- 15 Mar, 23
Measurable Data Token (MDT) 101: Unlock High Profits with Data!
The data market has become a new ecosystem measured in trillions of dollars today. With the development of digital technologies, many tech companies have established large data centres. Companies use user data for purposes such as providing personalised advertising services. However, in this process, the interests of the individual whose data is being used are ignored. For example, user data is still being collected and processed without regard for privacy rights. Measurable Data Token (MDT) aims to change this.
The platform enables individuals to make high profits through their data and uses technologies such as blockchain, cryptocurrency, and Ethereum smart contracts. The first blockchain, Bitcoin, aimed to allow people to share their information privately without a central authority. MDT takes on a similar mission, it targets the Web3 and data market instead of finance. If you want to learn more about the project, this Zatrun.com article is for you.
Table of Contents
What is Measurable Data Token (MDT)?
Measurable Data Token is a decentralised application (DApp) that runs on the Ethereum blockchain and was launched in 2017. This application has its own native cryptocurrency called MDT and focuses on the data market. Accordingly, the platform uses Ethereum’s smart contract technology to perform transactions and ensure the security of data trading. Users earn money by selling their own data to data buyers on the platform. However, this is not the only use case of the platform.
The MDT platform also has a tool that analyses and visualises users’ data. Additionally, people can adjust their data usage rights, such as how long they will share their data. The project, designed for a broad range of use cases, enables decentralised market research, customer understanding, and data-driven decision-making. As a result, Measurable Data provides data buyers with high-quality data while providing users with a secure and transparent way to control their data and earn money from it.
How Does Measurable Data Work?
The Measurable Data Token platform operates as a platform that allows individuals to share their data with data buyers for cryptocurrency. The platform uses smart contracts on the Ethereum blockchain to facilitate these transactions and ensure the security and transparency of data exchange. Here is an overview of how the project works:
- Users share their data on the platform by creating an offer that includes information such as the type of data they want to share, the duration of data sharing, and data usage rights.
- Data buyers browse the data offers on the platform and make offers to purchase data using MDT coins.
- When an offer is accepted on the Measurable Data Token platform, the data buyer transfers the cryptocurrency to the individual who shared their data.
- The smart contract on the Ethereum blockchain automatically verifies the transfer of tokens and releases the data to the data buyer.
- Individuals can use the MDT coins they receive to purchase data from other users on the platform or pay for services such as data storage and analysis.
- Finally, they can also transfer this data to the data analytics tool that allows users to analyse and visualise their data.
Is MDT a Good Investment?
The Measurable Data platform is home to the Measurable Data Token, also known as MDT coin. This cryptocurrency uses the ERC-20 standard, which enables the creation of tokens on the Ethereum blockchain. Within the data platform, MDT allows users to earn money by selling their own data. For example, when you offer your data on the platform to data buyers, you receive payment in MDT coin. This allows users to generate income from their data. Users can spend the tokens they receive to purchase data from other users on the platform or to use tools.
The Measurable Data Token was launched in 2018, during a time when the cryptocurrency market was experiencing the brightest period of a bull season. This benefited MDT coin, and shortly after its release, the cryptocurrency reached $0.85. This price, recorded on January 10, 2018, still represents the all-time high for the asset. As those familiar with crypto assets know, after a rise comes a fall, and the same was true for MDT. By the end of 2019, the asset had fallen to its all-time low of $0.0016.
During the big price surge in 2021, the cryptocurrency recovered and reached as high as $0.1. However, this was still well below its initial high levels. Undoubtedly, MDT coin did not perform as well as other cryptocurrencies during the 2021 rise. With the emergence of the bear market in 2022, the Measurable Data price continued to fall, and it is currently trading at around $0.07 With a market capitalisation of $51.7 million, the project is ranked as the 399th largest blockchain platform.