Junction 2022: The TX and Streamr Web3 challenge
This page included all the necessary information to start the Fair and ethical data business challenge.
Read the press release below to find out how it went.
Data Marketplace Aggregator Receives 1st Prize at Junction on the Web3 challenge by TX and Streamr
TX and Streamr mentored Junction 2022 hackathon teams to develop fair and ethical data business models. In 48 hours, 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.
Our challenge for
Fair and ethical data business
Even as you read this, your data is probably spreading to servers around the world in exchange for some cookies that you can’t even eat. Although we are aware that our data is being sold to unknown actors, we lack the proper tools to control the situation. Web3 can give that power back to the people.
Your challenge is to come up with a business model or application that combines Web3 principles, such as data ownership and monetization, with Streamr’s Data Unions framework. Using Streamr’s network is optional.
Why would people or organizations want to share their data in your economy, and why would someone buy the data? How would you ensure each member gets their fair share and what other means of incentivization exist besides money? These are questions you might ask yourself during the hackathon. Any material that can strengthen your business case, like a prototype, is welcome.
Taking part in this challenge will help you understand the new business models created by Web3. In addition, you will gain hands-on knowledge in using blockchain technology that powers decentralized networks.
Click here for more information about our challenge on Junction’s homepage.
What is Web3?
Web3 (also called Web 3.0) is a concept of the internet, where data ownership is essentially in your own hands. That means you get to decide who has access to the data you produce. Blockchains and other decentralized technologies are central to the concept. Decentralized technologies mean anyone can participate in running the system and there are no middlemen. The data is encrypted and the whole system is immutable and trustless.
Streamr is a protocol for real-time data which powers the decentralized Streamr pub/sub network. Blockchains are used for identity, security, and payments. Sitting on top of them is the application layer, like the Data Unions framework, that enables easy data crowdsourcing and crowdselling in a fair way.
Check out Streamr’s extensive documentation to get a technical hold on their open-source data network.
What is a Data Union?
A Data Union is a framework for building applications that pay users for sharing valuable data. You, as a builder, first create an application allowing users to send data. Combined, the individual data streams become valuable enough to attract buyers. The revenue yield is then distributed fairly to different parties.
In this challenge, you will be using Streamr’s Data Unions framework to streamline your efforts. The framework provides established methods for crowdsourcing data, monetizing it, and sharing the revenue among users fairly. Some real-life use cases include browser data monetizer Swash and mobility network DIMO.
If you need more content to fuel your challenge-filled mind, check out these resources below:
- Introduction to Web3 (Ethereum.org)
- Introduction to Data Unions (Data Union DAO)
- Examples of Emerging Opportunities from Live Data (Blog post by Streamr’s community manager Tom Hamilton)
- Successful Web3 Services Require More Than Code Strings (Blog post by TX’s CDO Mikael Koskimaa)
See you at Junction
We look forward to accelerating your ideas!