Introduction to Datareum
Data privacy has become a sensitive issue and has attracted a lot of hullabaloo from the social media activists. People claim that big giants such Google, Facebook and Amazon tout that their services are available for free while, in reality, they are up and selling their own customers or the public as the products. Datareum has intervened in the market with the motto of pushing back the controls over data to the public and giving them the freedom to sell their data as when they want, hence providing them value for their data which is otherwise retrieved and recorded without their permission and used for commercial purposes.
Working process of Datareum
Datareum claims to provide a marketplace for premium quality data. The users who agree to reveal their data will be paid every time they do so via DTN, the new cryptocurrency launched by Datareum. They will even be paid everytime their data is resold. Even the data requesters can be paid if their requested customized data is resold after their own request.
The basic data of the data provider is passed through a verification channel that involves face verification, address verification, income and ID verification etc. This data then enters into the smart contract via the Datareum marketplace and can be exchanged in lieu of DTN if they meet the requester’s standard cards. A small amount of this transaction fee is dedicated towards the datareum fund. The requesters can request specific data in exchange for DTN and they can be at the receiving end of the DTN if that requested customized data requirement is resold.
The Datareum ecosystem
The datareum aims to function outside of its own platform as well, hence achieving a liquid market with respect to DTN. The DTN can be sold in open markets in or changed with the data providers in lieu of any vouchers that give away goods and services. So the external market will serve as an exchange point where the excess DTN can be sold or bought as and when required by the users.
The hard cap value of the ICO is 18 million USD and the soft cap value is 500,000 USD. The tokens will be returned to the buyers if the soft cap is not reached.
40% of the funds raised will be directed towards application development, 20% for marketing. 5% will be reserved for legal issues and 25% will be channeled for research and operational costs. 10% of the total funds raised will go down into permanent reserves for the company.
60% of the total tokens available will be up for crowd sales while 10% will be reserved for the founders and team members. 20% will be made available for advisors and strategic partners and 5% each will be reserved for future funding and airdrops and bounties.
Total supply: 6 000 000 000
ICO Start date: April 18, 2018
ICO End date: August 18, 2018
ICO Price: 0.03 USD
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