What is Big Data Protocol (BDP) | What is Big Data Protocol token | What is BDP token

Introduction

Big Data Protocol is a DeFi protocol and data marketplace to source commercially valuable data from professional data providers, **tokenize **it, and make it liquid.

The Protocol has a vast existing ecosystem of professional data providers by leveraging Amass Insights, the the industry’s largest alternative data marketplace, founded in 2015 by our co-founder, Jordan Hauer. Amass Insights connects 14,141 professional data providers with over 10,000 consumers of data, who are primarily asset managers.

The data tokenized by the Big Data Protocol is commercially valuable because it is the same data that hedge funds, family offices, and other institutional investors pay to gain market insights and guide their investment decisions.

We’ve already built a successful data marketplace; now it’s time to build one on Web 3.0.

Amass Insights have been  featured in the following publications:

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How the Protocol Works

Big Data Protocol mints data tokens that grant access to curated datasets. Using the simple DeFi mechanism of liquidity mining / yield farming, the Protocol makes the data tokens liquid on Uniswap.

1. Source data from professional data providers

The Protocol enjoys access to 14,141 professional data providers, including 295 crypto data providers, providing datasets organized by category, asset class, industry, and geographic location. The datasets are curated by data curators.

2. Tokenize the data

The Protocol mints data tokens called bALPHA for the first collection of curated datasets. Each bALPHA token can be thought of as a key that unlocks access to the datasets. There are only 18000 bALPHA tokens.

Subsequent data tokens, named bBETA and bGAMMA, will launch after bALPHA.

3. Users farm the data token in the Data Vaults

Users earn the data token by providing liquidity in Uniswap to the data token (bALPHA) and to BDP, the access token for the Big Data Protocol.

4. Users redeem data token for datasets in the Data Room

Once a user has accumulated one bALPHA data token, he or she can go to our Data Room and burn the data token to gain access to the data basket containing the underlying datasets.

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Solving the Problems of Big Data: Quality and Liquidity

The Protocol, by tokenizing data and creating a new data marketplace, is designed to make two key improvements on how the global data economy currently operates.

The Economist famously called data “the oil of the digital era.”[1] Data underpins the new digital economy, enabling companies like Microsoft, Amazon, Alphabet, Facebook, and Alibaba to become tech giants.

Issue 1: Quality

However, data is only as valuable as the insights that can be drawn from it. For data to be commercially valuable, it must be carefully sourced from professional data providers, vetted, cleaned, processed, and analyzed.

Solution

This is why the Protocol draws on our network of 14,141 professional data providers to provide and curate data to ensure all datasets are commercially valuable.

Issue 2: Liquidity

Data, particularly large quantities of datasets, is highly illiquid and often are “in closed silos despite its digital nature.”[2]

Solution

The Protocol unleashes the unparalleled liquidity of decentralized exchanges like Uniswap for our data marketplace. In this way, users of the Protocol do not have to be data consumers — they can participate and benefit the Protocol by being liquidity providers.

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The Big Data Protocol Ecosystem

The Protocol, through our affiliation with Amass Insights, has access to a vast existing network of professional data providers, as well as market-moving events and news articles.

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Distribution of BDP and Data Tokens

100% of Initial Circulating Supply Distributed to the Community

BDP: 100% initial circulating supply distributed through seed pools in 6 days. After 6 days, there are no further emissions of BDP for at least 2 months. There have been **NO **token sales of any kind.

bALPHA: 100% of the total supply of the first data token will be distributed via liquidity mining over three months.

Long term liquidity mining

The Big Data Protocol is designed to incentivize liquidity mining over the long run. Users provide liquidity to earn bALPHA over the course of 3 months. Subsequent data tokens, named bBETA and bGAMMA, will launch after bALPHA, which will further incentivize liquidity.

Token burn

A portion of BDP and data tokens are burned as usage of the Protocol and marketplace grows over time. BDP is burned to access the Protocol as well as the data marketplace, and to pay for fees for dataset submissions by data providers, and provide curation services by curators. Data tokens are burned as they are redeemed for datasets.

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How to earn BDP and bALPHA

Step 1: Earn BDP by staking in seed pools

1a) Choose one or more seed pools in the Data Vault Image for post

1b) Stake one or more assets

How to stake: connect to Metamask, approve the deposit in Metamask, then deposit the asset.

