A deep dive into the Streamr Network
Updated: Jul 9, 2021
Publish-subscribe is a popular communication pattern. The most popular communication method in a centralized server-based system is the usage of Message Broker. With a Message Broker, the producer sends a message to a server that can provide data marshalling, routing, message translation, persistence and delivery to all the appropriate consumers. The Message Broker is a discrete service. The producers and consumers use proprietary protocols to communicate with the broker. Overall, the system is efficient but if we think about the decentralized publish-subscribe model, there is no scope of Message Broker. The decentralized model of communication is becoming popular nowadays in Internet of Things (IoT) and blockchain networks but often such communication model suffers from long and unpredictable message propagation delays and vulnerability to various attacks.
What is Streamr?
Streamr is a distributed open-source software project. The project was crowdfunded in 2017. The mission of Streamr is to build a decentralized infrastructure for real-time data. It wants to replace centralized message brokers with a global peer-to-peer network. Streamr aims to keep the communication secured while keeping the latency low and predictable.
”The Streamr Network is a decentralized, topic-based publishsubscribe system. Each publish-subscribe topic, referred to as a stream in the Streamr Network, has its own peer-topeer overlay network that is built and maintained by a set of BitTorrent-like trackers. The Streamr Network operates alongside the Ethereum blockchain, which is used to maintain public and secure registries of streams, trackers, and permissions.” – Streamr whitepaper
Image Source - High-level overview of the Streamr Network
Data Unions - the ethical new way to sell user data
Data Unions (DUs) are the basis of the monetization strategy. They also create the beginning of a new relationship between creators and their users. DUs rest on top of the Streamr and Ethereum stacks. The Streamr Network transports the real-time data and Ethereum is used to store and transfer value. The Streamr Core app manages the DU contract. The DU framework provides a simple front end to the combination of Ethereum smart contracts and Monoplasma. Monoplasma is a custom side chain which broadcasts revenue to hundreds of thousands of people simultaneously.
Image source – the monetization flow
Data Marketplace – monetizes your data
It was the first application built on the Streamr Network and the launch took place in 2018. On the Streamr Marketplace, you can monetize any real-time data for which you have publication right. The core app is used to integrate your data, create a stream. While creating the stream, you need to decide the price for your data.
Buying a product on the marketplace – from Streamr official YouTube channel
Steamr Core – the real-time data toolkit
It provides all the tools to create, process, visualize and sell data. The drag and drop menu allows an easy interactive way to create a product and sell in the marketplace.
Network –pub/sub p2p real-time data
The Streamr Network is a highly scalable real-time messaging system. It enables various applications to connect, share and trade data. IoT sensors or connected cars can easily connect to the network to share data. Decentralization of the network will happen in four stages down the line. There is no chance of single-point failure. The data gets transmitted in a secured manner and it never gets exposed to any service provider or third party.
DATA – The native token
Streamr DATAcoin (DATA) is an ERC-20 token. It represents value in the Streamr ecosystem. The companion blockchain is used for value settlement, identity, and permission control. The data flow remains in the Streamr Network only. The total supply of DATA is 683,943,835. Currently, the circulating supply is 683,943,835.
Image Source - Token summary
Streamr is not a new project. The project has successfully followed its original roadmap since the beginning. The project got listed on Binance in 2018. Now they are aiming to get listed on many exchanges of the emerging markets. Good marketing always helps! Streamr is an interesting project as it allows the end-users to create, process, visualize and sell real-time data without writing code. They already have a working product and running platform. An open-source network, relying on cryptography instead of trust and enabling data sharing and monetizing while maintaining privacy, seemed to be a distant dream a few years back. Streamr can make many things possible. They need to adopt true decentralization for sustaining success.
Note: The images (if not cited) are sourced from Streamr website.