What Is Streamr (DATA) and How to Buy It

Streamr democratises the Web3 data economy by allowing users to collectively monetise their data. Here’s how it works.

Jun 14, 2024
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What Is Streamr Kv

Key Takeaways:

  • Streamr provides a decentralised platform for real-time data exchange, aligning with Web3’s emphasis on user empowerment and control over data.
  • Data Unions on Streamr allow users to collectively monetise their data, democratising the data economy in line with Web3’s community-driven values.
  • Integration with the Ethereum blockchain ensures secure, transparent transactions via smart contracts, enhancing the platform’s reliability.
  • DATA tokens are used within the Streamr network for transactions, rewards, and governance, supporting a self-sustaining decentralised financial ecosystem.
  • Streamr promotes interoperability with other decentralised applications, offering application programming interface (API) for real-time data integration to enhance app functionality.

What Is Streamr (DATA)?

Streamr, and its native token DATA, are a pioneering approach to real-time data exchange and monetisation, focusing on the decentralisation of data streams. At its core, Streamr seeks to address the challenges faced in the contemporary data market, such as data ownership, privacy, and the commoditisation of personal and corporate data. By leveraging blockchain technology, Streamr facilitates a direct and secure method for individuals and entities to trade digital information.

Founded in 2017 by Henri Pihkala, Nikke Nylund, and Risto Karjalainen, the project aims to enhance data sharing and monetisation processes without relying on traditional intermediaries. As data continues to become more integral to business operations and daily life, Streamr provides a platform where users can manage and trade their generated data in a transparent and incentivised manner.

How Does Streamr Work?

Streamr operates on a multi-layered architecture designed to support the real-time exchange of data. This architecture includes several key components:

  1. The Network Layer: This decentralised peer-to-peer (P2P) network facilitates real-time data transport. Utilising a publish/subscribe pattern, data producers can seamlessly distribute information to subscribers and without intermediaries.
  1. The Marketplace: Streamr features a marketplace where data producers can monetise their data streams. Users can list their data streams on the marketplace, setting prices and terms, while potential buyers can browse and subscribe to data streams that fit their needs.
  1. The Streamr Engine: This component processes and analyses real-time data streams. It supports various operations like filtering, combining, and pattern detection, enabling users to derive actionable insights from raw data.
  1. The Data Union Framework: This unique aspect of Streamr allows users to collectively sell their data, known as crowdsourcing. Users can join forces in Data Unions to aggregate data and negotiate better terms or prices in the marketplace.

The combination of these elements ensures that Streamr is not just a platform for data exchange but also a robust ecosystem for data processing and monetisation.

What Is the DATA Token Used For?

An ERC-20 token, DATA is the native cryptocurrency that serves multiple purposes within the Streamr ecosystem.

  • Transaction Currency: DATA tokens are used as the currency for transactions on the Streamr marketplace. Whether buying or selling data, users require DATA tokens to conduct transactions.
  • Incentive Mechanism: DATA tokens incentivise network participants, including data producers, consumers, and node operators. For instance, node operators are rewarded with DATA tokens for their role in data transport and distribution.
  • Governance: DATA token holders have a say in the governance of the Streamr network. They can propose and vote on changes to the platform, influencing its development and management.

DATA token is native to the Ethereum mainnet and can currently be bridged to Polygon, BNB Chain, and Gnosis Chain. Staking and delegation are available on the Polygon network.

Tokenomics of Streamr

As an ERC-20 token, DATA is used for project governance and payments on the Streamr Hub decentralised app (dapp) and to incentivise node operators on the network, as well as to delegate stake. The maximum token supply is 2 billion.

Three roles are defined in Streamr tokenomics: Sponsors, Operators, and Delegators. These roles use DATA tokens to participate in the incentive mechanisms.

Sponsors

Sponsors pay DATA tokens into a smart contract, called a Sponsorship, to secure the operation of a stream. Essentially, the Sponsor says, “I want to spend X amount of DATA tokens over a period of time (T) to improve the security and stability of stream S.” The Sponsorship contract releases the funds over time to Operators who have joined the Sponsorship. 

Operators

Operators are the persons/entities that operate (own/control) nodes in the Streamr network. They choose which Sponsorships they want to stake DATA on, and run a fleet of Streamr nodes to do the work of relaying the data in related streams. 

Delegators

Delegators are DATA token holders who earn by delegating their tokens to Operators and sharing the earnings from their work. In essence, Delegators are passive liquidity providers for Operators. They are needed when there is an oversupply of technically capable node runners that lack the required DATA tokens in order to stake into Sponsorships. In exchange, Delegators earn a share of the Operator’s rewards. Since Operators need to stake tokens to mine Sponsorships, having access to tokens from Delegators helps them to earn more, creating a win-win situation.

It should be noted that the roles are independent of each other and can be mixed and matched by all actors depending on their goals (e.g., the same person could be a Sponsor and a Delegator).

Should You Buy DATA Tokens?

Investing in DATA tokens involves consideration of a few factors:

  1. Utility and Adoption: The value of DATA tokens is closely tied to the utility and adoption of the Streamr platform. As more users join and utilise the platform for data exchange and monetisation, the demand for DATA tokens could increase.
  1. Market Conditions: Like all cryptocurrencies, DATA tokens are subject to market volatility. Potential traders should consider the overall market conditions and sentiment in the cryptocurrency space.
  1. Project Development: The ongoing development and success of the Streamr project are crucial. Updates, new partnerships, and enhancements to the platform can all impact the value and utility of DATA tokens.

As with any trade, potential buyers should conduct thorough research and consider their personal risk tolerance before buying DATA tokens.

How to Buy Streamr Crypto Token (DATA) With Crypto.com

Crypto.com offers a user-friendly platform to buy DATA crypto tokens and engage with the Streamr network. 

Follow these steps to buy DATA on Crypto.com:

  • Complete the necessary verification process to unlock full access to the platform.
  • Deposit funds into the Crypto.com account; users can utilise fiat currency or other cryptocurrencies to fund their accounts.
  • Navigate to the ‘Buy’ section of the App and search for the DATA token.
  • Specify the amount of DATA tokens to acquire and review the transaction details.
  • Confirm the transaction and wait for the order to be executed.
  • Monitor the DATA token holdings in the Crypto.com App, which doubles as a wallet.

Crypto.com provides a secure and reliable trading environment, ensuring that users can trade DATA tokens with confidence. Take advantage of the platform’s intuitive interface, advanced trading features, and competitive fees to make the most of your trading experience.

Conclusion

Streamr represents a significant innovation in the realm of real-time data exchange and monetisation. With its decentralised approach and robust technical framework, Streamr offers a compelling proposition for individuals and businesses interested in the value of real-time data. 

While the platform continues to evolve, the integration of blockchain technology could potentially revolutionise how data is traded and utilised, making it a noteworthy consideration for those interested in the intersections of data and decentralised technology.

Due Diligence and Do Your Own Research

All examples listed in this article are for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, cybersecurity, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by Crypto.com to invest, buy, or sell any coins, tokens, or other crypto assets. Returns on the buying and selling of crypto assets may be subject to tax, including capital gains tax, in your jurisdiction. Any descriptions of Crypto.com products or features are merely for illustrative purposes and do not constitute an endorsement, invitation, or solicitation.

Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. When assessing a crypto asset, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.

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