The onset of the Covid-19 pandemic resulted in a culture shift. Online tools and resources became the go-to solution for many companies. The pandemic highlighted the convenience and importance of these resources in the global market. The resulting paradigm shift has meant that data is more valuable than ever to understand the new market trends better.
With this in mind, a blockchain-powered data services company, Insights Network, could provide the requisite services needed for this role. The company has shown tremendous growth over the past couple of years, culminating in an array of major milestones this year. Primarily one of them including over half their total circulating token supply being staked by token holders and the recently announced listing on Bittrex.
What is Insights Network?
Insights Network is a blockchain-powered market research network that runs on the INSTAR Blockchain. It’s first application instars.com is a blockchain-powered survey and data exchange with over 200,000 KYC verified members that facilitates transparent data exchange between data requesters and data providers. Both participants can earn cryptocurrency for their role in the consensual data exchange via online surveys, receipt capture with feedback, inviting members, staking rewards and more.
Insights Network recently announced the launch of Staking Rewards with free access to blockchain-powered survey software and plans to launch Data Oracles and a bridge to Uniswap for non-Erc-20 tokens fueled by INSTAR tokens.
Recap of Previous Article
Two years ago, I released an article discussing how Qualtrics $8 billion takeover by SAP would initiate a boom for the data industry and why Insights Network’s blockchain-based survey and market research technology could be a major disruptor and beneficiary. The announcement arrived before Qualtrics was about to go public now, Qualtrics with the support of SAP is doing just that!
Source: Insights Network
Qualtrics Takeover by SAP and SurveyMonkey’s Recent IPO Was a Milestone Moment In The Online Survey Industry
SAP’s $8B acquisition of Qualtrics at the time indicated the confidence the technology market was gaining in online resources, specifically in survey software, market research technology, and data collection. It’s easy to see why SAP would pay such a massive amount to purchase Qualtrics; the company is the industry leader and has massive revenues of hundreds of millions of dollars per year growing rapidly. The acquisition further highlighted the changing market trends of invaluable assets. At the time, data proved more valuable than any other asset. It still is arguably the most valuable asset. Data controls nearly all aspects of economics and human life.
Adding on to the positivity in the online survey software industry was the SurveyMonkey IPO. Going public was a show of belief in the survey structure they had created. Survey Monkey believed in the profitability of its business model, and the public bought into it. Judging from its current price in the stock market, the IPO paid off as Survey Monkey is currently trading at an all-time high.
INSTAR Blockchain Smart Contracts and Token Utility vs. Top Competitors
INSTAR Blockchain has continued to perform extremely well, featuring more than once in Blocktivity’s Top 10 list. The list ranks the most active blockchains based on the transactions recorded in the platform. Instars blockchain has regularly ranked in the top ten, above the likes of DASH, NANO, WAX and WAVES — a strong indicator of just how good the platform was becoming.
Recent Release of INSTAR Staking Rewards with Free Access to Blockchain-Powered Survey Software on instars.com (Stake For SaaS)
Staking Rewards was first announced at the beginning of 2020 and went above and beyond the original Insights Network whitepaper. The plan was to move INSTAR tokens reserved in the savings account to a staking rewards pool that would earn interest over time. Staking Rewards are becoming a growing success with over 100 million INSTAR already staked. Further, staking INSTAR tokens now grants users free access to blockchain-powered survey software with the innovative launch of Stake for SaaS.
Anyone can earn an interest of 3.23% annually on staked INSTAR by staking the digital currency via instars.com or by using wallets that support staking such as the Greymass Anchor Wallet. Over 50% (100 million) of the circulating supply of INSTAR has been staked by the community. This percentage is expected to grow as more people consider staking especially for the access to Blockchain-Powered Survey Software on the platform for free.
Major Differences and Competitive Advantage Between Insights Networks Instars.com and Legacy Survey Software Providers Source: Insights Network
Futuristic Technology — Smart contracts powered by blockchain technology is the future of market research. Insights Network is powered by blockchain technology, giving it an edge over centralized platforms. The decentralized and automated technology allows for improved record-keeping without human error and instant cryptocurrency micropayments paid with the proof for added transparency. A growing number of cryptocurrencies including INSTAR, EOS, and DAI are already supported. Blockchain technology increases efficiency and transparency in market research activities by instant settlements with a verifiable record on a public blockchain compared to gift card rewards sent in the mail by data requestors.
Increased Privacy Of Sensitive Data — One-time pad (OTP) encryption ensures a best in class level of privacy for sensitive insights and data. This currently works with instars flagship survey builder and blockchain-powered data exchange and will be offered for additional use cases such as employee feedback, customer experience, and more in the future.
Unbeatable Pricing- For a fraction of the cost vs legacy survey software or even for free, data requesters can access Insights Network blockchain-powered software on instars.com. In some cases, data requestors are even paid.
