On 29th November, the blockchain-based data exchange, Insights Network announced the launch of the INSTAR Blockchain and web wallet that allows individuals to earn cryptocurrency for participating in targeted research such as polls and surveys.
This marks a significant milestone in their journey to build the world’s first secure user-managed consumer database. Coincidentally, the launch comes just weeks after the massive $8B takeover of Qualtrics by SAP which is one of the largest acquisitions of all time.
Please Note: This is a Press Release
To celebrate these exciting events, Insights Network is offering the opportunity to participate in a generous referral competition.
The top referrer will win 500,000 INSTAR tokens and a trip to the tropical paradise of Sri Panwa, on the island of Phuket in Thailand. The second and third runners-up will receive 300,000 and 200,000 INSTAR tokens respectively. The top fifty referrers thereafter will receive 25,000 INSTAR tokens.
Each referral will automatically earn 25 INSTAR tokens for each referring member. However, only those community members who refer the greatest number people will be eligible for one of INSTAR’s major prizes.
The referral campaign is now open and community members can start referring today to try and win the their share of tokens and the grand prize.
INSTAR Blockchain and Blockchain Explorer
Further to their October announcement, INSTAR Blockchain is now live, and users can view the transactions in each individual block with the all-new INSTAR Blockchain Tracker. This is one of INSTAR’s greatest achievements to date and enables the launch of the INSTAR Wallet detailed below.
The launch of the INSTAR Blockchain also means that the Insights Network can now move towards full decentralization and a token migration from ERC-20. Holders of the existing INSTAR ERC-20 tokens will soon be able to register their Ethereum addresses so they can receive their INSTAR tokens issued from the INSTAR Blockchain. The company would like to note that no action is necessary at this time and further details regarding the token swap will be released in due course during Q4 of 2018.
INSTAR Blockchain has been developed using EOS Open Source software, modified to meet the Company’s specific needs and scalability plans.
Launched at the same time as the INSTAR Blockchain, INSTARWallet.com is now also live. The INSTAR Wallet is the first app running on the INSTAR Blockchain, and it enables individuals to secure and monetize their personal data by answering questions and surveys on the Insights Network.
The company also released a new Android app, which is now available on the Google Play store and powered by the INSTAR Blockchain.
About Insights Network
Insights Networks mission is to create a trustless decentralized market research network for the masses. Their ecosystem will allow consumers to secure and monetize their personal data by providing it to requesters on demand.
Insights Network uses a unique combination of a blockchain and Secure Multiparty Computation (SMPC), making it possible to enforce the exchange of data and payment between the provider and the requester of data without third-party involvement.
Insights Network CEO Brian Gallagher explains:
“Information is either stored locally on the client, or the consumer can choose to store it in our encrypted database. Either way, Insights Network has no control over, or visibility of the user’s data. The only way to access data is to target users in a survey or data exchange request which directly connects the data provider with the requesting party; Whether it be a surveyor, data analytics organization, or simply an individual party using INSTAR tokens. When requests are made, users have the option to exchange their data for INSTAR tokens paid for by the requestor. All matches on targeted requests are recorded on-chain, so anytime anyone in the world tries to extract Insights Network user data, it is fully transparent. We view the privacy preserving technology we’re building as the new gold standard for the data analytics industry .”
The exchange of data and INSTAR tokens is governed using smart contracts. The requester can close their data request at any time, and they will subsequently receive an export of the requested information. The data is fully encrypted, and the requestor can open it using a “one-time pad” which will be provided by the system. In cryptography, the one–time pad (OTP) is an encryption technique that cannot be cracked, but requires the use of a one–time pre-shared key the same size as, or longer than, the message being sent. In this technique, a plaintext is paired with a random secret key (also referred to as a one–time pad).Requestors have to extract the data themselves, and that original file can never be opened again.”
Insights Network is a decentralized ecosystem that is designed to allow users to sell and control their own data. Organizations can request data, and via the use of smart contracts, individuals can provide that data and receive compensation in the form of INSTAR tokens.