Measurable Data Token (MDT) is a new Web3 product built on the Ethereum blockchain to securely collect data and allow owners of the data to control its usage. MTD utilizes a decentralized infrastructure that drives ownership and control of user data. MDT seeks to give back this control to the original owners of these data who choose how they are deployed.
For years, techies define data as the new oil. From Microsoft to Google to Alibaba and Amazon, the top multi-billion businesses around the world rely on data to forecast user behavior, develop products, and sell these products to consumers. However, a lot of the data used for production does not truly benefit the sources of the data as much as they should.
Also, the data collected from users are owned and controlled by these data centers developed by these companies. There are situations where the data of users have been collected and used against them for criminal activities. Other times, data is sold to third-party firms who pay heavily for it with little to no consideration for the users who produce this data.
MDT was created to help remove this inefficiency and lack of trust between users and platforms where they interact and produce data. MDT wants users to own their data and determine how, why, and at what cost they are used. The vision is to create a decentralized data exchange economy.
How does MDT work
There are four major components of the Measurable Data SDK (an open-source and free SDK for any data providers or developers to use): data sourcer, data provider, data broker, and data buyer.
The Data Sourcer is the aspect of MDT where users decide to share their data in exchange for a reward. Any user who shares their data is rewarded in the MDT ecosystem.
Data Provider is responsible for cleaning, and aggregating the collected data shared by users. These include businesses that sign up for the MDT services. Data Broker or Marketplace is where the cleaned data is monetized. Businesses as well as entities that are interested in paying a premium to access this data make up the Data Broker component.
Data Buyers are the entities that buy and consume aggregated and anonymous data as equity and for market research purposes. Businesses that want to release certain products can decide to buy the data set that is relevant to their market.
Currently, this data creation and consumption chain in the MDT ecosystem has two products – RewardMe and Measurable AI (with 20 billion anonymous data points from actual online shoppers all over the world) – which brings the reward and monetization aspect to reality. There is also the MyMDT Data Wallet which users can download for receiving rewards in tokens as they share data on the MTD platform.
Tokenomics of MTD ecosystem
MTD is a dual token system that uses the Measurable Data Token (MDT) and the RewardMe Token (ME). In order to access aggregated data, Data Buyers pay for MDT tokens and consume them in the process of accessing the data they need.
On the other side, Users, Data Providers, and Data Brokers earn a certain percentage of the MDT tokens consumed by Date Buyers. Another way users earn in the MDT platform is by staking their MDT tokens for ME tokens.
While the MDT token is used for governance where holders can influence decisions on the roadmap of the MDT project, the ME Token was designed to reward consumers for the data they contribute to the MDT ecosystem.
According to MDT, 500 million units of the MDT token, out of the 1 billion total supply, will be distributed by seeking to the community. The others will be staked and unlocked over time.
Roadmap of MDT
MDT was started in 2017 by Heatherm Huang and was acquired by Chain in 2022. At the end of 2019, Measurable AI and MDT Wallet were already launched on the platform. As of 2020, more than 5.4 million opted-in users contribute anonymous data points from email receipts and credit card transactions via MDT’s ecosystem.
The MDT Foundation has been in charge of managing and running the platform but according to plans, it will become an independent and decentralized unit that will oversee the development of the MDT ecosystem. This will cover research as well as the deployment of funds.
Projects using the MDT platform
Several in-app purchase receipts and email trip receipts on platforms such as the App store, Google Play Store, Uber, Grab, Lyft, and Gojek are connected to the MDT platform. The team said that more merchants are expected to join the platforms.
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