Insights Network- Fixing the Broken Data Industry

One of the hardest markets to penetrate is the d’Apps market. There have been numerous ICOs that have been floated out with pledging to introduce the next revolutionary d’Apps.

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Of these ICOs, only a handful of them is functional while the rest have struggled for success.

Insights Network has emerged as a pioneering platform for providing market research solutions in an environment where other blockchain based solutions have fallen short due to either attracting the masses to register or even maintaining an active user base.

By having 250,000 users, Insights Network is in a position where it’s now directly competing and beating cryptocurrency giants including Litecoin and Dogecoin. Insights Network has cemented its ability to be the d’App of choice to many. Block’tivity, in this case, is used by cryptocurrency investors to filter out profitable ventures from ventures that only based on hype.

Why Data will Transform Investment Management – Data Driven Investor

The market research industry’s current situation

Data breaches continue to haunt the market research industry. A prime example of this is the 2016 Presidential Election where Cambridge Analytica was caught at the center of the storm due to Facebook’s careless handling of third-party applications and data. Cambridge Analytica, therefore, was able to create targeted ads to users during the campaign period to sway the elections towards a particular direction.

Legislators, therefore, resolved to make laws regarding data privacy in the wake of data breaches occurring worldwide and forced platforms to adhere to these laws to protect the confidentiality of various users.

These laws, however, don’t guarantee the safety of data stored in various servers. Platform providers, therefore, need to hasten the improvement of the building blocks.

How Insights Network created its decentralized data-exchange platform

Co-founded initially by Brian Gallagher (CEO) and Darwin Lo (CTO), they believe in transforming the data brokerage industry- given that over $200 billion worth of data is transacted in less than opaque manners.

By using a data exchange in combination with Secure Multiparty Computation (SMPC), they aim to enforce a fairer platform for all data-related payments.

Shifting from Ethereum to EOS was undoubtedly a smart move. It birthed a proper response platform as it enabled better protocol and hence, exceptional performance. The team decided to implement their blockchain away from Ethereum using the EOS Open Secure Software back in September 2017. The first version of the whitepaper detailed how the EOS blockchain, in combination with SMPC, is ideal for the first privacy-preserving and user-controlled data exchange.

CTO, Brian Gallagher commented:

“We had read the EOS whitepaper, the design of their blockchain fit our needs… Blockchain accounts we could assign to verified individuals who participate in the data exchange, near zero transaction cost that supports global micropayments to participants, and a promise of high transaction throughput that could scale to millions of users. The big bet for us was, do we put our project proposal behind another project that hasn’t shipped their product yet? The bet completely paid off — EOS shipped their product on time and with technical precision. The $0.05 micropayments made by our data exchange smart contracts wouldn’t have worked on Ethereum.”

INSTAR blockchain was the result of the shift to EOS. Consequently, INSTAR wallet arose that gave Insights Network the ability to provide different platforms to both the data requestors and providers. The user base was certainly going to grow, given the perks riveted on each platform. INSTAR Wallet was, therefore, the first d’App that was released on the INSTAR blockchain.

Adoption of Blockchain

The simplicity of use of the Insight Network as a blockchain means that more and more people will be able to use it. The explanations presented by its innovative learning lab are also simple to understand.

Moreover, its UX is being revamped to ensure that the users enjoy the journey as they use the platform.

The provision of survey options through various partnerships with services such as CITN and Pollfish also make Insights Network attractive to the users.

Ethical and responsible data collection

Data is essential to the growth of technology. However, this data needs to be collected ethically and accountable and not leave the users vulnerable to any data breaches. The onset of stringent laws on privacy by the EU has provided an important stepping stone for platforms to be able to seek the consent of users before accessing their data. Insights Network, therefore, has provided an important platform for safe and secure data collection while not infringing on the privacy right of the users.

The advantage that Insights Network has over other platforms is the incentives it gives the users of its platform. Users receive rewards for their participating in polls and surveys on INSTAR Wallet, and thus these encourage more users to join and use the platform.

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Insights Network wants to improve market research while ensuring that user data is collected correctly, safely and securely and in a way that ensures that the privacy of the users is not breached and also ensuring that there is proper adoption of blockchain technology while at it.

Token migration

The INSTAR team has already announced their upcoming token migration. They will also release an updated whitepaper describing how the Block Producer voting will work. Once 50% or more of the INSTAR token supply has been successfully migrated, INSTAR token holders can vote on their selected block producer network.

Furthermore, INSTAR has already published plans for EOS mainnet support. Users can take part in INSTAR daily surveys and be rewarded via EOS tokens.

Insights Network will also offer SMPC nodes, which provides developers great opportunities to focus on privacy and then deploy such d’Apps onto the INSAT blockchain. This is a very significant achievement as many of the vast majorities of the Insights user bases are new to the blockchain and cryptocurrency industries.

“We are seeing a different type of demographic entering our platform — users who are new to blockchain technology earning their first ever cryptocurrency. Our mission from day one has been to use our platform to fuel widespread crypto adoption to a new audience of earners — rather than cater to and compete for the audience the cryptocurrency industry has seen to date, which is mostly an investor/speculator community.”

For further information on the Insights Network, please use the following links:

Website | Twitter | Telegram | Medium| Reddit

#InsightsNetwork #INSTAR #Adoption #Surveys #Data #Privacy

Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advice in any situation. Please remember to DYOR before making any decisions.

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Insights Network- Fixing the Broken Data Industry was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.