The internet connectivity has become the basic need of life in this modern age, and communication has taken different dimension in recent time.
Today, there are social networks, apps and other programs for interaction between friends and family
With your mobile phones, you can communicate with people, make purchase of goods and subscribe to services.
You can also register blog on free content management platforms to share happenings in your life and your society. Almost anything can be done online today.
Because of the heavy reliance on the internet to do business today, we input large amount of information into the internet.
As we register accounts on these websites, we supply our demographic data, education history, health details, financial records, interest and all sorts of information.
Ironically though, these data are traded upon at very high value without the consent of the original owners of the data. The data can be used by social medias for example to offer products and services of their partners to us through adverts they sell.
While the world is quickly heading towards a data-driven society and content is King of business as it’s being tipped as the oil of the digital era. It’s saddening that the original creators of these data don’t benefit much in the value harnessed from it.
A solution is thus highly called for, which will create an internet ecosystem where your data can be copyrighted, traded and secure.
And for you the owner of the data and businesses which will need it can both harnessed the value on a mutual agreement. For this need, Datafund, a decentralized data exchange system was established.
The Datafund Project
The datafund project is a protocol and a decentralized application which aims to establish a decentralized data exchange system which protects personal data, provides safe storage and enables transparent data storage.
The ultimate goal of datafund initiative is to create an internet ecosystem where people will be able to manage their data, have the control of the transfer of the information.
The datafund project have grouped the active players in the data economy into three: data owners, data users and service providers.
Data owners are the people who’re original creator of data and load it into the system. They are the first line in the data economy.
Data users are the business owners who make use of the data supplied by the creators. The service providers are the intermediary between the creator and users, they facilitate the creation and the use of the data in the system.
Datafund, which is driven by blockchain technology seek to make the transaction between the three participants in the data economy simple, easy and secure.
Blockchain technology will give data owners full control over their data while allowing for censorship-proof exchange of data without intermediaries.
The Datafund initiative is to ensure a smooth and reliable data system which will favor the active players in the data economy as follows:
The data owners will have full control over their data. The datafund initiative will give data owners access to decentralized applications and token wallets.
With these tools, data owners will be able to conveniently define, manage, store and monetize their personal data.
The business owners who make use of he data will have the privilege to know more about their clients, apart from just the data they sell.
Data creators would like to discuss more about themselves with their trusted customers who selling data to them.
Therefore, they can utilize this opportunity to get an insight into their customers and have edge over their competitors.
The service provider who intermediate between the two traders will have to play a pivotal role in accessing the creators and attracting businesses to the datafund platform, aiding them to get access to new data and monetize their existing data.
The actors in the datafund network include the following
- The individuals: These are the data creators
- The Merchants: These are the business using the data
- The Data markets: The data markets will help connecting the data creators, businesses and the service provider.
- The Blockchain Oracles: These are systems which interact with smart contracts on the blockchain.
They are the “technological actors” of the datafund network.
- Service providers: The service providers function to introduce and refer companies to the datafund network.
The Decentralized Exchange (DEX) Token
This is the official token used in the datafund network. The DEX token is compatible with ERC777 and still working with the old token, the ERC20.
These tokens are utility and non-security consumer token which will serve three major functions as follows:
- Staking for decentralized governance
- Payments and staking for listing in token curated registries
- Payment for service providers.
With the datafund network, data creators will be able have full control over their data transfer and prevent the usage of data by those who’re not authorized to use it.
This is making a new phase of data economy where creators will benefit immensely from the value of their contents.