1. A method for dynamically processing an event including a dataset that is streamed from a source to a sink via nodes, the method comprising: recording, at a respective node, the event including the dataset in a memory of the respective node using a data model; extracting key-value data from the dataset; and annotating the event by adding or updating one or more attributes associated with the event in the data model based on analyzing the extracted key-value data, the data model being extensible to add additional attributes to the event by a subsequent node which is configured to further process the dataset as the event is streamed from the source to the sink; and specifying based on the key-value data, one or more fields of the event in the data model, wherein the one or more fields include one or more of: a timestamp field, a source machine field, a body field, or a priority field.