Streamr (DATA) Review (UPDATED 2018): A Beginner’s Guide | VKOOL

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Cryptocurrency is revolutionizing more industries every year, from traditional banking and electronic payments to renewable energy consumption and healthcare, there's a blockchain for nearly every conceivable industry that involves transactions. One new industry some projects are tackling is the data market, something everyone from ad agencies to research institutes are in need of.

That's what Streamr is shooting for – giving people a new way to offer or buy data, in a way that disrupts the existing data monetization industry.

Using our guide below, you'll get acquainted with what Streamr is and how it works. You should also be sure and check out our new list of the best altcoins of 2018 to see which coins made the cut.

How Streamr Works

The Streamr network is made up of data publishers, data brokers, and data consumers.

Publishers publish data to the data stream as “events”, and this data is either free of charge or has to be bought with the native DATA token.

Brokers process things on the network, everything from transactions to storage, and they publish events to the data stream as well. Brokers are nodes in the network, and like with other blockchain networks employ nodes to process transactions, this distributes the work and processing power. Like other blockchains, brokers need to submit their data for verification with other nodes to prove that they're honest.

Streamr uses smart contracts to ensure everything from data purchases to network processing is handled properly.

What is the Streamr Stack?

The Streamr Stack makes up the network and powers it. It consists of several layers.

The first is the Streamr Editor layer. This allows developers to make dApps and smart contracts, and allows users to not only track how smart contracts are being executed, but also to help apply search filters for data.

Next is the Streamr Engine, which analyzes, processes, and refines data. Data will go into the engine, where it will be prepared for use by dApps and smart contracts. Algorithms can be applied to data here to make it deliverable in the form the user or developer wants it.

There's also the Data Market, the feature that most users will interact with. Here, people can list or buy data, and as a bonus, it supports data from common internet-of-things devices.

The Streamr Network is the way data moves around and transactions happen. It's made up of the brokers, smart contracts, and protocols that facilitate the move of data from one user to another.

Lastly, there are the Smart Contracts. These protocols ensure that certain conditions must be met before a deal, decision, or transaction can go through, keeping the system tight and making sure that, among other things, unauthorized users don't receive data.

The Team Behind Streamr

Streamr was founded by Henry Pihkala, a developer with over a decade of experience in software and data processing. The company was co-founded by Nikke Nylund, an entrepreneur who successfully founded asset management company Quartal and its subsidiaries. The management is rounded out by Risto Karjalainen, a former portfolio manager at Merrill Lynch and JP Morgan who has a history in the finance industry.

Many companies have development-heavy founding teams, but Streamr's team is pretty diverse. When you're approaching a subject as complex as data monetization, you're going to want to have people with different types of experience so you can handle whatever comes up.

The Future of Streamr

Unlike lots of blockchain projects, Streamr doesn't actually have deadlines set up. They do have “milestones,” however, which encompass their goals. Their first milestone involves completing prototypes for their broker node network, as well as the Marketplace and the Streamr Engine. In their second milestone, they hope to complete smart contract use for monetizing data, and to decentralize not only the Marketplace but the Editor and the Engine as well.

Their final milestone involves building the community and continuing to develop the Engine and Editor.

The History of DATA's Trading

The DATA token has been around since November 2017, and since then its price hasn't had many ups and downs – that is, of course excepting the boom that the entire cryptocurrency industry saw between December and January of 2018. It shot up to an all-time high of $0.34 in mid-December, sank, then rose up almost to its ATH again in January, followed by a gradual decline to where it currently sits, which is around $0.08.

DATA isn't the only coin that's had a solid run – more can be found on our new list of the best altcoins to invest in in 2018.

Buying DATA

Right now the best place to get DATA is on Ethfinex, one of the few marketplaces where you can buy coins directly for fiat currency. You can buy DATA there for USD, or you could also choose to buy it with Ethereum or Bitcoin. The other marketplace trading it in decent quantities is HitBTC, but you can't buy it for fiat there. Instead, you'll have to trade some USD for Bitcoins, Ethereum, or USDT, and then go there and purchase it with your new crypto.

Storing DATA

The good thing about DATA is that it's an ERC-20-compatible token, meaning it can be stored in any wallet that supports the ERC-20 protocol. That means you can store it on MyEtherWallet, the most popular online wallet option. If you want more safety, you can choose to store it on a Trezor or Ledger Nano S, hardware wallets that offer upgraded security features like pincodes and passphrases. They cost money (over $100), but for some, the peace of mind knowing that nothing can happen to their coins is worth the price.

Streamr vs Iota

These are similar platforms, in some ways. Both are blockchain projects, both have their own coins, and both involve data that can be uploaded or linked from the Internet of Things. Streamr however is a service that focuses on data monetization, while Iota is an all-purpose protocol that's suppose to support electronic payments, monetization of resources like hard drive space or processing power, and others. Streamr has no mining function – all coins must be traded for – and Iota is the same way, so it's more for users and not the mining-minded.

Streamr vs ChainLink

These platforms are pretty different from each other, and about all they have in common is that they center around data. Streamr is a platform providing a service that lets people sell and buy data, while ChainLink is a service that connects smart contracts to off-chain sources of data that those smart contracts depend on in order to execute. ChainLink is therefore more focused on increasing smart contract usability. Both have ERC-20 tokens as their native coins. Both projects are in development, but Streamr is newer and has less of its platform completed.

Streamr vs Ripple

These platforms have little in common. While Streamr is a data monetization protocol and marketplace, Ripple is a service focused on the sending and receiving of money, using their native currency (XRP) as a liquid go-between for rapidly exchanging between different currencies. Ripple is one of the highest-value coins in the crypto world, while Streamr is only in the top 200 in terms of overall market cap. Ripple has been out for years, while Streamr is still getting itself off the ground and is planning for the majority of its features to be developed in the near future – but with no concrete deadlines set up.

Frequently Asked Questions

  1. Where can I read Streamr news?
    Twitter, Reddit, and crypto blogs, most likely.
  2. What is the Streamr token??
    The DATA token.
  3. When was the Streamr ICO?
    October of 2017.
  4. Do you know how to buy Streamr?
    You can buy it with USD, Bitcoin or Ethereum on Ethfinex, or with Bitcoin and Ethereum on HitBTC.
  5. Does Streamr have a Twitter?
    Yes.
  6. What is the Streamr DATAcoin?
    That's the full name for the DATA token.
  7. How does Streamr perform vs Iota?
    Check out the section above for our comparison of those two.
  8. Is Streamr on Reddit?
    Yes.
  9. What's the price of Streamr?
    Right now it's around $0.08.
  10. Is the Streamr token on CoinMarketCap?
    Yes.
  11. What does the Streamr coin do?
    It allows you to buy data on the platform, and it's the currency you receive for selling it.
  12. Where can I read a Streamr review?
    Reddit, Medium, or on crypto blogs.
  13. Can get Streamr on Binance?
    No.
  14. What's the prediction for Streamr's price?
    It could go up with new announcements and developments, so stay alert.

Conclusion

Streamr is disrupting an industry that's attained even more importance in a world where everything is connected. Data can be used for many positive and lucrative things, and by creating a platform where smart contracts ensure that data transmission and licensing is handled carefully and properly, it's possible that Streamr is creating a new paradigm that could lead to fewer abuses of data possession and fewer leaks.

Streamr is still getting off the ground, but if they can fulfill the promises they've made, they could end up being one of the most promising cryptocurrencies of 2018-2019.

If you like Streamr, you should check out our new list of the best altcoins of 2018 for more great coins to consider investing in.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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