Datafund ( DEX ) – Revolutionary Way of Convert Personal Data into the Digital Asset
Everyone should be able to control the flow of their data and manage their cost, while simultaneously creating a common heritage of the data of all mankind
The modern world is turning into a society based on information, and these data have become the most valuable commodity in the world — the oil of the digital age. At the same time, personal data is becoming more vulnerable than ever before. It is time to manage your data and take personal responsibility for their safety.
To do this, consider the following,
The personal information that a smartphone can collect can tell a lot more about its owner and becomes more and more detailed every day. So on social networks, putting like photos, passing tests, subscribing to communities, analyzes the user's psycho-type with his preferences, taste, phobias, and sexual hobbies. So Tinder knows our sexual preferences, Amazon knows what we are talking about at home, Facebook, what we believe and Google, what we are going to buy or sell. IBM companies need only two hundred tweets to break the personality into 50 different qualities (Venture Beat) - this was implemented three years ago, and what is happening now. The mission of corporations is to know as much as possible about us earlier and better than we ourselves know. Adaptations for fitness and health give an unprecedented idea of human health and well-being - stress, emotions, habits. Smart homes will tell you when you eat, sleep or have sex, Fitbit can randomly detect a pregnancy (according to USA Today). A network of smart cars will constantly check the environment, the cars around them, as well as people's sign language. This allows you to identify someone from the movement.
The next frontier is the headsets of brain waves (EEG), which are expected to enter the mass distribution phase in the next five to ten years. Yes, someone is going to record your brain waves and profile you. Facebook has confirmed that they are already working on 8 different mind reading technologies (Guardian). Neuro-ethics are already in favor of new human rights - the right to cognitive freedom, the right to mental integrity, the right to mental integrity and the right to psychological continuity (Springer).
Habits make up almost 50% of our daily decisions (HBR), and various studies have shown that even small pieces of personal data provide a detailed and comprehensive understanding of a person’s habits and lifestyle — habit formation is the holy grail of the marketer. Have we ever thought about opening a Facebook application on a phone, or just opened and started surfing? And this did not happen by chance.
We lock the doors of the house from the encroachment of third parties on our property, health, life, but leave access to our minds open. There is an invisible battle, a battle for our mind and personal freedom. The Internet is a weapon, information is ammunition, and we will all suffer if we do not act now. In the future, we will be sorted by default by degree of reliability - position, credit score, family, house, and so on. This will allow people to be categorized by assigning personal numbers, and the unwanted will be placed on the black list, without the possibility of earning money, acquiring assets and so on, because today there is a massive substitution of paper money with digital using bank cards, which allows you to block all capital user Companies like Cambridge Analytica are aiming all of us at dividing hyper-targeted articles, supposedly we live in bubbles and cannot even conceptualize anything outside of this bubble. In 2016, Cambridge Analytica had two major clients on the application of large numbers in an election campaign - Brexit and Trump (FT) and their candidates won the election, currently under investigation in this case by the US Congress (Slate). The "Big data" technology is a socio-economic phenomenon, due to the emergence of a technological opportunity to analyze a massive amount of data in a number of different problem areas. We all generate data. This is beyond our choice.
The Platform
However, we do not own them, we do not know what it is used for, and corporations have learned how to monetize them. Need a solution
For this, Datafund, a decentralized exchange of personal data, is created
Datafund System
Datafund is a protocol and distributed application that protects users' personal data, ensuring their secure storage and personal data exchange. The information transmitted is anonymous in accordance with the agreement between the exchange parties.
Since Datafund is a European project, it will fully comply with the legal requirements of EU regulators, protecting the integrity of citizens.
The processing of personal data must be designed to serve humanity. Because of this, the project covers the GDPR, since it is one of the most stringent privacy protection rules in the world, which helps to preserve its data. Moreover, as soon as the Datafund protocol meets the requirements of the GDPR, other jurisdictions will accept its legitimacy. Only decentralized solutions are able to put personal data under the control of a person, allowing them to exchange data without censorship and without intermediaries. Moreover, the use of blockchain technology will create an “individually oriented” process that will provide unprecedented economic efficiency for all parties involved. The Datafund protocol is based on Ethereum and Swarm technologies.
Blockchain technologies as a means of creating a new personal data management system
Personal data management systems will actually be achieved through the use of block chain and other distributed technologies, and even prove to be beneficial for all objects of the value chain.
The goal of Datafund is to develop a protocol and supplement applications to optimize the transaction flow between the three objects in accordance with the above requirements.
Using blockchain technologies to implement an economically viable solution, each piece of personal data, combined with an agreement to use it, is used and broadcast between several parties, regardless of the actual location of the data warehouse. Thanks to Blockchain, an effective reward system for using data and related services based on real market value will be implemented. Solutions for personal data management, in which people directly control the storage and access to their data using the private key, will become an additional offer.
Thus, organizations can use the proposed installation as follows:
Persons, primarily consumers, are owners of the data. They will gain control over the use of their data and are rewarded for it. They will use simple applications in combination with a token wallet and additional personal data storage. Their motivation to participate in such an ecosystem will not only be due to economic benefits, but also a great convenience for defining, managing, storing and selling their personal data.
Data users will get a deeper understanding of their customers, as customers who control the use of their data and receive a fair share of profits will be ready to tell more about themselves in trusted networks. They will verify the data in order to share them and identify themselves with the relevant person. It is fair to assume that, by eliminating conjectures, the cost of information for companies may decline, even taking into account the rewards for consumers.
Service providers will be able to fully participate in the value chain by applying dynamic rights transfer and controlled access to the protected data offered by Datafund. This will lead to more efficient transactions, lower costs and higher value added for both consumers and sellers. They will play an important role in connecting companies to the Datafund network, helping them gain access to new (enriched) data and / or better monetize their existing data
The Conclusion
The goal of Datafund is to develop a protocol and supplement applications to optimize the transaction flow between the three objects in accordance with the above requirements
More information on the project ( DEX ) please visit their website listed below:-
WEBSITE: https://datafund.io/
WHITEPAPER: https://docs.google.com/document/d/1PzfN5lPzzYA_c72KNkq3-568NBluF12U63HQPH2bPsM/edit
TELEGRAM: https://t.me/DataFund
TWITTER: https://twitter.com/DataFundProject
Author: Dulaj Dilshan
Bitcointalk: https://bitcointalk.org/index.php?action=profile;u=2053287
Telegram username: @sachindu15
Thank You!