1. A method for dynamically processing an event including a dataset that is streamed from a source to a sink via nodes, the event being raw data generated by a machine, the method comprising: recording, at a respective node, the event including the dataset in a memory of the respective node using a data model; and annotating the event by adding or updating one or more attributes associated with the event in the data model, the annotating performed based on the respective node reading at least a portion of the dataset and determining annotation in accordance with one or more functions configured to generate an analytical result, the data model having a number of fields for representing select raw data in the event, and the data model being extensible to add additional attributes to the event by a subsequent node configured to further process the dataset, including performing a query on the dataset, as the event is streamed from the source to the sink, wherein said annotating includes specifying, based on the dataset, one or more fields of the event in the data model so as to enable the subsequent node (1) to process the event based on the annotation; and/or (2) to route the event based on the annotation, wherein the dataset includes at least one of: a timestamp, a source machine, a body, or a priority.