Introducing GNY Dataplace
A Better Way to Share and Monetize Data
- GNY, the world’s first decentralised machine learning platform, is launching a decentralised data marketplace to collaborate, share and monetize datasets, ML functions, predictions and expertise in Spring 2021.
- Dataplace will provide a community driven environment to allow investment in ML creation, driving both powerful results and revenue from successful Data Projects.
- The central element to the Dataplace will be “Data Projects”. These Data Projects will combine screened data with a proposal for future predictions that will be evaluated and invested in by Project Funders in a venture style marketplace.
- Project Funders will be persons who can benefit from the Data Project’s predictive output, as well as investors who have confidence that the predictive output will be in demand and can be sold to users.
GNY Mainnet launches this winter, and will be the world’s first decentralised machine learning platform. Mainnet will serve as the hub where people can launch tokens, build side chains, run on-chain contracts, and refine decentralized data strategies. Now, with these core components on track and in place, the GNY team is proud to announce the next component of our vision: GNY Dataplace.
The GNY Dataplace will be a decentralised data marketplace to monetize datasets, machine learning functions, predictions and ML expertise. Central to the GNY Dataplace will be Data Providers, Data Producers, Data Projects, and Project Funders.
Key Definitions:
Data Project: A combination of a screened data set from a Data Provider, and a Proposal of regularly provided ML predictions using the data set. Each Data Producer sets an initial price in $GNY for the project to go live. Data Projects are backed by funding pools which are refilled by future contributions from people also wanting access to the ML results.
Data Providers: Users/Groups will submit data sets that they think can be valuable to other members, and are good candidates for ML. All data sets proposed by Providers will be run through the GNY Data Diagnostic to screen out data sets that are insufficient for machine learning purposes, and optimizes predictive potential of strong data sets.
Data Producers: Data engineers that use GNY’s pre-populated algorithms or custom ML algorithms to provide scheduled predictions from a given data set(s).
Project Funders: Data Projects are invested in and initiated by Project Funders. The Project Funders act as community venture funding for the ML production and will benefit from any future value derived from the Data Project. Project Funders will receive the predictions and the data promised by the Data Project, as well as future revenue proportionate to their percentage investment in the original data pool price. Project Funders will be both parties that will benefit from the predictions and investors that see the future value in specific Data Projects to be accessed by large volumes of people in the future.
The Data Project will be handled by a smart contract on GNY Mainchain.
- Dataplace smart contracts will be controlled and deployed through our web wallet in a new extension inside the wallet.
- A user with their own Mainchain address can choose to launch a Data Project, which allows other users to invest in the Data Project during the initial funding period.
- Once the Data Project’s predefined investment pool amount is reached the pool contract will unlock and begin producing predictions.
- The Data Producer may also create a pool that has an initial funding period with no set limit and simply closes after a defined time period.
- Future sales of the Data Producer’s raw data and predictions creates a revenue stream of GNY tokens for the Data Producer and the Data Funders of the initial venture pool. The Data Producer and Provider will receive 45% of future revenue, the original group of funders will received 50% to be paid out according to their investment percentage, and GNY will take a 5% fee.
You can follow the development of the GNY blockchain, our upcoming GNY Dataplace, and interact with the team & community on Twitter, Medium, Youtube & Github.
Also, please join our community on Telegram and let us know your feelings on our upcoming decentralised data marketplace. We would love to hear from you.
