Published: Nov 22, 2018

Barrel Protocol

Website

Status

ICO

Barrel Protocol is a data marketplace.

Whitepaper

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Interest lvl

Updated: Dec 09, 2018

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User Rating

Medium

3/5 • 1 votes

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Ticker

BRN

Type

Utility-token

What is Barrel Protocol

Barrel Protocol Overview

Barrel protocol aims to become the infrastructure that will facilitate a free-flowing and compliant data economy. Using the blockchain and smart contracts, Barrel automatically verifies that data is completely clean from any PII, ensuring data compliance, privacy, and security. After the data has been verified, it is sealed and certified by the Barrel Protocol.

In addition, through consensus-driven approach, the Barrel protocol creates regulatory-compliant data exchange standards, including definition of data schemas and formats for every participating data type.

The protocol focuses on the verification and the certification of the data, not the cleaning of the data or the trading of the data between alternative data companies and their clients. The protocol in itself is the foundation upon which developers can build specific data marketplaces, data exchanges, and through which alternative data companies can prove to their clients that their data is clean from any PII, using objective and unbiased technology to prove their claim.

The Eco-system Players

The Barrel protocol empowers an eco-system for the distribution of privacy-compliant data. This eco-system includes the following players:

Data Providers – data providers are the suppliers of the data. These data providers can be a subsidiary of a credit card company that anonymized credit card transaction data . Data providers need to comply with privacy regulations regarding the collection of the data. For example, getting users consent on the relevant "Terms of Service" agreement, etc.

Data Resellers/Refineries – these are today's alternative data companies. These companies aggregate data from Data Providers and resell this data to their clients. They are responsible for cleaning the data. The data can be cleaned manually or using sophisticated technology. As the party who is responsible for cleaning the data, they need to prove that the data is clean. Today, this requires long and tedious due diligence on their cleaning technology and practices, long legal on-boarding processes to establish the their legal liability, etc. Through the Barrel protocol this process can be streamlined or eliminated completely.

Validators – validators offer computing power to run Barrel Protocol's verification software. If their hardware complies with the Barrel Protocol's hardware requirements, they simply download the Barrel Protocol software, and their node will automatically participate in the pool of validator resources. Their computing power will be used to verify and seal blocks of data. Validators will discard blocks of data that include PII.

Data Consumers - data consumers are the buyer of the data. For example, hedge funds, retailers, etc.. As the users of the data, data buyers are usually more exposed to legal risks. They need to ensure that the data being purchased is completely clean from any PII and that the data providers, from whom they purchased the data, comply with privacy regulations concerning the data collection, storage and distribution. Using the Barrel Protocol they can ensure data is clean.

Barrel Protocol Developers – The Barrel Protocol will be constantly developed by members of its community. These developers can be from any one of the eco-system members, described above, and/or data enthusiast wishing to participate in the advancement of the protocol, to ensure safe and compliant use of data.

Entrepreneurs/App Developers – entrepreneurs and app developers will offer applications that use the clean data produced by the Barrel Protocol to generate insights based on non-PII data.

Token distribution

50% Fundraiser
20% Long-term foundation Budget
15% Community Grants, Partnerships and Bounties
15% Team, Advisors, Early Investors

Funds allocation

40% Software Development
20% Barrel Reserve
12% Marketing and Business Development
10% Seeding Refineries and Smart Contract Development
8% Operational Expense
5% Legal Expenses
5% Misc and Unexpected