While several businesses have continued to integrate blockchain technology in their operations, there has still been a big discrepancy in regards to how much data is available on blockchain platforms. RateSV intends to change this, offering its users a platform for earning Bitcoin SV (BSV) by investing in real-time data on the financial data channel.
The goal of RateSV is to build a bridge between the real world and the blockchain world, enabling the flow of data between the two. RateSV announced the new version on Twitter:
The 1.0 version of RateSV has been released? Go check it outhttps://t.co/6s4icvKj10
— Rate-SV (@RateSV1) August 9, 2019
The platform offers its users an opportunity to invest in BSV to record precision data and to obtain ownership of the data and the channel. You get to earn revenue every time there’s an API request for this data. Furthermore, you can earn revenue by reselling your channels as well as posting ads on your channels.
RateSV relies on the Metanet, a global protocol designed by Dr. Craig S. Wright for creating transactions that allow applications such as browsers and wallets to interpret and use on-chain data. Most crucially, the Metanet allows the users to be in complete control of their own data using a built-in permissioning system.
Once a user joins RateSV, he can create a channel, which is a formatted data stream. The channel can contain all sorts of information, from stock prices to weather data and even social media information. Each channel has a head that gets to enjoy some privileges. If a channel doesn’t have a head, the first user to bid on the channel automatically becomes the head.
RateSV expects to release version 2.0 in September this year. This version will come with important updates, such as the ability to transfer the ownership of the head and the addition of new virtual currency transactions. In a later update, the platform will increase traditional financial channels such as contracts and futures.
To ensure the security of the data, RateSV applies ECIES encryption. Only the channel heads can decrypt the data, with RateSV completely unable to obtain these keys. The data is stored on the superior Bitcoin SV blockchain ensuring stability, transparency and durability.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.