryptography and economics of the blockchain are aiming to solve the fundamental trust problem of data. Through the use of blockchain, every publisher who produces data can also protect every data consumer.

How Can NDN Help With Data Protection?

NDN stands for Named Data Networking. The original intention of NDN is to provide a new data naming (NDN) and routing model for the modern Internet by using named data cache in each router of the network. The naming standards make each data packet unique and cryptographic signatures attached to each data packet make them secure.

In the NDN network, the forwarding data is caused by requests. The requester sends Interest Packets which contain the name of the requested data and routers will send Data Packets back to satisfy the request of the user. After the router receives the request packet, it will record the interface where the request packet enters the route, and then forward it through a data naming routing protocol. Once the Interest Packet finds that the routing node has corresponding data, the Data Packet will be returned to the request. It contains the Data Naming and the data response.

The NDN Protocol

The NDN Protocol is a blockchain data governance protocol of the NDN Link team based on blockchain technology and the NDN network. Most of the previous blockchain data protocols are implemented around static data. But in the era of the valued Internet, all data based on the blockchain is valuable, and value can only be reflected through circulation.

For example, the name of the data is the price of BTC, and it is stored on hard disk A. Let’s say B wants to purchase A’s data (the price of BTC), then B needs to pay a fee divided into two parts: one part is for the value of the data itself, and the other part is to transport the data from A’s hard drive to B’s hard drive. So what B pays in total is the value of the data itself + the traffic cost from A’s hard disk to B’s hard disk.

Because the traditional TCP/IP infrastructure on the Internet is based around the host (server), rather than the data as the center of the network thus traffic costs cannot be calculated, most of the blockchain projects would give you an approximate transportation fee.

The NDN team innovatively solves the problem through the technology of the NDN network combined with blockchain. The traffic cost generated during the data transmission process perfectly solves the problem of data circulation and billing. This is why the NDN Protocol is called the “Amazon of Data Value”. In the future, the NDN Protocol will gather the data of Dapps and will retrieve distributed data storage from Filecoin, IPFS, Storj and other data providers in order to feed decentralized Dapps.

A Data Aggregator in a Blockchain Ecosystem

The biggest core innovation of the blockchain is to solve the trust issue in a decentralized way, so that it does not need to trust and rely on third-party institutions to transfer value. Among one of the solutions, the smart contract plays an important role. It is a set of digitally defined contracts that help its participants execute the agreement to complete the task, saving time on cumbersome processes.

However, in the blockchain world , it is impossible to obtain real-world data directly; for example, real-time information such as stock or cryptocurrency prices, weather forecasts, market forecasts and other data. Therefore, there is a natural need for a blockchain oracle and a data aggregator.

An oracle is a third-party information source that provides reliable information for the operation of smart contracts on the blockchain. It is an essential tool for the implementation of the blockchain. The oracle is essentially a data aggregator, which can meet the needs of decentralized Dapps by aggregating data.

An example in the traditional tech companies could be Google that aggregates various data sources to meet the needs of humans for viewing information.

In Summary

Blockchain business is changing with each passing day and the technology is booming along with the development of more data-based infrastructures, such as

Distributed storages: Filecoin, IPFS, Storj, Lambda

Data aggregators: Chainlink, NDN Protocol, Band Protocol

Public chains: Ethereum 2.0, Polkadot

There will be more and more blockchain applications and data business based on the blockchain will become more and more prosperous.

For more info on NDN Link, check us out here:

Website: www.ndn.link

Telegram: https://t.me/ndnlinkglobal

Twitter: https://twitter.com/ndnlink

Facebook: https://www.facebook.com/ndnlink/

Medium: https://medium.com/ndn-link-official

Youtube: https://www.youtube.com/c/NDNLinkOfficial

GitHub: https://github.com/NDNLink

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