Magnetics

The Magnetics platform is formed
from 4 composite parts:

1.Multi-chain verified data protocol and data registration smart contract. Allowing users to upload and verify relevant data about themselves from formal qualifications, career milestones and life learned skillsets. The contract will have a ‘function clause’ allowing other users to query and corroborate the
‘owner’s’ i.e. the uploader’s entries.

2.Decentralised Applications, primarily the Magnetics App that hosts the P2P verified marketplace, skills verification etc.

3.MECS, (the Magnetics Employment Capital score app) provides a quantified value surrounding a user’s propensity to adapt in the face of shifts in the global skill-requirement space. The MECS algorithmically triangulates the user’s verified employment history from the magnetics DApp against a data bank of global employment research to engineer the users standardised MECS.

4.Storage and data exchange system. Magnetics places the user in the driving seat when it comes to data exchange. We know that big data and data harvesting are forming considerable proportions of companies’ annual spend, but how much of this spend reaches the data owner? Magnetics gives its users the opportunity to monetise and sell data in the on-chain marketplace removing the need for intermediaries or centralised servers. Rather than passively signing away data rights as terms of use, as on Facebook and LinkedIn, the protocol encrypts all data and gives the user the option of decrypting it for a price in Klix tokens.

The process of data exchange is as follows:

Application A requests user data from application B via the Magnetics protocol. The user receives a notification, thus sparking the decision whether to decrypt for the requester. If the data owner wants to receive Klix tokens, the user specifies the number of tokens for which he/she is ready to sell the data. Post token transfer, the data in the encrypted form is automatically sent to the Application B. Following that, the data in Application B is decoded.

Data storage

Prima facie, Magnetics will use decentralised stores as the basis of its data exchange and storage system. The hash of data to check its actuality is stored in distributed registries and ledgers. Stores with elements of Storj, IPFS and Torrent technologies can be used to keep the data. Stores will have an adaptable
system to manage access rights and allocate stored information to nodes (in some cases not all data will be stored on all nodes in order to optimise the engaged space). Thus DApps and smart contracts provide the cortex structures of the Magnetics protocol. Magnetics will regularly publish suggestions
for functional decentralised applications that will benefit the Magnetic platform and its users. We will support 3rd party developers with all that is required including API sharing, storage, data exchange systems and application frameworks etc. Magnetics uses a PoS consensus algorithm that works with Byzantine Fault Tolerance to maximise data retention rates and achieve optimum scalability.