GDPR, AI and advances in our ability to analyse data faster are transforming industries. Data is the next commodity. Has your organisation ever tried to take data from one application and transfer it to another application or system? The semantics of your database, its structure, its labelling and query structure become paramount. Without a standardised structure and query language, most applications cannot accept or ‘read’ the data in its raw format or analyse it effectively, nor can it be integrated into new applications.
Pacio and their semantic data application platform aim to standardise and simplify the storage, exchange, comparison of data globally within and outside entities, via new standard for secure and private decentralised data, their semantic blockchain. Pacio is open source and has a zero-fee structure.
Pacio aims to bring security, immutability, incorruptibility, and auditability to business data and will support inter-Blockchain operations. Their Standardised Semantic Information Model (SSIM) stores and standardises data across entities, jurisdictions and accounting standards. It retains compatibility with earlier attempts to organise business data such as XBRL but is simpler.
This benefits individuals by giving them full control over their data and reduce the cost of storing, managing, analysing and processing data for businesses. Pacio combines database analytics and standardisation with fiat and crypto accounting and management information as part of their platform. This combination of data analysis and financial management information will provide real-time business insights to boost bottom line performance. Rather than collecting financial and information for auditing, Pacio’s platform will utilise the TARI methodology to capture activity data in real time.
TARI (Target Average Rate Index), invented and developed by Pacio founders Dr Keith Cleland and Trevor Watters, is the management methodology built into Pacio. TARI creates business improvement in real time, rather than only by after the event analysis. TARI is proven to be the most effective and least expensive means of improving productivity and bottom line performance of business across the spectrum of manufacturing, retail, trade, transport and commercial services.
Pacio is an ecosystem for application developers. They can access Pacio services via APIs and integrate Pacio into their own applications, wherever those applications run, whether on the Pacio blockchain, another blockchain, the web, or the cloud. The PIO token:
- entitles the holder to a share of 25% of newly minted block PIOs as an issuance reward in proportion to the number of PIOs held, with the other 75% being the reward for block producers (miners).
- allows optional participation in the delegated proof of stake Pacio blockchain consensus block building process by providing stake.
- provides a voice in the governance of the Pacio ecosystem via voting rights.
- acts as the default currency for payment of Pacio fees, though other currencies will be accepted.
PIO will be a general use cryptocurrency for trading, payments, and value storage with these additional benefits:
- extensive account security and management facilities provided by the blockchain software.
- speed – transaction confirmation is expected within seconds, or fast enough for real-time
- no transaction fees coupled with speed, enabling micropayment systems to work efficiently.
- fully traceable in the event of theft, to help deter criminals.
One billion or 1,000,000,000 tokens to be minted initially. Pacio blockchain accounts will not be public by default. For all data stored via Pacio, users will be able to choose whether accounts are public or private, with the default for accounts being private.
In my opinion, removing the central silo is the holy grail of data architecture. Pacio’s goal and technical structure are well laid out in their whitepaper. However, after reading it, I still can’t articulate what their revenue model for their business is or how would this create demand for their token within their ecosystem of developers to use it? Their zero-fee structure for their services will not create any initial cash flow, and Pacio will use cloud service providers for data storage and bandwidth which have monthly service fees. What service does Pacio or its blockchain provide other than the SSIM data format, Single-Entry accounting on the blockchain ledger, and its TARI service? Do any of these services generate fees for Pacio through their application marketplace or via developers/entities using them?
Pacio also clearly recognise the 15-month development of their MVP is dependent upon the following inputs: Cosmos SDK, Cosmos Hub, Tendermint Core, BigChainDB, HoloChain to name but a few. These are all projects that are currently also under development within the blockchain space. With so many variables for delivery, what part of the project is within the control of Pacio’s team or their governing council?
Once again, I have to ask why is there a specific token to fuel this ecosystem when it accepts other cryptocurrencies as a means of payment? Token economics is always supply and demand in action. I can see the supply of tokens what I can’t articulate is how their ecosystem will create demand for the services they offer.