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Data Pools

The token untilities in each data pool

Adding a Data Pool​

Anyone can add a data pool, but here are the requirements:

Token Allocation​

The owner of the data pool will need to allocate tokens from their wallet to the data pool. The tokens will be used to incentivize data providers to contribute to the data pools. The tokens will be distributed to the data providers based on the Max Incentive per user and the Min Data Quality of the data provided.

Process​

The tokens will be held in the CognideX Pallet, which means these tokens will still be owned by the owner of the data pool, but they will be locked in the CognideX Pallet until the data providers have earned them or the data pool is closed.

Max Incentive per user​

The maximum number of tokens that a data provider can earn from contributing data to the data pool which is the data of the best quality.

Min Data Quality​

The minimum quality of data that a data provider must provide to earn tokens from the data pool.

Option for Staking​

The owner of the data pool can choose to allow data providers to stake their tokens in the data pool. This will allow the data providers to participate in the governance of the data pool and earn rewards for voting on proposals.\

Note: To allow a data pool's data to be updated safely, this function is recommended, else users can re-upload the same data or data with little changes to earn more tokens. (Refer to Data Pool Updating to learn more)

Process​

The data providers will need to stake their tokens in the data pool to participate in the governance of the data pool. The tokens will be held in the CognideX Pallet, which means these tokens will still be owned by the data providers, but they will be locked in the CognideX Pallet until the data providers have earned them or the data pool is closed.

Price of Data Pool​

The price of the data pool will be determined by the owner of the data pool. The price will be in CGDX tokens and will be used to determine the cost of accessing the data pool. The price of the data pool can be changed by the owner of the data pool at any time.

Staking Mechanism in Data Pools​

The staking mechanism in data pools is used to incentivize data providers to contribute to the data pools after their initial upload to the data pool such as updating the data.

Staking Calculation​

At every point of time the owner of the data pool will have at least 50% stake in the data pool as the owner of the data pool is the person who create and spend the CGDX tokens to create the data pool. The remaining 50% of the stake will be distributed among the data providers based on the amount of tokens they have staked in the data pool.

The variables used to calculate the rewards for staking are:

  • Tokens Allocated\text{Tokens Allocated} - The number of tokens allocated to the data pool.
  • Tokens Staked by Providers\text{Tokens Staked by Providers} - The number of tokens staked by the data provider.
  • Tokens Staked by the Owner\text{Tokens Staked by the Owner} - The number of tokens staked by the owner of the data pool.
  • Total Tokens Staked\text{Total Tokens Staked} - The total number of tokens staked in the data pool.
Tokens Staked by the Owner=Tokens Allocated\text{Tokens Staked by the Owner} = \text{Tokens Allocated} Total Tokens Staked=Tokens Staked by Providers+Tokens Staked by the Owner\text{Total Tokens Staked} = \text{Tokens Staked by Providers} + \text{Tokens Staked by the Owner}

Since every data provider is only allowed to stake whatever amount they have earned from the data pool, the owner of the data pool will have at least 50% stake in the data pool.

Data Pool Price Proposals​

The owner the data pool can create a proposal for a buyer with a price set for the data pool. The buyer can then choose to accept the proposal or reject it. If the buyer accepts the proposal, the buyer will need to pay the price set by the owner of the data pool to access the data pool. The price will be in CGDX tokens. This mechanism will need to be voted as long as the owner does not have more than 60% of the stake in the data pool.

Data Pool Updating​

No one uploads data for free, hence the owner will need to incentivize the data providers to update the data pool.

Staking mechanism for updating data pool​

The staking mechanism for updating the data pool is used to incentivize data providers to update the data pool after their initial upload to the data pool. The staking mechanism for updating the data pool is similar to the staking mechanism in data pools, but the rewards for staking are calculated differently. Using this mechanism we can also prevent users from re-uploading the same data or data with little changes to earn more tokens as there are slashing mechanisms.

Re-Allocation of Tokens​

If Staking is not enabled, the owner of the data pool can choose to re-allocate the tokens that have not been earned by the data providers to the data pool. The tokens will be re-allocated to the data providers based on the amount of data they have provided to the data pool. The tokens will be distributed to the data providers based on the Max Incentive per user and the Min Data Quality of the data provided.