DATAFUND – Your Data, Your Choice
A storm has hit the investment market which we are not going to recover from. Crypto investment is that storm. With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, Datafund, a protocol that guards personal data, provides safe storage and enables ethical data exchange has arrived.
Before I take you on this voyage, please check out this interview with co-founder Gregor Zavcer
And also this interview with CEO/Co-founder Michael Modic
Now that I have your attention, let’s get right to it.
What exactly is Datafund?
Datafund is a protocol that guards personal data, provides safe storage and enables ethical data exchange. Individuals create their own datafund to reclaim, own and manage their data.
Pretty innovative huh?
Again, Datafund is a new form of personal data oracle and a data market where organizations are incentivised to give data back to individuals and to participate in a fair and ethical exchange of data value. Contributors to a specific datafund are rewarded with intrinsic tokens of a receiving datafund.
Everyone should have the power to control the flow of their data and manage the value thereof while co-creating the common data heritage of all mankind.
Problem and Solution
Companies use personal data in a legal*, fair and ethical** way.
Only the data that wants to be free, becomes free.
Partnership with individuals creates new revenues for enterprises.
Individuals reclaim, own and manage their personal data.
No shady middlemen, no hidden oversight, just transparency.
How Datafund Works?
The Breakdown – Step by Step
Humanity first – EU & GDPR
While many economies have been principally favouring capital and technological development, it seems that EU has always been putting humanity at the forefront (or at least trying). In this context some of the actions of the EU seem to be bureaucratic and conservative — for example, not giving in to demands of the advertising and telecom organisations but protecting individuals in the recent e-Privacy case (FM4; in german); or the even stronger GDPR initiative.
GDPR is trying to systematically solve the status of personal data. Nowadays, this data are everywhere and widely used by corporations without the actual owners’ consent. Today, from a global perspective this field is the wild west.
In the digital world personal data, if understood correctly, are the most intimate assets humans possess. What’s more, personal data might become one of the core values of the new society.
GDPR radically changes data business
Datafund embraces this vision of the future with a strong belief that blockchain is the technology that is the enabler of the grand GDPR vision citizens should have control over their data.
Today, we have consumers with no rights or who are not aware of their rights, sometimes with some data on one side, while on the other side are corporations and digital services that have enormous quantities of (personal) data and almost no rights to use them. Many global services and applications based on personal data today are using data in a way they should not.
Control Your Data
Control what you share. Delete what you want. Give and revoke consents.
Keep Your Privacy
Not even we know your data, unless we have your consent.
Create a New Income Source
Maximise revenues by sharing anonymised data. Create your personal Datafund and start earning DEX tokens.
All-in-one solution for consumer data storage and sharing, with track-back and opt-out functions.
New Revenue Stream
Transparent data exchange with the consent of the individuals that turns the cost of your CRM into an additional revenue stream.
New Data Streams and Leads
More efficient updating and enrichment of your consumer database
Datafund consents transform personal data into digital assets
Datafund is building a consent management platform and an open and permissionless protocol for personal data management and exchange. After the reclaim milestone, individuals will be able to own and manage their data (become Datafund managers of their assets) while enabling EU organisations to use personal data in an ethical and GDPR compliant way.
Moreover, a protocol that transforms data into a crypto asset opens a new horizon of possibilities and value creation for individuals, organisations and society — a new eco-system going towards decentralised data exchange and beyond (currently imagined). In the following blog posts we’ll expand on the topics mentioned with the hope to raise awareness and to continue dialogue with all stakeholders involved.
The DEX Token
To enable personal data management and exchange network, Datafund will create a DEX token which is an ERC777 token (also ERC20 compatible token) and acts as a non-security consumer token. DEX token utility can be summarized in these distinct cases which will be enabled gradually, as protocol development reaches planned milestones:
Staking for listing in token curated registries and for service providers
Token sale and use of funds
Hard cap (Manage milestone): 20,000 ETH
Soft cap (Reclaim milestone): 3,000 ETH
Emitted tokens (incl. Seed and bonus): 40%
Rate: 50,000 DEX for 1 ETH
Distribution of tokens
Use of funds
HOW YOU CAN ALSO EARN SOME DEX TOKENS!
Follow this link to register and discretely participate – https://whitelist.datafund.io/index.html?refId=w3YmEOW3&refCode=3pF5fKWbUSokaWjEgqUTU1&refType=ds
NB: No forms or spreadsheets
MEET THE AMAZING TEAM
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
For more information, please visit:
My BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1326035
Email Address: firstname.lastname@example.org
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.