SurveyMonkey Audience vs. Instars Requester Dashboard — Instars.com offers a survey marketplace similar to SurveyMonkey’s Audience that allows market researchers to survey global participants. The main differences are that instars.com participants are KYC verified, survey results with instant payment and proof are recorded to a public blockchain with results for increased transparency, data purchased is completely private with best in class OTP, and survey results and reward distribution costs a fraction of the price thanks to blockchain technology.
Stake for SaaS Tokenized Business Model vs. Legacy Monthly Recurring — Insights Network gives requestors access to its software when they stake INSTAR on instars.com. Requestors have full access and can utilize the blockchain-powered survey software as they please. On the other hand, centralized platforms require a monthly renewal of access to software through pricey subscriptions.
Refundable collateral — Stake INSTAR to access the software for free instead of paying high cost monthly recurring fees. Do whatever you would like with the tokens when you are not using them. You can claim the staked INSTAR once you are done utilizing them. This currently works with instars flagship survey builder and blockchain-powered data exchange and will be offered for additional use cases such as employee feedback, customer experience, and more in the future.
Community Involvement and Network Participation paid for in INSTAR tokens and a growing number of cryptocurrencies including EOS and DAI. These include activities such as participating in consensual data exchange, staking for rewards, voting, and a growing number of options.
INSTAR’s Increasing Token Utility
Below are a few examples of the growing INSTAR token utility in addition to what’s already been mentioned:
Source: Insights Network
- Facilitating consensual data exchange on instars.com with blockchain verifiable results between data requesters and a global KYC verified audience at a fraction of the cost of industry leaders
- Blockchain Governance — Voting for INSTAR Block Producers
- Accessing advanced datasets — receipt data and community survey results
- Providing blockchain developers with resources like CPU and RAM
- A major gateway to blockchain technology by allowing people to earn free crypto
- Fast and free peer to peer micropayments. With over 200,000 INSTAR token holders, the platform is one of the largest blockchain networks in the world!
- Coming soon: INSTAR Data Oracles and a bridge to Uniswap for non-Erc-20 tokens!
Insights Network Has Considerable Advantages Over Existing Market Research and Data Providers
Through implementing a blockchain-based architecture, the INSTAR blockchain will allow for instantaneous microtransactions to be executed, making it superior to existing cryptocurrency methods. By having a payment system requiring cryptocurrency, this eliminates many geographical boundaries and restrictions that many individuals are having to face. Residents from emerging countries such as Brazil, India and large parts of Asia are able to access KYC-verified services from Insights Network using the INSTAR token foregoing the many difficulties many have due to the lack of full internet services as a result of various circumstances including bans from the West.
Source: Insights Network
New accounts are assigned ID credentials following the initial sign-up by clients which validates their account and profile. A third party then checks the user’s identification credentials before being run through an sMPC filter which prohibits the identity checker to trace back the user credentials to the INSTAR blockchain after verification.
It is common for existing traditional legacy products such as Cint or Dynata to only have approximately 5% of their surveys which get started to be completed by the user. This highlights the lack of pre-existing qualifications and ultimately major loss of potentially valuable participants market research and data. Insights Network improves on this aspect by allowing for a maximum time limit on a survey before automatically being told that they lack the sufficient qualifications and are exited from the survey without payment.
Looking Forward: Major Further Progress and Developments Lay Ahead
Insights Network is leaps and bounds ahead of any centralized data solution platform. It is also growing exponentially as more providers sign up, and more requestors experience its hassle-free services. Insights Network is quietly leading the blockchain-powered market research industry. This may soon translate to other areas as well.
In their plans to dominate the blockchain-based data solution industry, Insights Network has set more benchmarks that will help it achieve its goals. These include:
- Increasing adoption of the platform — To gain global success, Insights Network requires a gigantic user base. In a bid to attract more users to its platform, Insights Network plans to increase its token utility through partnerships and other utilization initiatives.
- Innovation — To remain relevant in the technological field, constant innovation is inevitable. Insights Network plans to experiment on pilot programs that will keep its name highly ranked in the data industry. It also plans to be innovative with its pricing models to meet the changing demands of the market.
- Learn through feedback — One of the most important ways of improving services is through feedback. Insights Network plans on learning more from the feedback they get from their user base and stakeholders. This will allow them to craft their platform in a user-centred manner.
- Insights Data Oracles — The platform has quietly been working on this blockchain project for the past two years. So far, they have only disclosed that the project will link INSTAR blockchain to a new blockchain.
- Defi — Instar just announced data oracles and plans to create a bridge to Uniswap for non-Erc-20 tokens. Decentralized finance options and solutions can be expected.
- General improvement — As more people join the Insights Network, the network will continually improve to meet the growing demands. Through these improvements, Insights Network hopes to grow and become the highest-ranked blockchain platform.
With the ongoing pandemic, we are likely to see more from Insights Network as more people shift to online resources. instars.com, the platform has already launched more than its original promises and has processed millions of data transactions. More is set to arrive from Insights Network powered by INSTAR Blockchain, which is sure to awake with a massive thunder across the enormous market research industry!
For more access to Insights Network, please follow this link.
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.