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Streamr is an off-chain network with the main focus on exchange and monetization. This network works on the blockchain basis and was initially built for Ethereum. It also uses smart contracts to help individuals make financial operations and trade across the network.
Streamr’s team is dedicated to the idea of free information flow and therefore their network allows people to publish and share data. This way, team members eager to solve the problem of data monetization and overcome the big corporations that own cloud services.
The network stands for allowing decentralized app developers and users benefit from its services in various ways. For instance, developers may use the network to run their dApps. Also, the machines within the network can transfer data among each other from all corners of the world. The researchers can get an access to the sources for studying and exercising. These are some basic services Steamr DATA can offer.
Most data published in the network may be free, however, some types of information will be paid by an internal cryptocurrency Streamr DATAcoin.
Streamr’s system consists of customers, brokers, developers, and publishers. The network includes streams, where all the content is submitted by users.
Project’s developers claim that the central elements of the network are broker nodes, which are responsible for streams, publishing, handling storage, and connecting Ethereum’s nodes.
The nodes are independent of each other and therefore the overall traffic cannot fall down if something goes wrong with one of them. Instead, the traffic is divvied up the nodes and each of them is responsible for its own part. DATA coins serve to pay for data transitions from publishers to customers.
To make sure that the nodes are correct, brokers send the checksums of their work to let the other nodes review and approve them. In case a node provides wrong sums, a broker doesn’t get any reward.
Smart contracts serve to check all steps in data transmission and ensure that they are legit. Also, they store the information in a stream, maintain stream’s functioning, assign work to the brokers, and license the contracts for all operations made by users.
The project founders Nikke Nylund and Henri Pihkala planned to create algorithms to process large amounts of streaming information from exchange’s order books. They wanted to get a licensed software, however, it was too expensive, so they decided to create their own. They worked hard to create a unique software, which could predict market movements, which turned out to be a real revolution in the financial world.
The real-time information was revolutionizing the world and therefore they decided that automatic algorithms that identify signals on the run are a profitable opportunity. So in 2014 the developers created their first project called Data in Chains. Their aim was to create a SaaS platform, accessible for every user, who needs software to work with large amounts of streaming data.
In 2016, the Henri Pihkala and Nikke Nylund found out about blockchain and realized that they should combine their project with this algorithm. This is how Streamr and DATA coin appeared.
Despite the fact that Streamr is based on the Ethereum’s blockchain, its network functions beyond the blockchain. Using Streamr, users may publish and share information, with some segments available only for payment. Customers are able to sell and buy data with Streamr DATA coins. In other words, Streamr works on the platform for data monetization. This network consists of the following parts: Streamr Stack (multilevel network complex), Streamr Editor (a set of tools for app and smart contract development), Streamr Engine (a tool for analysis and data processing), Data Market (an actual platform for data trading), Streamr Network (the entire project’s eco-system), Streamr smart contracts.
As for the Streamr Coin, its price has grown rapidly on the eve of 2018 and fell to its original rate set during the ICO. Today, this currency is ranked 129th in the CoinMarketCup rating and enjoys $61 958 284 capitalization.
Streamr and its internal DATA coin have great ambitions. They plan to manage smart contracts, encourage app development, off-chain functions, data refinement, and develop a data market for customers and producers.
In a word, Streamr aims to create a platform for secure, fast, efficient, and scalable info transfer for both centralized and decentralized systems. Incorporating blockchain into their technology, developers make their product reliable and secure. Moreover, this allows Streamr partner with Golem and dApps.
The project is still in the developmental stage, however, we hope to see it launched very soon.