BDP Community Commentaries + AMA

This post was originally published here

This is the third of our weekly updates for the community. We will give some insight into what we’ve done and are working on. We have a special format this week. Instead of answering the usual questions from Telegram and WeChat, we will publish our comprehensive answers to a WeChat community AMA done on 4/5/21.

Note 1: This is not a complete list of everything we are working on. We have to keep certain plans and details under wraps until we are ready to announce them publicly.

The team works 7 days a week. We are relentless. Just like the rest of the Big Data Legion!

Note 2: Keep expectations in check. A meeting does not mean a partnership results from it.

VENI VIDI VICI

Project updates

Tech

  • BDP Data Market alpha launched. Testing underway on Rinkeby testnet
  • Further development and testing of the BDP Data Market alpha
  • Implemented dark mode functionality for BDP Data Market
  • Worked to expand our development capabilities by reaching out to dev shops and developing a more robust hiring process

General Updates & Business Development

  • Announced partnership with Injective which will allow users to create and trade derivatives on BDP and our tokens. Injective is also added to BDP’s Oracle Market.
  • Announced that CryptoQuote joined the BDP Data Alliance.
  • Published video on the value of $bALPHA and the ClosingBell dataset
  • Partnered with an eSports & gaming data provider out of Europe. Announcement to come soon.
  • Had several meetings with potential data provider partners.
  • Interviewed a China-focused BD Lead and a US-based researcher.

WeChat FAQs

Thank you for join this AMA, Peter. Welcome!

biswap

Thank you for having me. It’s a pleasure to be here today. We really value and appreciate our Chinese community. More than half of our web traffic and hodlers are from China, Hong Kong, and Singapore.

Most of us heard about Big Data Protocol because of the 6.6 billion TVL of BDP one month ago. That was a miracle. The discussion on BDP keeps ongoing, even though the actual product has not been put online yet. So, Peter, can you introduce your team and this project BDP itself?

Big Data Protocol is a DeFi protocol and data marketplace to source commercially valuable data from professional data providers, tokenize it, and make it liquid. Let me introduce you to our project!

Data is the new oil and it powers the new digital economy. But datasets sit in siloes and are highly illiquid.

Our Data Vault and Data Room have been live since launch. We tokenize data and make them liquid through the simple DeFi mechanic of liquidity mining. In our Data Room, you can access datasets right now from providers like ClosingBell and Glassnode.

Our Data Market is a friendly fork of Ocean Market — we’re working closely with the Ocean team to go live this month. It’s the Uniswap of trading data. It’s an incredibly addictive experience — people can trade datatokens and stake on datasets using BDP. Like Uniswap, the returns can be substantial — but the risk can be substantial as well.

The authenticity, liquidity, ownership, pricing principle of data have always been the difficult problems in the data market. What is the bottleneck for the data market on blockchain for the time being? Will Big Data Protocol bring us some breakthrough?

Our platform solves the problems of liquidity and quality in big data. We’ve unleashed over $30 million in liquidity for BDP and millions more for our first datatoken, bALPHA.

As for quality, BDP’s breakthrough is in providing unprecedented liquidity to verifiable datasets from vetted and trustworthy data partners. These are data partners we’ve worked with for years, in many cases. BDP takes great efforts to bring enterprise-level data licensing, support and data delivery options to our partners. Our next big leap will be introducing staking to these datasets, which will allow the crypto community to identify the most valuable datasets.

Ocean Protocol is one of those projects with history in the data market. We learned from the blog that BDP has some cooperation with Ocean. Can you explain to us about the connection between BDP and Ocean? As well as the similarities and differences?

So glad you asked. We are proud that Ocean Protocol was one of our very first partnerships, and we work with them closely, collaborating via slack and weekly calls.

Our BDP Data Market will be a fork of Ocean Market and use Ocean smart contracts. So the underlying tech is the same.

For differences, BDP will bring our lengthy experience in the data industry to focus only on commercially valuable datasets.

Also we only allow professional data providers to publish datasets. This minimizes the risk of rugpulls.

Also, users on BDP Data Market will only use $BDP to stake on datasets and trade datatokens.

According to the latest announcement, we know that Big Data Protocol is doing some resource integration from the upstream and deeply cooperating with many data providers, such as stock trading App — Closing Bell, powerful tool for on-chain data analysis — Glassnode, top crypto dark pool for liquidity — Wootrade and the platform dedicated to providing TWAP index, Xena, etc. We have witnessed the great progress on this part. Speaking for the users, who is the precious data for? Have you thought about the cooperation with some data demand side from the downstream?

This is a concern we deeply appreciate. In fact, we wrote an extensive response detailing BDP’s approach in this Twitter thread. Let me summarize it here: we’re facing the familiar challenge of a 2-sided market — a chicken & egg problem — where we need buyers and sellers at the same time to have a functioning data market. And in the long run, we absolutely need them.

