What is Big Data Block?
Big Data Block brings deep data analytics capabilities to the masses by utilizing open source technologies and the decentralized nature of the blockchain. The understanding and knowledge gained from all the data being created will no longer be limited to companies with deep pockets. We will make these capabilities easy to use and economical, leveraging a pay per use model that will fit any budget. The addition of the sharing economy available in our Knowledge Exchange will make it possible for people to work together all over the world to truly democratize the data analytics space
-Jason Cohen, CEO & Founder
ICO Alert Quick Facts:
- Makes big data computational analysis accessible, affordable, and secure, for everyone.
- 1 BDB = $0.25 USD (during the discounted 50% private sale period)
- Pre-ICO: May 1–June 15, 2018
Main-ICO: August (TBD)
- 59,000,000 total available / 100,000,000 total supply
- BDB Prototype is live
Q&A with Jason Cohen, CEO & Founder
ICO Alert: For those who are not familiar with Big Data Block, can you explain what it is, and what the team aims to accomplish?
Cohen: Big Data Block (BDB™) combines Big Data solutions and blockchain technology utilizing Ethereum’s smart contract and token capabilities. BDB™ democratizes Big Data for everyone. Combining the best of Big Data and the best of blockchain we remove the deep technical skills and costs needed to leverage a Big Data environment and becoming the first BDaaS (Big Data as a Service) on a blockchain.
PROBLEMS WITH BIG DATA
There are a multitude of issues currently with Big Data including but not limited to cost–it’s prohibitively expensive, accessibility–the vast majority of organizations in the world lack the capacity to implement any type of Big Data solution, and security–even the largest multi-hundred million dollar Big Data environments are susceptible to being hacked. Every day, we create 2.5 quintillion bytes of data. To put that into perspective, 90 percent of the data in the world today has been created in the last two years alone — and with new devices, sensors and technologies emerging, the data growth rate will exponentially accelerate.
We make Big Data computational analysis accessible, inexpensive, and more secure. Accessible–via a simple and streamlined GUI. Inexpensive–via our simple pricing tiers with 1000% annual savings over traditional Big Data. Secure–via BDB™ encryption. By using blockchain technology we spread the computing burden across a multitude of computing devices in the BDB™ global blockchain ecosystem. BDB™ is built and optimized to focus solely on Big Data analysis and removes all the associated headaches. In addition, in order to foster the sharing of knowledge, we’ve created the BDB™ Knowledge Exchange (KE), a portal that allows people to exchange anything they have created on the site for free or fee and to allow those with Big Data expertise to offer their skills to anyone on the platform.
ICO Alert: How does the Big Data Block token (BDB) function within the platform and why is it needed?
Cohen: The BDB token provides two primary functions:
Payment — Our model needs miners or data processors. In order to provide a mechanism for payment, we need a token in which to pay for the processing. We also have some specific payment logic which makes a smart contract an ideal solution. The jobs will take time to process. We don’t want to pay the processors when the job kicks off because a particular node might fail due to a computer hardware issue, for example, and that node can’t finish their work. We are solving this by escrowing all payments until the job is completed and only then submitting payments to all the processing nodes. This payment logic will all reside in our smart contract
Metadata Recording — Every component created will have it’s metadata (instruction set) loaded on the blockchain. This isn’t the actual data, as that would be a data security issue. This is simply the setup of each component. This is very important for a few reasons. The users that create modules in the system will very easily be able to go back in history and see every single item they created and the change history of each item. This helps a lot with version control, as any item can be brought back and have changes checked. This is also very valuable from a data provenance standpoint. The Knowledge Exchange allows for a free or fee based exchange of anything created on the platform. This makes it extremely important for us to be able to track the history of items as well as any changes made to these items from a data trust standpoint. Let’s say I buy a data mapping from you for 50 BDBs, but our agreement is that you can’t ever resell it. You then make one small change and try to resell it as a new data mapping. I can see you are selling this and I can also see that all you did was change a field name and violated the agreement. The ability to track or recreate anything will be extremely valuable for everyone using the system.
ICO Alert: With data sets growing faster than computation, how does Big Data Block plan to keep up?
Cohen: The beauty of the Big Data Block solution is that we can scale almost infinitely. The more nodes we have in the network the more we can distribute each job. We can even create processing groups or distribute the processing regionally if needed. This is beyond what anyone else out there is doing right now.
ICO Alert: Cataloguing and indexing information in a smart and efficient way may be expensive. One requires experts in those respective fields to do it right and to do it efficiently. In what way will Big Data Block reduce the costs associated with this?
Cohen: Our primary goal of the system will be ease of use. There’s no question that some basic knowledge of your data will be needed, but beyond that we plan to make it extremely user friendly. For those that still feel they need help or for more complex analytics, we believe the Knowledge Exchange will provide an excellent way for those with this type of expertise to offer their help to others for free or a fee. We will also have a support function that users can utilize and we will assist to make sure everyone is as successful as they can be using the system
ICO Alert: Due to large amounts of data generation, most organizations are unable to maintain regular security checks. How will Big Data Block be able to maintain security?
