Streamr, the decentralized peer-to-peer data sharing protocol, announced today that its crowd contribution period has reached it’s 30 million CHF hard cap. Originally set to run until October 26, the Streamr crowd contribution period saw over 1300 entities and individuals take part.
Frustrated by the inefficiencies and limitations of traditional centralized data distribution systems, Streamr Network AG was co-founded this year by Henri Pihkala, Nikke Nylund, and Risto Karjalainen to offer scalable, low-latency, and secure data delivery. Tokenizing real-time data, Streamr facilitates a novel way for machines and people to trade data on a decentralized P2P network.
Streamr CEO and co-founder Henri Pihkala said:
“Our team is incredibly grateful and humbled by the outstanding results from our Crowd Contribution Period. The support, not only for our platform but for our mission, is truly inspirational and an unforgettable benchmark in the evolution of real-time infrastructure. While our ambitious goal leaves us with a long journey ahead, this early success is a huge leap in making that dream a reality.”
The Streamr Crowd Contribution Period finished on October 13, 2017, at 13:20 UTC with the Streamr token, DATAcoin, distributed to participants. DATAcoin is needed to access and operate Streamr’s real-time data marketplace, and to compensate nodes in the P2P network. Subscribers pay for the data with the token while producers and participants are reimbursed automatically and securely. A total of approximately one billion DATAcoins have now been allocated.
In line with the company's vision for a platform that is fair and open to all, the public contribution period was broken down into two successive tracks: a small cap track for contributions between 500-5,000 CHF and a large cap between 5,000-50,000 CHF equivalent.
The Streamr crowd contribution period was managed by Bitcoin Suisse, the world’s leading crypto-asset broker, and asset manager. Operating on a registration model, interested parties underwent a thorough Know Your Customer (KYC) process prior to whitelisting and participation via a smart contract.
Streamr co-founder and COO Risto Karjalainen said:
“We have been very much impressed by the professionalism and dedication of the entire Bitcoin Suisse team. We are now moving on to the next stage. The proceeds have been earmarked towards research and development on the Streamr protocol and the technology stack, which will revolutionize how people view and share data.”
Earlier this month Streamr announced that it had joined the Trusted IoT Alliance, an open source software consortium which aims to create a secure, scalable, interoperable, and trusted IoT ecosystem. Founded by industry leaders such as Bosch, BNY Mellon, Cisco, Gemalto, and U.S. Bank, the consortium seeks to standardize an open source blockchain protocol to support IoT technology in major industries worldwide.
“We started this project with the recognition that the world deserves unstoppable data for unstoppable applications and that we would need widespread support to deliver that data. We have seen overwhelming support this month, and now we can eagerly strive to reward that passion with the best platform imaginable,” concluded Pihkala.