However, since it’s unrealistic to think that hedge fund guys will use MetaMask and Uniswap on Day 1 to buy a dataset, we’re attacking one side of the market with a niche focus. We will cater to data providers, do all the crypto steps for them and make it frictionless for them to work with us as a traditional data platform. In the meanwhile, thousands of crypto traders will use the Data Market as an addictive and engaging platform, and stake the highest quality datasets, generating interest from buyers (and potentially high returns for themselves). In short, we do NOT need data buyers on day 1 to have a successful BDP Data Market.

Just like Airbnb focused on helping hosts post beautiful profiles of their homes, Uber made it utterly simple for riders to call a cab, and Amazon started out by creating a rock-solid marketplace for books, we will lock down our providers, and then go after the buyers.

It has been a week since the release of $BDP token. The product will be put online in April according to the plan, and we have already seen some dataset available for preview. Can you show us some Demo? Like Data Market and Data Room, how do we use them and what are them for? How all data flow around? How the dataset are valued?

For a demo of our Data Vault and Data Room, see this video: https://twitter.com/bigdataprotocol/status/1372742837784166402

For a demo of the upcoming Data Market, see this video:

https://twitter.com/bigdataprotocol/status/1373381862966624261

One of BDP’s greatest strengths is our ability to leverage Amass Insights’ experience in the data industry. In our experience, datasets that are useful for the Finance industry can be valued using alpha generation models. Other alternative data valuations are conducted by our partners who are asset managers (hedge funds, mutual funds, private equity, VCs) and corporations (retailers, marketers, other data providers, startups), and we use these as benchmarks for how individual datasets will be positioned in our Data Market.

Big Data Protocol now has several tokens, $BDP, $bALPHA, $bBETA, $bGAMMA. How do these tokens function in the whole ecosystem? What gives these tokens value? Why are there 3 different tokens? What are the differences?

$bALPHA, bBETA and bGAMMA will represent three different collections of valuable datasets. Owning one bALPHA will currently give you access to all the datasets within the Alpha Collection, which you can see in the Data Room now.

We recently published a video highlighting the value of one dataset within the Alpha Collection from ClosingBell:

https://twitter.com/bigdataprotocol/status/1377333623632711681.

The next question is also about the tokens. Big Data Protocol has 3 tokens for data. $bALPHA and $BDP were put online at the same time, there is one month left before the complete release. When will the other two tokens be released? What will be the release mechanism?

Our first priority is our Data Market, which we will launch in a few weeks. Stay tuned for the release of $bBETA and $bGAMMA. We will release bBETA and bGAMMA which you can use BDP and bALPHA to farm. Also we will have innovative farming incentives.

I have seen recent updates on Twitter that it seems to have recently reached a cooperation with KOL 0xb1. Can you tell us the story between 0xb1 and BDP ? And what kind of cooperation will it take in the future?

Nothing gets past the eagle eyes of our community and we love that! 0xb1 has shown great trust in BDP by not selling ANY of his BDP or bALPHA and instead LPing with both BDP and bALPHA. We talk to them all the time and we are working on a data product for bBETA/bGAMMA.

As a decentralized data platform, what governance model will Big Data Protocol apply? Do you consider releasing a new governance token? Or will $BDP be granted for governance in the future?

We don’t have immediate plans for $BDP to have a governance functionality, but we may revisit that down the line. Our priorities are the launch of the Data Market, bBETA and bGAMMA.

The decentralization on Ethereum brought us benefits, meanwhile we seem to gradually realize the problem of declined in liquidity caused by the transaction jam. Nowadays, various solutions have been raised to solve this problem, such as Layer 2 and Polkadot cross-chain. Ocean has announced that they will integrate to Polkadot through Moonbeam. So, will Big Data Protocol plan on attempting Layer 2 or cross-chain in the long term?

The timing of this question is great. We share our community’s pain in terms of high gas fees on the Ethereum network. Since our Data Market has the same tech as Ocean, we will have Layer 2 integration and Polkadot integration once Ocean Market has those functions. We also plan to integrate with a Layer 1 like Solana for our Data Vault and Data Room.

Last question, the iteration of products has always been the reason that a good blockchain project can continuously develop, which cannot be done without the contributions of all the developers. So, speaking from the perspective of the developer community, will there be any events, like Grant or Hackathon?

This is a great question! It is exciting that our community is enthusiastic in advancing BDP’s idea and technology stack! We are absolutely considering hackathons and grants to fuel iterative development and growth. Stay tuned for news around hackathons, conferences and other events that we plan to host for our community in the near future.


BDP Community Commentaries + AMA was originally published in Big Data Protocol on Medium, where people are continuing the conversation by highlighting and responding to this story.

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