Cohen: All the data in the BDB system is encrypted and the nodes processing the data run in a Docker container that can’t be controlled by anyone else even the owner of the data processing node. We keep everything locked down. An additional layer of protection is the inherent decentralized nature of the solution. No longer is all your data processing out of a centralized location. If a hacker gets into a centralized layer, they have access to all of your data. BDB decentralizes this processing to hundreds or even thousands of nodes that aren’t connected together at all. This means any single point of attack would, at most, give access to that node but nothing else in the network. This makes it basically worthless for a hacker to attempt to attack a node as the amount of data they might be able to get is minimal and the effort to individually hack all the nodes makes the task of getting a lot of data virtually impossible.
ICO Alert: Access to data in real time can dramatically reduce differences. How will Big Data Block make accessing data in real time possible?
Cohen: Our initial focus is on data at rest, as that’s easier to manage, but we are definitely discussing future enhancements leveraging tools like Apache Spark to do real-time data streaming analysis.
ICO Alert: With smaller companies being able to easily access big data through the use of your platform, how will this change the playing field?
Cohen: The simple truth is that deep analytics capabilities aren’t available to people if they don’t have deep pockets or in house technical expertise. We already have several beta customers lined up and they all say the same thing. I have a lot of data, but no easy way to analyze it as the tools and solutions are all complex and expensive. We are removing this complexity and high cost. This allows the smaller players to start to better compete with the bigger ones. Smaller companies tend to be more nimble and when you combine that with easy access to deep analytics, these smaller companies should be able to really leap forward quickly. The other area we are very excited about is the non-profit and education/R&D space. We believe this solution will allow these entities to move much faster and make smarter decisions. The addition of the Knowledge Exchange will also provide an avenue for all of these users to interact with each other essentially providing the wisdom of the crowd. It’s up to the users if they want to leverage this capability and our hope is many will. Imagine people all over the world working together on these projects. That’s a very powerful model to help smaller entities compete with larger players
ICO Alert: Competitors such as Oracle, Horton Works, and Cloudera currently lead the market in Big Data collection. How is Big Data Block different and how does it plan to change in order to lead the market?
Cohen: All of these systems are enterprise class and expensive. They also require deep technical expertise to manage. This means companies need to pay for the expense of these systems, as well as high priced internal resources or even more expensive consultants to help them manage these environments. The pricing model for these systems is also typically an annual fixed commitment. We require no technical expertise AND we are a pay per use model. This means when you aren’t using the system you pay nothing. There is no longer any barrier to get started either. Any typical initiative like this can take months to get all the systems setup properly only to hope that, after all the money is spent, that everything works as expected and we all know how often larger technology initiatives typically go. They are often late and over budget. BDB allows you to start immediately with zero technical setup and no hidden costs. You pay for what you use and that’s it. If anyone needs additional help linking their data or setting up a job they can use the BDB community for help or we will have a support model to help them.
ICO Alert: How far along is the project today and when can contributors expect to use the platform? What does the roadmap look like for 2018?
Cohen: We have been working on the project for several months and are making great progress. We have the first drop of the backend prototype and the second drop will be delivered in late May. We have also started work on the user screens for the front end interface. Our goal is to have limited beta functionality available around the time of the ICO with a full release in Q4 2018.
ICO Alert: As a non-Big Data Block question, we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?
Cohen: I don’t want to speculate on our project, as I am biased but I am very bullish on the overall space for the next 3–5 years. I started investing in this space in 2014 and I remain an investor in many projects. I believe this is the next wave of technology that will dramatically change the world. I don’t believe crypto will eliminate fiat for a long time but I don’t think that’s the key to the success of crypto. The ability to easily get funding for really interesting solutions and the removal of controlling entities from positive technological advancements is enough to cause the crypto market to grow dramatically over the next several years.
The Pre-ICO will begin on May 1, 2018 and will end on June 15, 2018. There are a total of 4,000,000 Big Data Block tokens (BDB) available during the Pre-ICO, representing 6% of the available BDB supply. A hard cap of $30,000,000 USD is set for this period
1 BDB = $0.25 USD
The Main ICO will start (TBD). There are a total of 57,000,000 Big Data Block tokens (BDB) available during the Main ICO, representing 96% of the BDB available supply.
1 BDB = $0.5 USD
Current accepted currencies for Big Data Block is ETH and BTC.
Big Data Block is an ERC20 token, so it’s important that contributors use ERC20 compatible wallets to send funds to the ICO smart contract, and to receive the BDB tokens.
U.S. citizens are not permitted to participated (Accredited investors only)
How To Participate
Currently, contributors must contact the Big Data Block team to sign up for the sale.
Token Distribution Information
There are a total of 100,000,000 BBD tokens being created, with 59,000,000 available during the ICO sale.
Contributors will have their tokens distributed shortly after the end of the ICO. Visit the Big Data Block website for more information and the contribution address.