EQ8 Network: An Overview

We are living in a data-driven world where most of the data come from unreliable and unverified sources, making it difficult for organizations and agencies to assess this data in market research. In this digitally occupied era, it is a herculean task to mine out authentic data. There are plenty of data sources but are far from authenticity. Blockchain technology has totally transformed the way we see data security and transactions. It offers a shared immutable ledger that facilitates the process of tracking transactions. Here, because members share a single view of the truth, one can see all details of a transaction end-to-end, giving greater confidence as well as new efficiencies and opportunities. EQ8 Network is such a platform, which is helping our centralized and manipulative data exchanging and assessment structure move towards a decentralized and zero trust structure.

Building Trust through Authenticity

  • Blockchain –EQ8 Network is a multi-chain Dapp (De-centralised application) which essentially means that it can function on multiple blockchains simultaneously, however, we have chosen Polygon to begin with. Polygon is an Ethereum based layer 2 solutions. Polygon effectively converts Ethereum into a full-fledged multichain system with the advantages of Ethereum’s security, openness and vibrant ecosystem. Hence using polygon will enable us to leverage the power of smart contracts, allowing us to execute transactions faster (with a block confirmation time of fewer than 2 seconds) at very low costs.
  • Smart Contracts — Smart contracts are immutable programs stored on a blockchain that run when predetermined conditions are met. Like other computer programs, they are also used to automate the execution of predefined actions based on certain conditions with the objective of eliminating the intermediaries or any centralized governance. EQ8 Network will use custom smart contracts and NFTs to implement the proposed solution.
  • IPFS (InterPlanetary File System) — IPFS is a protocol and peer-to-peer network for storing data in a distributed file system. This technology uses content addressing as a way to uniquely identify each file in a global namespace connecting all storage locations. IPFS is built around a decentralized system of user-operated storage spaces, where a portion of the data is stored. This approach results in a resilient distributed system of storing and sharing data. IPFS will enable EQ8 Network to adopt distributed storage for the content that is created by the users of our platform.

All these three components are based on distributed cryptography and they eliminate the need to have a third-party intervention to execute transactions.

Reputation Score

  • Build your Profile — To increase the reputation score, app users will be required to build their profile and earn badges by answering questions about themselves. Starting from primary level information like “Basic KYC” to tertiary level information like “Interest and likes”.
  • Earn Reward — EQ8 Network rewards users with EQ8 tokens at each step of verification. Moreover, users with high reputation scores will be rewarded with more EQ8 tokens for filling out surveys, questionnaires, polls and watching ads!

NFTs

QNFT & ANFT Model

Today we read numerous news articles regarding data on existing systems being tampered with and manipulated since it is centralized, opaque and benefits only intermediaries. However, EQ8 Network adds more value towards ownership of content through these models to make sure that no one can manipulate your data and access it without your consent. Hence, the data requester can be assured that the results have not been tampered with.

Ownership and IP Rights linked through Blockchain Addresses

Similarly, on EQ8 Network users maintain an EQ8 Network profile linked with their wallet address. They can view their profile, which contains their demographic information and other general, non-identifying information. Users are given an option to choose which demographic detail they opt to share. They can make changes to these selections, make corrections, fill in missing details and delete information, thus providing them complete ownership of their data.

Transfer of ownership when NFT is sold

Tokenization and Privacy

EQ8 Network is a decentralized data marketplace that rewards users for their attention, intellectual property and consensual data sharing.