In the world of cryptocurrency there are some sh*tcoins and then we have INSTAR.

Insights Network developed INSTAR after observing the problem between data collection and data brokerage. Data brokers are companies that collect user data and sell it on the market for huge profits and Big Data Analytics is a $200 billion dollar industry according to Forbes. INSTAR gives individuals and organizations back the control of data creation and monetization. The idea is that organizations will acquire more validated data from participants when participation has incentives. 

How does it work

There are two types of users targeted by INSTAR which are requesters and providers. Requesters are the organizations that provide goods and services and providers are the patrons of these organizations.

Requesters will create surveys that have a specific pattern based on the target population and compensation for valid data points. Providers will locate and participate in these surveys. The data points created are encrypted and stored on the blockchain in smart contracts. Data points captured from the provider are monetized and the provider is compensated with INSTAR tokens (currently US members are compensated in DAI).

In addition, anyone can buy or sell INSTAR tokens on any supported exchanges as well. Currently, INSTAR is compensating users for capturing and uploading their receipt images.

“The primary goal of INSTAR is to enable mutually beneficial data exchanged between individuals and organizations using advanced technologies within the Insights Network.”

Blockchain Technology

INSTAR is built on the Ethereum operating system. However, INSTAR is building simultaneously on the EOS operating system for its future developments, such as the Insights Network blockchain and token migration.

Essentially, EOS offers more promising features that are not available on other blockchains, such as, apps that pay for the users’ usage, instead of users paying each time app is used and compromised account recovery with the help of a designated partner as long as identity documentation and multi-factor authentication are met.

Security and Privacy

The KYC ensures that providers are real people and the data provided is truthful. This information is not shared with any requester, but rather INSTAR issues profiles for each provider in order to preserve the anonymity of each participant. Profiles are not stored on the blockchain only the data points in the smart contracts. Profiles are instead stored on the participants local device to ensure all user personal data remains private. 2-Factor Authentication is also offered for an extra layer of protection.

INSTAR is aligned to become an effective decentralized data broker in the Big Data Analytics industry, albeit this is not the intention of Insights Network, but rather to shift the controls from centralized data brokers back into the hands of the people the data is generated from. With consensual exchanges occurring on the blockchain, there is one transaction with one of two results: valid data is delivered to the requester and the provider is compensated, or neither occur. In addition, organizations will have access to secure and validated data that matches specific requests, rather than paying for data that has not been validated or acquired with the user's consent. A few companies have already begun utilizing this technology such as, McDonald's and Pizza Hut in the US.

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