Data Market

Overview

Data Market is a decentralized data trading market based on blockchain technology. It leverages Ethereum smart contracts to ensure the security and transparency of transactions, while employing MEFS storage to safeguard the persistence and reliability of data. The platform's core competitive advantage lies in its deep integration of DID (Decentralized Identity), enabling users to manage their NFT assets more securely and conveniently.

NFT

Non-Fungible Tokens (NFTs) are a type of cryptocurrency that differ from traditional cryptocurrencies like Bitcoin. Bitcoin is fungible, meaning every Bitcoin is interchangeable and has no differentiation in use—if one Bitcoin can buy an apple, any other Bitcoin can do the same. In contrast, NFTs possess unique values and are often used to represent real-world assets such as meticulously crafted art, music, or movies. The value of an NFT depends on the asset it is associated with; for example, an NFT representing the book "Journey to the West" and one representing the painting "The Starry Night" have entirely different values. Even ten NFTs representing the book "Journey to the West" can vary in value due to factors like the book's condition, whether it has been owned by a celebrity, or if it contains annotations.

Application of ETH Contracts

In Data Market, ETH smart contracts play a central role. They define the rules and logic of transactions on the platform, including but not limited to the creation, trading, and transfer of ownership of assets. The automation of smart contracts ensures that transactions are executed without the need for third-party intervention, while also guaranteeing the immutability and transparency of the transactions.

Advantages of MEFS Storage

MEFS (MEmo File System) is part of the MEMO project and is known for its high availability, scalability, and performance as a blockchain-based distributed file system. Data Trading Market, through its MEFS storage solution, achieves the dual storage advantages of "IPFS+MEFS," providing users with decentralized and reliable storage along with dual backups, ensuring the security and persistence of data.

DID and NFT Asset Management

Data Market particularly emphasizes the use of DID for NFT asset management. DID allows users to have full control over their digital identities without the need for authorization from centralized institutions, aligning with the decentralized philosophy of Web3. Users can utilize encrypted wallets as digital identity identifiers, and through the verifiability of NFTs, reduce fraud and false behavior, making the platform possess authentic and trustworthy user data.

Platform Features

Data Market offers comprehensive NFT system features, including asset creation, trading, display, tracking, and community participation. The platform supports creators in creating unique NFT assets and defining their attributes and characteristics. Additionally, it provides a marketplace where buyers and sellers can engage in NFT transactions, including auctions, fixed-price purchases, and market trades.