DAVE Alliance seeks to build new data monetization system
CyberVein, the next generation big data and technology company, recently announced the Data Analytics and Valuation Engine (DAVE), aimed at connecting big data, cloud storage, blockchain and AI companies, associations, universities and outspoken data activists. CyberVein has called on the industry to join the alliance’s mission – create a new standard for data ethics and data monetization.
As the next step, CyberVein will expand on what the DAVE alliance entails and how it will work in practice. DAVE adheres to the principle of co-creation, especially when it comes to cybersecurity and intercommunications. The alliance’s objective is to unlock the true value of data by creating a new standard and monetizing it, allowing both businesses and individuals to reap the benefits of big data analytics. Each member of the alliance serves as a thought-leader, a subject matter expert and a service provider for its respective area of expertise, such as onsite or cloud storage, AI/ML algorithms, (cloud) computing, distributed hardware, and big data collection and processing.
“Imagine the DAVE Alliance as an open archive of metadata, similar to an open library,” said Jack Ge, CyberVein global ambassador. “Alliance members would be able to run analytical models without accessing the actual data.”
Business needs, there are a large number of emerging companies, big data research institutes, and consulting firms that all have need of digitalization, streamlining and blockchain integration, thus the DAVE Alliance came into being.
Data collection, after voting to join the DAVE Alliance, data is stored locally to ensure data privacy and security, and metadata is shared, opened and exchanged with other members of the alliance so that big-data as a collective can be fully and effectively used.
Asset management, members who join the DAVE Alliance need to integrate the PISR database, and access to the database requires other alliance nodes to vote and to ensure that the database operation is recorded on chain to prevent destructive operations from happening.
AI modeling, if computing power is required for calculation and model building in business requirements to improve work efficiency and reduce working time, one can choose to pay for a large amount of transparent, high-quality GPU power (Cytrix, Golem, SONM), and support multiple scenarios AI training.
Data analysis. “Ensure data security and open metadata to build a community together” is the basic principle of DAVE Alliance. If the business needs include model building, one can pay to use the online model building environment in the alliance to achieve interactive online model building, plug-n-play components, offline model training and deployment through federated learning.
Why companies should join the DAVE Alliance:
On the data demand side: it’s possible to have diversified, customized big data service offerings.
Crypto projects: unite, instead of being a single service provider. Being a part of the DAVE Alliance means integrating into a complete big-data collective, which will result in new business opportunities.
Shared profits: it is estimated nearly 200 tradable data products can be traded every year, while more than 40PB of data will be processed in the coming years. The alliance is set to monetize the data transactions, it will also distribute 20 per cent of its annual profits to the alliance members.