1c) Earn BDP

24 million BDP, representing 100% of the circulating supply for the first 2 months, will be distributed among 12 seed pools over the course of 6 days (2 million BDP distributed per seed pool).

Step 2: Earn bALPHA by providing liquidity to BDP or bALPHA

2a) Choose the BDP/ETH or bALPHA/ETH liquidity pool in the Data Vault

2b) Provide liquidity on Uniswap to BDP/ETH or bALPHA/ETH

How to provide liquidity on Uniswap:

Acquire ETH and BDP or bALPHA

Click on “Provide Liquidity” in the Data Vault which will take you to Uniswap

Add liquidity on Uniswap to BDP/ETH or bALPHA/ETH

You will receive BDP/ETH LP or bALPHA/ETH LP tokens

2c) Stake LP tokens in the Data Vault

How to stake: connect to Metamask, approve the BDP/ETH LP or bALPHA/ETH LP token in Metamask, then deposit the LP tokens.

2d) Earn bALPHA

Stake BDP/ETH UNI-LP V2 = earn 12000 bALPHA (2/3 of total supply)

Stake bALPHA/ETH UNI-LP V2 = earn 6000 bALPHA (1/3 of total supply)

18000 bALPHA, representing 100% of the total supply, will be distributed among the two liquidity pools. Emissions end after 3 months, in accordance with the chart below.

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Token metrics BDP

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Total supply: 80 mil

Initial circulating supply in first two months: 24 mil

Staking/liquidity mining rewards — 52 mil (65% of total supply)

— Initial circulating supply (distributed via seed pools): 24 mil (30% of total supply)

— Reserved for future staking/LP rewards: 28 mil (35% of total supply) — locked for at least 2 months, long term vesting

Ecosystem reserve, strategic partnerships, operations, development, and strategic sales — 20 mil (25% of total supply)

— Ecosystem reserve tokens vest over 9 months (starting after 1 week, enforced by smart contract)

— Up to 8 mil (10% of total supply) of the BDP allocated to the ecosystem reserve may be used for future strategic sales, which would be subject to long term vesting. There have been NO token sales as of the date of this article.

Team and advisors — 8 mil (10% of total supply)

— Vesting over 9 months (starting after 1 week, enforced by smart contract)

bALPHA

Total supply: 18000

Liquidity mining rewards: 18000 (100% of total supply)

Liquidity Pools

— Stake BDP/ETH LP = earn 12000 bALPHA (2/3 of supply)

— Stake bALPHA/ETH LP = earn 6000 bALPHA (1/3 of supply)

How and Where to Buy Big Data Protocol (BDP)?

BDP has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy BDP

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)

SIGN UP ON BINANCE

Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)

Next step - Transfer your cryptos to an Altcoin Exchange

Since BDP is an altcoin we need to transfer our coins to an exchange that BDP can be traded. Below is a list of exchanges that offers to trade BDP in various market pairs, head to their websites and register for an account.

Once finished you will then need to make a BTC/ETH/USDT deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase BDP from the exchange.

*Exchange: MXC.COM, Uniswap, Hoo and 1inch Exchange *

Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once BDP gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!

Top exchanges for token-coin trading. Follow instructions and make unlimited money

https://www.binance.com
https://www.bittrex.com
https://www.poloniex.com
https://www.bitfinex.com
https://www.huobi.com
https://www.mxc.ai
https://www.probit.com
https://www.gate.io
https://www.coinbase.com

Find more information BDP

WebsiteExplorerExplorer 2Source Code Social ChannelSocial Channel 2Message BoardCoinmarketcap

Read more: What is bAlpha (BALPHA) | What is BALPHA token

🔺DISCLAIMER: The Information in the post is my OPINION and not financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.

🔥 If you’re a beginner. I believe the article below will be useful to you

⭐ ⭐ ⭐ What You Should Know Before Investing in Cryptocurrency - For Beginner ⭐ ⭐ ⭐

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#blockchain #bitcoin #big data protocol #bdp

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What is Big Data Protocol (BDP) | What is Big Data Protocol token | What is BDP token
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