Data Marketplace Aggregator Receives 1st Prize at Junction on the Web3 challenge by TX and Streamr
2022-11-07
Marketing Lead at TX
Press release
TX and Streamr mentored Junction 2022 hackathon teams to develop fair and ethical data business models. In two days, the winning team Data Malfunction developed a vision of a marketplace that combines data producers and buyers on an easy-to-use platform using Streamr Network.
The 48-hour-long Junction hackathon was held on the first weekend of November in Espoo, Finland. Roughly one thousand participants were working around the clock to solve technical and business challenges. Web3 design and development consultancy TX and Streamr prompted teams to develop business models or applications that could enable the development of a fair and ethically sustainable data economy.
Although Web3 principles, blockchain technologies, and decentralized ecosystems were strange concepts to many participants, the joint challenge received several high-quality proposals.
– Coming in with fresh eyes, the participants, who were mostly university students, were able to find some new angles that we hadn’t been thinking about that much, TX’s Senior Designer Markku Nousiainen says.
Marketplace aggregator for Data Unions took the 1st prize
Streamr’s Data Union framework allows people to easily bundle and sell their real-time data and earn revenue. The framework’s smart contracts ensure that each data producer gets fairly compensated for their data. A total of 5 000 euros worth of DATA tokens that power the Streamr Network were awarded to the top three teams.
Klara Norri, Matias Seppälä, Sameep Dahal and Utshav Bhattarai came up with a solution to a future where Data Unions are ubiquitous in digital life. Their proposal, Data Malfunction, was a believable concept for an easy-to-approach user interface for key stakeholders. Delightfully, the team had also considered other incentives besides monetary to encourage active use of the application.
– The proposal was a novel approach to the challenge. It’s a solution that we can see happening in the near future, the jury described.
Streamr’s Head of Ecosystem Matthew Fontana was very impressed with Junction’s participants’ capability to grasp Streamr technology without any prior experience in Web3. Two teams were awarded additional 500 euro grants for demonstrating excellent technical skills, including the formation of functioning Data Unions.
– The depth and diversity of submissions were quite novel compared to previous hackathons. Maybe it’s the youthful energy or university vibes. I really appreciated that the participants were passionate and excited about our challenge, Fontana explains.
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