Deploying the Insights Network Data Exchange Smart Contract on EOS Mainnet, debuting the end to end decentralized version of the INSTARWallet.com Data Exchange Platform for EOS Main Net Users.
Three months ago, Insights Network launched the INSTAR Blockchain, an EOS Mainnet Sister blockchain and INSTARwallet.com, a data exchange powered by smart contracts and secure multiparty computation software developed by our team. Since our launch, we’ve seen exponential growth, and the INSTAR Blockchain is already one of the top ten most used blockchains in the world according to Blocktivity.info.
Insights Network will deploy the Insights Data Exchange Smart Contract on the EOS Mainnet. This means that EOS Mainnet users can begin to earn EOS tokens for completing surveys on INSTARWallet.com. There is extra reason to be excited — because for the first time — we will be opening up our decentralized version of INSTARWallet.com for EOS Mainnet Users to experience.
How does the the INSTARWallet Decentralized Data Exchange work?
Each new EOS Mainnet user who signs up at INSTARWallet.com will create their profile values during signup (Select your age, gender, and country of origin). The profile values are then committed to the blockchain using a commitment scheme. This allows your account to interact with the Insights Data Exchange Smart Contract and blocks random accounts from attempting to spam the Smart Contract. Your profile values are saved locally on your device in fully encrypted form. This means that the INSTARWallet data exchange will not rely on central servers to host the user data that connects data requesters to the data providers — providing a truly decentralized, end to end, user controlled, secure data ownership experience.
Well, then how does a user get matched with a survey if you don’t host their profile values? Proprietary SMPC Cryptography Software!
While logged on to the network, each user’s device polls the smart contract for survey opportunities. Our SMPC software, in this case, specifically the 2PC garbled circuit checks the fully encrypted profile values and ensures that eligibility to participate in a survey is determined without disclosing the profile values to the requester. When a match is found, it’s recorded on the blockchain as a “match” transaction and the user is then eligible to interact with the smart contract — providing their answer + demographic values to the smart contract — and receiving automated token payment to their wallet. When the survey requester is ready, he or she can export their survey results using Insights Network’s one-time pad encryption, ensuring only the requester can ever access the results they paid for, and no middle man could ever have access to their newly acquired data.
With the full utilization of locally stored encrypted data, the Garbled Circuits 2PC Matching Engine, and the blockchain accounts interacting with the data exchange smart contract, Insights Network can now confidently say we’re the most advanced decentralized data exchange product in the world, and have just about completed the baseline blockchain data exchange solution described in our whitepaper.
What is the relationship between the INSTAR EOS Sister Blockchain and The EOS Mainnet?
Using the EOS Mainnet involves the creation of user accounts that can be costly and requires technical skills. INSTARWallet.com is a platform that is on boarding thousands of users per day who are new to cryptocurrency and have never purchased or owned a cryptocurrency before. Our mission at Insights Network is to create a platform that fuels the mainstream adoption of cryptocurrency. By having our own INSTAR EOS sister blockchain, we’re able to provide the same user experience as signing up for a standard internet application, like creating a Facebook or Amazon account. It is very valuable to the EOS community that we act as a user acquisition channel for the EOS Mainnet, on boarding hundreds of thousands, and soon to be millions of new users to the cryptocurrency world, who can be educated on how cryptocurrency works, and then journey further on to other networks and use cases. Users earn INSTAR tokens for surveys on the INSTAR EOS blockchain, which can be used for things like funding the creation of their EOS mainnet account later. INSTAR tokens power the market research focused INSTAR Blockchain and smart contracts, which will host a block producer election soon after token migration from ERC-20 to the native INSTAR Blockchain protocol token. Following the INSTAR block producer election, new market research use cases and data exchange features will continue to be added uniquely to the INSTAR Market Research Blockchain.
If you’re an EOS Block producer and are interested in producing blocks for the INSTAR EOS Sister Blockchain — please join us on Telegram and reach out https://t.me/InsightsNetwork
Let’s go EOS!