Redefine Web3 Analytics and Provide Customized Data Analytics Service on Web 3.0
Abstract: As the first application of Fat Contract, W3A can encrypt, decrypt and tokenize user data by using Fat contract to prevent data misuse.
Data is the new gold, a scarce and important element in the information age. Digital innovation is reshaping the way most industries and businesses are functioning today. However, the misuse of data received a lot of criticism in the Web 2.0 era. From the collection of user data information by various software to the data being put into the open data market, to the purchase of data to the adoption of analysis, none of the steps in this process is authorized by the data provider.
This is also a key issue that Web3 Analytics (W3A) wants to solve since the project was founded. While providing data services, all the data is encrypted and processed by the confidential Fat Contract, so the provider has the right to authorize others to use these data without worrying about data leakage.
As one of Phala’s earliest ecological projects, W3A has undergone a new iterative upgrade after project approval, technology research, development, and in-depth exploration of business models. As the first commercial application of Fat Contract, W3A uses the Fat Contract to encrypt, decrypt and tokenize user data, thus preserving the privacy and empowering data market. At present, W3A has completed the development of its Demo and just released their light paper. The full data analysis will be executed in Phala’s Secure Worker in the future.
Fat Contract Empowers Secure Big-Data Analysis for W3A
Fat Contract is the core product launched by Phala team in 2021, a decentralized program complementary to smart contracts that supports real-time computing-intensive tasks and provides free access to all on-chain and off-chain network services.
W3A uses Fat Contract’s Secret-file contract to encrypt data files and make them data NFTs, then they can be leased and transferred to on data market. Only the NFT owners can decrypt the file to obtain data for the following process. Here Fat Contract guarantees:
- No matter whether the data storage service is reliable or not, it can ensure that user data cannot be snooped;
- There is a one-to-one correspondence between NFT and file encryption keys. NFT itself can be tokenized while the key is kept secret in the contract, so it can be freely traded and data security is guaranteed.
- Users can analyze the required data and obtain results through W3A, but cannot obtain the data files themselves.
About W3A
Web3 Analytics is the first one-stop Web3 data service center designed for the next generation Internet, Web3.0. For data validation, production, analysis, trading, and data support for other Web3 applications.
Through privacy and decentralized storage, Web3 Analytics provides data validation without third-party authentication; combined with the new generation of data tools developed by Web3 Analytics, it provides users with one-stop data processing and analysis services such as data processing, data analysis, charting, and report writing; and establishes a decentralized data marketplace where data and data-based creations can be reasonably priced, traded, and rated. The decentralized data marketplace will enable data and data-based creations to be reasonably priced, traded, and scored.
Through the design of Token and Datafi, users can control and profit from their own data and creations, thus creating a data-based creator-oriented economic system.
