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3,500,000 data NFTs in 1 month
It’s been a crazy 6 weeks — we started onboarding beta testers to our very own Layer-1.
With over 1,000 concurrent nodes, we’ve minted on-chain over 3,500,000 data NFTs in one month at an average gas fee of $0.00000425.
Q: Why so many NFTs for a beta?
A: We’re building the world’s largest data ownership platform. Our goal is 1 TRILLION data NFTs in 1 year — unprecedented scale requires serious load/stress testing.
Q: What is a data NFT?
A: Simply, it’s a unique and unchangeable (non-fungible) record of a data asset (point, pool, stream, etc.) or a transaction against a data asset (access, reward, transfer, etc.).
Example: A user gives a business consent to use their app usage data to improve the product.
It becomes 2 data NFTs. First, an NFT stating the user owns the ongoing data stream of app usage data. The second NFT states they gave the business permission and access to use it.
The record is public, on-chain, and unchangeable. ← huge for compliance and risk management, costing less than a thousandth of a penny.
Q: Are these like NFTs on Ethereum?
A: Yes and no. The same concept in that you can own digital artwork, you can own your data. Functionally they’re quite different, out of necessity to handle the hyper-volume, low-cost demand of data ownership. People make (and own) A LOT of data :).
Q: How the fuck did/do you do this?
A: lol. It’s just an inspired, purpose-built solution.
Short answer, shared state and, subsequently, distributed consensus are traditionally associated with blockchains. But what if we built a protocol based on blockchain data structures with a decentralized state and no consensus? No single ledger, a network of mini-blockchains.
All designs have tradeoffs. Ours is that it pushes, to the application layer, the responsibility for keeping a record of relative addresses. After all, decentralized states all come down to how your application interprets them. Keep scrolling to find the full white paper.
Q: So what’s next?
A: We’ve been hard at work for weeks on the productization of TIKI. What I mean by this is we now have a ton of user sign ups (125,000) and tech that works (3.5M NFTs). It’s time for us to deliver value.
We’ve spent countless hours as a team aligning user, business, and investor feedback, our vision and mission, and our tech into a product roadmap we can deliver against. Now.
Said another way.
How do you build a data marketplace when you need millions of users to get businesses to buy data? But to get millions of users to sell their data, you need businesses buying it? Chicken and egg.
Q: So you’ve cracked it?
Q: Well, what’s the plan?
A: Next time. Or DM me on Twitter (@tiki_mike) to get a sneak peek. Read our white paper.