Prometeus Labs Project Insight: An Ecosystem for Decentralized and Anonymous Data Exchange

Prometeus is a very innovative project that has many products in its ecosystem. Their vision is clear; make any data accessible, uncensored and immutable for everyone

By
Rich
on
February 26, 2021
Category:
Project Insight

"Secure and private data exchange and freedom of expression for anybody"

The Prometeus Network project was launched in 2018, and the team has built a robust ecosystem in the past two years. The team consists of 12 people with backgrounds in blockchain, cryptography, AI, big data, ad tech, and data brokerage. This crucial skill set has helped the protocol achieve a lot, offering four products with another two in preparation.

The $PROM token will be the flag-ship token, but each product will have its respective token; $ PROM holders can stake to earn these tokens, or even be eligible for airdrops, just by holding $PROM tokens.

So let's dive into this protocol and see what Prometeus is offering:

IGNITE

Ignite is a decentralized social network that runs on the Binance Smart Chain (BSC), Arweave, and Sia Skynet networks. The concept of freedom of speech and no censorship is what Ignite achieves in their micro-blogging service. It is open to all opinions, even the unpopular ones.

The project is still in the public beta phase; you can check it out HERE

An important question should then arise, how is illegal content filtered out? Unfortunately, this is what comes with a decentralized social network, as they can't delete anything once posted. On top of this, users cannot be banned, which preserves the decentralization of the platform. To combat this, the Ignite team has incorporated an AI (Artificial Intelligence) that is trained to find all kinds of illicit content. 

This allows the platform to warn users when they attempt to upload something that would be illicit. 

Ignite will also have its own token $IGT, which will be airdropped to $PROM stakers. The $IGT token distribution begun on February 21st, and the listing of the token will happen on February 23rd at 10 AM UTC. There will be $800,000 deposited as initial liquidity for the $IGT token on the launch, ensuring ample market depth to support trading. There will be a total of 72,000,000 $IGT, 40 million tokens for farming, and 32 million tokens for the team, initial liquidity, and reserves.

 

STOA

This platform allows you to buy or sell any data, both private and commercial data, STOA offers this border-less service which requires no Know Your Customer (KYC), no fees, and censorship-free to anyone anywhere. 

Using its blockchain and Bit-torrent technology, STOA runs on independent nodes. Anybody can sign up to start their node. There are three kinds of nodes;

  • Data mart node is set up for creating a market or even a store for buying or selling your data.
  • Data validator node used by users that have large quantities of data creating a data factory and earning money.
  • Service nodes are a layer between Data Validators and Data Marts and the whole Prometeus ecosystem's backbone.

STOA will be upgrading to a new version soon (private beta testing ongoing) and will also have its own token $STOA, but no further information has been released yet.

For more info about STOA, click this LINK


PROSPER

Prosper is a non-custodial cross-chain prediction market, which offers various benefits over traditional prediction markets.

Benefits include:

  •  Retail-oriented
  •  Custom pools owned by users
  •  Unique prediction insurance system
  •  Fiat integration
  •  Cross-chain support
  •  Simple concept
  •  Liquidity programs with stable coin income

Prosper leverages smart contracts to create pools for prediction markets. Users can choose from a selection of time frames: 15 minutes, 30 minutes, and 60 minutes, speculating on "bull or bear" price action. If the price increases after the selected period, the bulls have won, and vice versa for bears. To keep things fair, Prosper makes use of price oracles.

Currently, there are prediction pools for BNB, ETH, BTC, and DOT. Prosper will also be launching on Ethereum, Avalanche, and Matic networks soon. Alongside this will be seamless wallet integrations, and a redesign in the near future.

Although this product is still in beta, it is a fascinating concept. Even further, the utility token $PROS will serve as an insurance token.

For more info about Prosper, check their website HERE


ColdStack

ColdStack is the world's first Decentralized Cloud Storage Aggregator. Like Filecoin, Siacoin, or Arweave, Coldstack provides users with unified API and AI-based price optimization. Coldstack is based on Polkadot and provides its own NFT tokens, which can be issued for any file stored there. Currently, this product is in its MVP stage and is presently on the test net. In the future, Coldstack will have its own $CLS token, but there is limited information at the time of writing

Check their site HERE 


PROMENADE

The Promenade will be the Prometheus non-fungible-token (NTF video platform. This protocol will connect famous people with their fans in a unique and decentralized fashion. This next-level video platform features all sorts of video interactions, including tailored videos from celebrities or influential people. While platforms such as Youtube, Clubhouse, and Fiver cater to these needs, the Promenade will achieve this in a decentralized fashion utilizing NFT's.

The project is in the closed beta stage, and there is no current website or launch date.


Exponent

Exponent is going to be a decentralized auction platform built by Prometeus Labs in cooperation with Near. This project is currently in the private beta stage but developing quickly. $EXPT will be the future token for this project. No website is available yet, and the launch date is unknown at this time.


Prometeus Token

This leaves us with the $PROM token. This token allows users to reap benefits from the success of the entire ecosystem. $PROM stands as a token enabling users access to the whole Prometheus ecosystem and its incentives. 

$PROM holders will be eligible for airdrops just by holding or staking their $PROM tokens.

They will also benefit from the 10% of other ecosystem coins flowing into the Prometeus treasury fund, which are used for additional incentives distributed to $PROM holders. Also, part of the ecosystem's revenue will be used to buy back the $PROM token, incorporating a deflationary mechanic.

After initially launching their staking program on the Ethereum Network, the Prometeus team quickly decided that paying overly inflated transaction fees for staking was not beneficial for users nor the project. So, they decided to migrate over to the BSC and have stopped deposits for Ethereum staking. To make things easier for the Ethereum users, they have made this cross-chain BRIDGE available. 

Currently, if you are staking $PROM tokens, you will be eligible for the $IGT airdrop distribution. The more $PROM you have staked, the more $IGT you will receive. The earned tokens are credited virtually and can only be spent after the token's official listing, which will be February 23rd at 10 AM UTC.


Conclusion

Prometeus is a very innovative project that has many products in its ecosystem. Their vision is clear; make any data accessible, uncensored and immutable for everyone, even making it possible to earn income from your data. They have created partnerships with many well-known crypto projects, propelling the protocols innovation.

The multiple products that have been released and being developed display that the team means business. It also shows that the project is far from ready, as it has many things coming out in the future.

Their $PROM token and all the other ecosystem tokens will all have their use case and contribute to the $PROM token holders. I'm very impressed with what I've seen, and I can't wait for all of their products to go live.

For more information, or if you wish to stay up to date on the project, check out their media and social media pages.

Website

Twitter

Telegram

Medium


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Rich

Richard is a multilingual writer, located in the Netherlands, husband and father, cryptocurrency and tech enthousiast enjoys long walks and bicycle rides. Fervent Binance Smart Chain projects promotor.