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DataX

A new bid/ask marketplace for Filecoin managed data.

Chris Buonocore

Encode Open Data Hack 2023

10/12/2023

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Problem

Individuals have highly valuable data that’s often private / local to their machines.

Existing marketplaces or data-sharing protocols often have:

Lack of Transparency (centralized DB)
Centralization and Monopoly (owned by one party)
Inflexible Pricing Models (ex: fixed price)
Inefficient Data Discovery (no search or recommendations)
Data Ownership and Security Concerns (unvalidated data sets)

On one hand, many datasets are curated and not shared. On the other, existing data marketplaces have shown significant shortcomings that hinder their effectiveness and impede the seamless exchange of data, including areas like:

Lack of Transparency: Many data marketplaces operate opaquely, making it difficult for data consumers to assess the quality and provenance of the data they seek. DataX, on the other hand, is built on a foundation of transparency, ensuring that users have access to comprehensive information about each dataset's source, history, and reliability.
Centralization and Monopoly: Traditional data marketplaces are often centralized, controlled by a single entity, which can lead to monopolistic practices, inflated prices, and limited choices. DataX adopts a decentralized approach, empowering data owners to set their own prices and enabling a competitive, diverse ecosystem.
Inflexible Pricing Models: Existing platforms may offer limited flexibility in pricing, making it challenging for data sellers to maximize the value of their assets. Offers create options for more deal making. DataX allows data providers to name their price and even adjust it based on previous offers, facilitating fair negotiations and dynamic pricing strategies.
Inefficient Data Discovery: Finding the right dataset can be like searching for a needle in a haystack on some platforms, as they lack effective search and recommendation systems. DataX employs advanced algorithms to streamline data discovery, ensuring that data consumers can easily find the information they need. Each dataset on DataX gets it's own public purchase url that can be shared on the web.
Data Ownership and Security Concerns: Many data marketplaces do not adequately address data ownership and security concerns. DataX prioritizes data ownership rights and employs cutting-edge security measures to protect data throughout its lifecycle.

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Solution

DataX creates a community around the curation and sharing and of both publicly and privately created datasets.

The inspiration for DataX comes from applications like the StockX marketplace, and a desire for a reliable and efficient marketplace where data can be traded just like other commodities

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What we built

A three step / two sided-marketplace

Create

Verify

Share

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Demo (after listing)

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Technology summary

Filecoin FVM: Every DataX listing gets its own unique contract with auditable purchase/offer history.

Filecoin Saturn: Saturn secures each data set client side with .car files delivered to the purchaser that guarantee additional tamper and hack-proofing from upload time.

Tableland: Tableland is employed to manage the complex data relationships within the marketplace, enabling efficient search and discovery of relevant data sets.

Web3.storage: DataX uses web3.storage, which utilizes blockchain technology to securely store and retrieve data files.

DataverseOS: Authentication and user state management plugging into existing wallets and providers.

Filecoin FVM: The Filecoin File Verification Marketplace (FVM) integration ensures the security and immutability of listed data. This technology guarantees that data remains tamper-proof and accessible only to authorized users. Filecoin smart contracts are used for access control and auditing of offers. Every DataX listing gets its own unique contract.

Example contract here: https://calibration.filscan.io/address/0x6886489D4c3e3C89b70a56DC8e8984eccF520728/

Tableland: Tableland is employed to manage the complex data relationships within the marketplace, enabling efficient search and discovery of relevant data sets.

Web3.storage: To address the challenge of decentralized storage, we integrated web3.storage, which utilizes blockchain technology to securely store and retrieve data files.

Filecoin Saturn: Saturn secures each data set client side with .car files delivered to the purchaser that guarantee additional tamper and hack-proofing from the original upload time (i.e. the original dataset is verified to be the one delivered on purchase). Validation is done using a hosted browser client service worker.

DataverseOS: Authentication and user state management plugging into existing wallets and providers the customer may already use (i.e. metamask).

NextJS: We utilized NextJS to create a responsive and interactive frontend interface that offers a seamless browsing experience for users. Deployed on surge.

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Business Model

Transaction Fees:
Smart contract managed
Subscription Plans:
Premium features and visibility
Data Verification and Certification:
Certified data sets can command higher prices

Transaction Fees:

When a seller lists their dataset and a buyer purchases it, a percentage of the transaction value goes to DataX as a commission.
This encourages high-quality datasets and active trading on your platform, as both sellers and buyers have an incentive to use DataX to facilitate their transactions.

Subscription Plans:

For users who want to access premium features or have higher visibility for their datasets. Offer tiered subscription levels with varying benefits.
Free users can list their datasets but may have limited search visibility or a cap on the number of datasets they can list. Premium subscribers can enjoy enhanced search visibility, unlimited listings, and access to advanced analytics tools.

Data Verification and Certification:

Data verification and certification service where DataX verifies the quality and authenticity of datasets listed on the platform. Sellers can pay for this service to enhance the credibility of their datasets.
Certified datasets can command higher prices and attract more buyers, and DataX can charge a fee for the certification process.

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Potential future work

Implement advanced data analytics tools to provide insights and trends on data usage�
Introduce real-time bidding functionality�
Enhance data verification processes with additional blockchain technologies�
Collaborate with industry partners to onboard a wider range of data sets�
Develop a consumer mobile application for DataX

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Thank you!

See the code: https://github.com/cbonoz/open23

Linkedin: https://www.linkedin.com/in/chrisbuonocore

Twitter: https://twitter.com/chrisbcore