In today’s article, we will talk about the Prometeus ecosystem, which is designed to build a secure environment where users can interact with the data market. We’ll look at platforms and protocols that allow users to exchange, store and quickly process any recorded information in a secure manner.
Any recorded information that needs to be transmitted or processed must be presented in the form of data. The volume of digital data generated worldwide is enormous. For example, in 2020, the global volume of data reached about 59 zettabytes, and by 2025 it is expected to grow fourfold.
Data marketplace network
Prometeus was originally developed as a platform that allowed users to trade and monetize their data, but the developers changed their minds about further project development and set out to create an ecosystem for sharing and storing user information.
PROM service token lies at the base of the ecosystem and is used to pay for staking rewards and act as a means of payment for services provided on the Stoa decentralized data sharing platform and on the social network Ignite.
In early 2021, developers announced their plans to connect the DeFi ecosystem with decentralized data sharing solutions. To that end, the developers have proposed token issuance for each of their projects. Products created by Prometeus Labs include Stoa, Ignite, Prosper, Coldstack, Promenade and Exponent.
It is worth noting that some of the new tokens can only be obtained by owning PROM tokens, and all of their holders are entitled to receive a portion of the profits from Prometeus Labs’ products. Thus, Ignite decentralized network tokens were available at Prometeus Farming to all PROM token holders, and the earliest participants, who interacted with contracts prior to February 22, 2021, received IGT airdrop to their wallets.
The first product created by Prometeus was the decentralized user data exchange platform Stoa, where you can sell and buy various types of data, be it autographs, statistics, analytics, source code, music files, images, or videos.
The platform connects data providers and consumers in any field of human endeavor, be it finance, marketing, or health care, allowing them to avoid middlemen who often collect user data without their consent.
The decentralization and security of the ecosystem are ensured by service nodes that are responsible for data storage, while network validators ensure validity of data while the Data Mart application is used for accessing data and proceeding it to the buyer.
Stoa operates on top of smart contracts, using a distributed ledger to ensure data immutability. No KYC is required to use the platform, and all transactions are anonymous.
Ignite is a decentralized microblogging service that offers a space for the expression of thoughts and creativity with no censorship and restrictions. The platform is community-driven and cannot be blocked or taken over. Binance Smart Chain is used to transmit messages, and Arweave-based distributed storage is used to store them, allowing the network to function even in case someone attempts to block the network.
Currently, the blog has about 80,000 users and about 500,000 messages. As the concept of the Prometeus platform shifts, developers plan to integrate voting mechanisms, thereby expanding the social network into a DAO.
IGT tokens are the platform’s internal currency and are used to promote their blog posts, pay for product advertising, vote on the future of the platform, and support the system by staking coins.
Prediction markets are based on processing massive volumes of data that can serve as the basis for decision-making. You can find more information on prediction markets and other related projects in one of our previous articles. Focusing on data management, the Prometeus ecosystem has created Prosper, a non-custodial cross-chain marketplace for short-term predictions and hedging based on Binance Smart Chain.
Prosper has three types of pools to offer: 15, 30 and 60 minutes. The BSC network generates 168 pools daily; when opened, users can bet on either bulls or bears. A unique feature of the platform is the ability to create your own pools with your own conditions using the PROS tokens.
Coldstack is the world’s first decentralized cloud storage aggregator, created to provide a single entry point to Filecoin, Sia, Arweave and Storj clouds. Coldstack provides a single interface and optimizes AI-based pricing by combining multiple decentralized clouds into a single decentralized application.
Coldstack is based on Polkadot and allows you to create your own tradable NFT tokens based on user data. In addition, Coldstack can be used as storage for blockchain-based games or a trading floor for NFT tokens. The protocol is currently running on top of the Ethereum testnet, Rinkeby.
The internal CLS token is mainly used to pay for such services as file storage, authentication or voting, and other ColdStack features. The token is scheduled to launch this month (May 2021).
Two other projects are currently undergoing the testing and launch phase: the video platform Promenade and the decentralized auction platform Exponent, developed in cooperation with Near Protocol.
The Prometeus ecosystem consists of numerous active products, which shows the developers’ serious intentions and excellent prospects for the project. Prometeus is focused on decentralized markets and building an ecosystem of interoperable protocols and platforms, which will positively affect the ecosystem’s growth.
A proven leader, successful at establishing operational excellence and building high-performance teams with a sharp focus on value creation and customer success.