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
Everyone wants a transparent yet strong system where users can exchange their particulars and assets without the fear of infringement and obtaining crooked data. Most of the sources are highly unreliable. Whereas, EQ8 Network provides us with completely safe data exchange and assessment platform. It consists of three primary technology components –
- 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.
The reputation score is all about “Your Data, Your Benefit”. Your data has a lot of value for companies and you should benefit from it. We at EQ8 Network will help bring the power back to you by rewarding you for your data.
- 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!
EQ8 Network has introduced NFTs on its platform through which content creators can monetize their data while keeping their IP rights intact. Further, creators can decide whether to transfer their copyright or not. It means every user can create unique questions for market research campaigns and they will be stored as NFTs on EQ8 Network. The data stored will have the owner’s copyright. Moreover, users will earn royalties in the form of EQ8 tokens every time their NFT is used by any third party for any research campaign.
QNFT & ANFT Model
The QNFT model is simply any NFT created on EQ8 Network in the form of a question. An NFT (QNFT) will be generated and associated with the question text making it a digital asset. This digital asset will thus be treated as the Intellectual Property (IP) of the respective user from whose wallet address the NFT is generated. Similar to the creation of NFTs for each question, each answer provided by the data providers will also be created as NFT. As each answer provided by the user is a unique data point, an associated NFT (ANFT) is generated.
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
A blockchain address is a unique sequence of numbers and letters that works like an email address. It refers to a specific destination on the network where cryptocurrency can be sent, and it is unique to every user.
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
Whenever an NFT is exchanged on EQ8 Network, there is a transfer of ownership within the people. “When someone transfers one NFT to someone else, the code, which represents the NFT, also gets transferred to the other person on the blockchain. This makes sure that one can check on the blockchain who owns the NFT. When an NFT is created it is put up on the blockchain and is time-stamped, therefore it makes digital ownership very simple and easy to identify,
Tokenization and Privacy
Privacy is the ultimate concern at present. Various organizations spend millions on market research, just to mine some useful data for their businesses sold by intermediaries without our consent. Tokenization prevents data breaches by hiding sensitive information behind the tokens and maintains a high level of security within the exchange of any data. On EQ8 Network, data providers control what data they want to share. No data will be collected or distributed without their consent. Due to the clarity and transparency of this system, it encourages users to opt for better data assessment platforms.