What is Datbit?
The Datbit network allows anyone to store structured data securely in a decentralized way on a smart contract blockchain. The DBT smart token enables optional selling and buying of stored data while enforcing data usage rules as set by the data owner.
Every day we create 2 Quintillion bytes of data, and 90% of the world’s data today has been created in the last 2 years alone. Data stored grows 4x faster than the world economy and contributes to a substantial shift in economic power and source of economic value.
A lot of this data is created by individuals or organizations; browsing the internet, interacting on social networks, uploading personal files, syncing devices and shopping online. This data is owned and stored by large private organizations in huge data silos where it is susceptible to selling, tampering, extraction and other exploitation. The originator of the data mostly loses control over its data when signing up to various services such as Facebook, Google, Instagram, Snap, Twitter etc., that offer ‘free’ services in exchange for exploitation of data, e.g. Google’s Gmail service reading emails and showing targeted ads as a result.
Datbit proposes a network run on a secure smart contract blockchain that allows all of its users to retake control of their data, not just the personal and habitual data they produce every day, but also data from the (IoT)1 devices that they control.