The DX Network is the world first data marketplace. It combines Blockchain and the Semantic Web stack to allow open, secure, and competent data exchange between organisations making data a tradable asset.
The demand for crypto projects in 2018 continues to prove popular as many people are still searching for long-term investments in the industry. This demand convinced DX.Exchange to host an ICO pitch in the 2018 London Summit. The idea behind the pitch is to allow the company to discover the next big project. It plans to showcase 12 projects which will be competing for a free listing on the exchange worth $250,000.
DX Network Milestones and Deliverables
The DX Network marks a major achievement for the data economy to become a reality. Data owners and consumers of business data will be able to transact with each other on a completely open marketplace. Some of the innovations achieved by the DX Network include:
Data owners are free to list data for sale because of the network’s standard listing method and unique storage platform. For data consumers, the crowdsourced data is same as a single big database which saves the consumer precious time by offloading cleaning, organising, data collection and aggregation to the network.
Data consumers can choose the data owners they wish to buy data from. The platform allows users to buy data which comes with cryptographic proof of origin and integrity. Besides, data users’ pay-as-they-go and pay-per datapoint, replacing subscriptions and pay-per-query pricing. This is in line with the Machine Payable Web development inspired in the Blockchain ecosystem by 21, now Earn.com.
Despite data consumers paying for the data they consume, data owners have a guarantee of payment for the precise data consumed. DX Network’s state channels allow data owners to receive direct payment from consumers, avoiding any middlemen, and making transactions same as face-to-face transactions.
Impact and Use Case
The Tech industry is expanding at double the rate as the global economy. This has led to an increase in demand for data in relation to products, technology companies, investors, investments, and market movements. Advances including Coin Offerings and Virtual Reality have made today’s startups quite complex to maintain. This has made it impossible for some platforms to provide the latest comprehensive datasets for the entire industry.
The DX Network is playing its part in reinforcing the current expertise in the technology sector. It’s also creating new data collection efforts for an open marketplace for data.
Beyond Tech Industry Data
The DX Network is not only created to manage data and consumer support but also help make the launch of a new DX data marketplace as seamless as possible. This happens by adding a new data model to the select marketplace to a network in the same model as the DX Tech Industry.
The model allows the DX Network to exchange data in many application domains such as Insurance, Finance, Artificial Intelligence, Healthcare, Government, Retail, and many more. Top five companies by market cap are all tech companies, and that’s why the DX Network’s beachhead Tech Industry data marketplace was chosen for its influence on the global economy.
Launching the DX Network with a Tech Industry data marketplace is not only a strategic option. The technology sector itself has become one of the most open in helping ease and innovate the technology’s adoption.