U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

Can Cryptocurrency Incentivize and Secure Big Data?

Opinions
Thu, 08/15/2019 - 13:24
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Israel-based predictive analytics company Endor has created a marketplace for big data that is powered by its EDR token    

Cover image via depositphotos.com

Today’s technology landscape is defined by two critical but competing elements. Data, the lifeblood of the digital age, is fueling unprecedented insights and analytics, allowing companies to do more and to do it more effectively.

At the same time, data privacy is becoming a big deal for consumers, and governments are taking action accordingly. Privacy regulations are spanning the globe – from Europe’s GDPR to the California Consumer Privacy Act in the US – are impacting the ways that companies manage data, reflecting shifting consumer sentiment about data privacy and security.

In almost every way, these two trends are linked. The incredible collection of personal data that platforms store to generate meaningful insights about their customers make them sitting ducks for data thieves who are eliciting data breaches at an alarming rate.

In 2019, the average data breach compromises 25,000 records and costs companies $3.92 million, making our current data arrangement untenable for companies and consumers alike.

To put it simply, if big data is going to be a part of our digital landscape – and it is – the way it’s collected, analyzed, and stored will need to change.

Using Crypto to facilitate Big Data

Cryptocurrencies often gain attention for their head-turning, headline-making price changes, but Charles Hoskinson, a co-founder of Ethereum and the current CEO of IOHK, sees cryptocurrency as a way to change the data analytics landscape for the better.

He recently joined the data analytics startup Endor as an advisor. The company, which has already provided data analytics services for Fortune 500 enterprises like the Coca-Cola Company, is often described as the Google for data analytics because of its searchable interface that allows companies to gain specific, actionable insights into their customers’ behavior.

 Mr. Hoskinson described the intermediaries that facilitate today’s data landscape as “middlemen of necessity.
https://www.youtube.com/embed/O1bO8r0flrk

With the platform’s latest release of the Endor Protocol, they are providing a decentralized environment for data analytics that introduces cryptocurrency into the data analytics space.

In an interview with the company’s co-founder and CEO, Dr. Yaniv Altshuler, Mr. Hoskinson described the intermediaries that facilitate today’s data landscape as “middlemen of necessity”, while elucidating on the ways that they negatively influence the affordability and availability of data analytics.

He notes, “they do whatever they need to do for their particular business model, and over time they become so powerful that instead of just being a facilitator of an interaction or a marketplace or a business process, in many cases, they can mandate how that entire business needs to run.”

Therefore, by rethinking the arrangement between data providers and data analyzers, Endor is hoping to create a new ecosystem that’s marked by trust, intentionality, and efficiency.

The Endor Protocol is equipped with a native digital token, EDR, that incentivizes data providers while providing an on-platform payment mechanism for those looking for statistical insights. It’s an end-to-end business model for the future of analytics.

What’s more, by encrypting user data from the beginning, this model inherently prioritizes data security as a critical component of long-term data availability.

Putting the Platform to the Test

In June, Endor took first place at Metlife Korea’s Collab 5.0 Innovation Program, an achievement that landed them a one-year contract with the insurance company to bring new data analytics to an industry ready for new insights to drive their future business models.

Moreover, the Endor Protocol is being implemented at several SMBs that will provide a real-world assessment of the technology’s efficacy.

The timing couldn’t be better. As the data ecosystem continues to power on, collecting people’s information and exploiting it for new insights, Endor is presenting an opportunity for ethical analytics that can help secure and incentivize big data.

While it’s evident that aren’t transitioning to a data-agnostic ecosystem anytime soon, now is the right time to shift the paradigm and to open the possibilities for new ways of collecting, analyzing, and storing data, something that consumers and companies know all too well. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Recommended articles
XRP & Ethereum Plunge 90% From Record Highs as It Risks Big Correction

XRP & Ethereum Plunge 90% From Record Highs as It Risks Big Correction

Bitcoin Price (BTC) Is Closely Resembling the Stock Market's Massive Drop in 1930

Bitcoin Price (BTC) Is Closely Resembling the Stock Market's Massive Drop in 1930

Why Crypto Investors May Not See an "Alt Season" For many months ahead

Why Crypto Investors May Not See an "Alt Season" For many months ahead

XRP & Ethereum Plunge 90% From Record Highs as It Risks Big Correction

Opinions
Sun, 03/29/2020 - 14:00
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Ethereum and XRP would have to rebound to at least $150 to see any possibility of a major recovery.

Cover image via stock.adobe.com
Contents

Following the near 10 percent decline in the bitcoin price on Saturday, the altcoin market has sharply plunged once again. XRP and Ethereum, in particular, are now down by 94 percent and 91 percent respectively from record highs.

The underwhelming performance of altcoins have led the valuation of the entire cryptocurrency market to drop by more than $100 billion since early March.

The Ethereum price has to surge by 20% or more to kickstart recovery
Source: Twitter.com @CryptoDonAlt

XRP and Ethereum see gloomy short-term trends

In recent weeks, the price of XRP has declined to levels unseen since mid-2017 despite substantially lower institutional sales of XRP by Ripple.

Throughout the past year, small market cap altcoins have generally followed the near-term price trend of XRP; when the price of XRP slumps, low market cap cryptocurrencies also tend to underperform.

The lackluster momentum of XRP and three consecutive lower highs at a macro level indicate that there is low demand from buyers to lead a strong recovery for XRP in the short-term.

While Ethereum has performed better than XRP since early 2020, it is seeing a similarly stagnant trend, influenced by the inability of bitcoin to break out of key resistance levels.

Prominent cryptocurrency trader DonAlt said earlier this week that the price of Ethereum would have to rebound to at least $150 to see any possibility of a major recovery.

He said:

“The USD pair looks even worse. ETH dropped by 90%+ and is now ranging putting in lower highs and lower lows. I like being bullish as much as the next guy but as long as ETHUSD is trading & closing below $150 I see little reason to expect higher prices.”

Currently, the price of Ethereum is hovering at $128, and it would need to see a 20 percent upsurge in the near-term to kickstart an extended rally.

Does the crypto market have any catalyst?

Whether key catalysts exist to trigger a 20 percent increase in prices across the cryptocurrency market remains unclear; especially as the level of fear towards the coronavirus pandemic continues to intensify.

As financial analyst Koroush AK said:

“Most businesses and individuals still have 1/2 months runway. Assuming handling the virus lasts several months not several weeks. Let's see how many want to be holding, let alone buying, bitcoin when struggling to pay bills and put food on the table.”

Technical analysts generally believe that for the altcoin market to see revived momentum in the upcoming weeks, bitcoin would have to show strength as a result of the global equities market bottoming out.

With second quarter earnings in the U.S. stock market yet to be released, analysts remain negative about the near-term trend of the stock market as well.

About the author

Joseph Young is an analyst based in South Korea that has been covering finance, fintech, and cryptocurrency since 2013. He has worked with various recognized publications in both the finance and cryptocurrency industries.

Recommended articles
XRP & Ethereum Plunge 90% From Record Highs as It Risks Big Correction

XRP & Ethereum Plunge 90% From Record Highs as It Risks Big Correction

Bitcoin Price (BTC) Is Closely Resembling the Stock Market's Massive Drop in 1930

Bitcoin Price (BTC) Is Closely Resembling the Stock Market's Massive Drop in 1930

Why Crypto Investors May Not See an "Alt Season" For many months ahead

Why Crypto Investors May Not See an "Alt Season" For many months ahead