MADANA: The Data Analysis Blockchain Startup to Open Whitelist Sign Up on August 1
MADANA is a German patent-pending blockchain platform that will be utilized for data analysis. It will enable the participants to engage in a data market using their own protected data. The platform recently announced that the pre-ICO whitelisting sign-up would take place on August 1, 2018.
More About The Project
In 2015, over 700 million data records were compromised globally. The figure almost doubled in 2016 and reached 1.3 billion data records. In an attempt to resolve this dire situation, MADANA was created. The platform aims to offer protected open access to analysis results based on data from different sources. All the data is encrypted and the data owner is the only one that can decrypt it if he or she consents to be part of the remotely triggered data collection.
To let the interested investors and users join the MADANA community, the startup is going to enable pre-registration for the PAX token ICO. The sale of the tokens is planned to take place in about two weeks. MADANA has a plan to be the first Lisk-based ICO that complies with the German BaFin rules.
The Aim Of The Project
In simple terms, the project wants to create a solution that brings privacy back to data producers. According to Christian Junger, the CEO, and Founder of MADANA, data is one of the most valuable modern assets. It will only grow in significance; as a result, this makes it attractive to cyber criminals. Thus, MADANA is working with experienced companies and political institutions to bring a solution based on the blockchain.
Using MADANA, users can monetize their data within the blockchain-powered marketplace. Users may post bounties and other participants can claim them. The data owners will be rewarded using PAX tokens; eventually, they are transferred using a smart contract that runs within the network. In short, users are paid for being active in the social networks.
Even with the GDPR in place, Dieter Schule the COO of MADANA said that data security was still a major concern, which was costing the world trillions annually. He said that they planned to expand upon this base and come up with new opportunities for industries to acquire data that was GDPR compliant.
In MADANA, three parties will be able to interact safely. The first will be data producers who can monetize their data without having to give up privacy control. Another participant will be plug-in providers that can implement new analysis schemes and apps via and a simple UI. The final participant will be the buyers of the data analysis, who can purchase the data on demand while eliminating the costly data management.
Who Is MADANA
MADANA is a blockchain-based startup that features an integrated system, which offers open access to data while ensuring user privacy is protected. The MADANA startup will launch a whitelisting on August 1, 2018, for the PAX token. It is going to be the first Lisk-based ICO that is compliant with German BaFin regulations.