What Is Measurable Data Token?
This blog post will cover:
- About Measurable Data Token (MDT)
- Where did Measurable Data Token (MDT) come from?
- What are the advantages of Measurable Data Token (MDT)?
- What are the disadvantages of Measurable Data Token (MDT)?
- How to buy Measurable Data Token (MDT) on SimpleSwap?
About Measurable Data Token (MDT)
MDT is a token of a decentralized data exchange ecosystem. Since nowadays almost everyone is producing some sort of data, it is highly important to be able to control it. Measurable Data Token (MDT) provides this opportunity and, moreover, allows users to monetize their data. The main idea of the service is to connect data providers with data buyers and evaluate circulating data.MDT is an ERC20 token, built on the Ethereum Blockchain. It serves as a utility of the ecosystem. As it is said in a white paper, the MDT token was created only as a part of the ecosystem, and it is not supposed to give any extra rights or to have value outside of the ecosystem. The only function of this token is to denominate a value of data.
Where did Measurable Data Token (MDT) come from?
Now people are aware of the fact that all the companies collect users’ data. Most of the time users voluntarily allow this to happen, it is not a secret. However, usually, they have no idea how the collected data is applied. The first use-case that comes to mind is advertising, which became less successful with the development of ad-blockers. In the existing system it seems that the only party that benefits from the process is data collectors. This is where the idea that users can also benefit from this comes from. Measurable Data Token unites data providers, users, and data collectors into one system, equally beneficial for all the parties involved.
The project was founded in 2017 by Heatherm Huang in Singapore. Since then the team has grown significantly and is in a constant search for new talented employees.
What are the advantages of Measurable Data Token (MDT)?
- Value of data providersThis is one of the core values of this platform. The whole idea was built on the fact that data providers are left out and do not receive any benefits.
- High transaction performanceEthereum smart contracts make the process reliable and fast.
- Buyers have an opportunity to check the validity of dataBuyers and data collectors have a right to lodge an arbitration in case they have doubts about the data they want to purchase. All transactions then are postponed until the decision is published.
- Decentralization and transparencyThis is the feature that makes MDT different from any other data exchange service.
- ApplicationsMDT has several applications that make data exchange even easier.
What are the disadvantages of Measurable Data Token (MDT)?
- Not easy to implementAlthough the idea of MDT sounds very nice, it is not easy to make it massively adopted. The key problem is that people are used to sharing their data unknowingly and do not put a lot of thought into the process.
- Not available in some countriesIt may be not available in some countries because of the local data policy. So before using it make sure that it can be done.
How to buy Measurable Data Token (MDT) on SimpleSwap?
If you are willing to purchase MDT, SimpleSwap is here to help you. Please, follow the instructions below:
- For example, you want to swap BTC for MDT. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
- Select MDT in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
- Click the Exchange button.
- Enter the Recipient's Address. MDT will be sent. Be careful and make sure you use the correct address.
- Create the exchange.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to MDT exchange.
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.