BitCoin is going to create the first Global Data Market Th…
BitCoin is going to create the first Global Data Market
The implications of this go beyond what we can imagine, but let's try:
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The reason for this is the discovery factor: if you have valuable data that you want to sell, people still need to be able to discover it.
That's why most services that sell data like netflix will give you either:
Someone asked me recently, and I don't think there will be a price to text data for a very long time (as in decades).
The first data that is going to be pruned and require a downloading fee will be the largest files (like video).
1) a limited time to access the full features for free + pay to use longer (like netflix)
or
2) a unlimited time to access some limited features + pay for faster and better service (like most file hosting services)
Because of Moore's law, I would even go as far as predicting that text data like emails will always be free to access on chain.
A very probable outcome of the data market will be that you can download slowly for free or pay for a faster download.
Contrary to netflix & current file hosting services, the Bitcoin Data Market will not have to rely on subscriptions because Bitcoin allows data to be monetizated very precisely.
The 2 business models will remain, but switch to a "pay as you use" model.
[...] to its now loyal users.
This business model has been used since the dawn of commerce & will only be enhanced in the Bitcoin economy age.
Offering the cheapest data to host as free would also be a great way for an archival node to advertise themselves, with the goal of selling more valuable data to
Even in the case where text data become monetized, paying archival nodes will be cheaper than paying traditional hosts or hosting your own servers. It might not seem to be the case until you factor in the cost of security.
If the marginal price of holding the data is below the added value to the bitcoin ecosystem, then the miners have an incentive to hold the data to make the price higher and remain more competitive. I believe this is the case for text data.
What do you think about just putting the hash of a file on chain while storing the data on a cloud service and then allowing retrieval either free (slow, as in 24 hours) or paid (instantly and fast)?
This decreases the upload costs significantly and allows illegal content to be pruned easily.
It also makes it possible for sponsors to fund TX fees without the legal risk.