Like CityonChain, which was featured in the CoinGeek Conversations podcast a couple of weeks ago, RateSV invites its users to become mini-entrepreneurs—or fully-fledged tycoons if they can.
RateSV deals in financial information: specifically, the exchange rates between cryptocurrencies and fiat currencies or other cryptocurrencies. Each pair—BSV/U.S. dollar or whatever—creates an endless stream of data from the changing values offered by exchanges. And that stream of information can be bought on RateSV, and then sold, if you are lucky enough to find a buyer. RateSV will upload your data to the Bitcoin SV blockchain, and then it’s yours to try to exploit, now or in the future. You buy it by the day.
Ho Tsiming is the founder and CEO of RateSV. He explains that the data streams are sold through an auction mechanism: you bid to buy the data and own it if you win the auction.
Because the data comes in greater detail than is available for free—in five minute intervals—there’s a potential market for it. For instance, someone might want to study the market movements on a day of particular turbulence. Using RateSV, the buyer doesn’t have to pay for a service that would give them much more information than the particular details they are looking for. Bitcoin SV makes small transactions possible and efficient, and its blockchain stores and distributes the data.
As Tsiming explains, “We could be an agency, to bridge between the people who want to provide the data and the people who want to consume it.” His own background is in working for a crypto exchange, so he has a good understanding of the data that RateSV is offering its customers.
Uploading the data to the blockchain provides the level of security that customers will require, Tsiming says: “They need to believe that this data is true. And we need to give them proof. The proof is that we upload at the very time it’s happened. And you can verify it on chain. If you want to check at any time, you can check.”
The current version of RateSV is just the start of Tsiming’s ambitions for the business. “We are planning to add the stock market and foreign exchanges,” he says, “it’s in the schedule and we are going to implement it very fast.”
At the moment, there’s still development work to be done before you can actually sell the data you have bought on RateSV: “There are some technical problems we need to solve,” Tsiming admits. But even if you can’t immediately make a profit on the data you buy, don’t worry because the way RateSV works, and the way the blockchain works, is that the data will be there forever, to be exploited by your potential customers for years to come.
Hear more from Ho Tsiming in this week’s CoinGeek Conversation podcast:
You can also watch the podcast video on YouTube.
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