IOVO: REVIEW AND BENEFITS.
A whole lot of us feel bad when valuable is been stolen from us. There are so many cases in the court of law pertaining to theft either of physical valuables or maybe even plagiarism. We all tend to respond when any of these and many more physical valuables are taken from us but there are a whole lots of human data stolen from us that we tend not to react to. Maybe we don’t even know that our personal data is been gathered by many large internet entities and monetized. They go to the extent of collecting valuable user data such as interests, preferences and activities through our various actions made during user interaction within the platforms. These platforms in turn gather the data and sell to marketers making a huge amount of money from it. Platforms like YouTube, facebook and the likes do this thereby making a huge amount of money in the name of advertising revenue but in the real sense they are stealing people’s data. Research shows that the amount of user data accessed by Facebook was 6 million in 2006. It increased to 87 million in 2018. YouTube was also accused of illegally collecting data from children for profit.
IOVO TO THE RESCUE
Human data they say is value. It is the record of our lives. Our every move, every word-written or said-generates data. Everything we generate, transfer and share, is our life trace and important part of our freedom. It’s a pity that we have no control over our data most of it is taken away from us the moment it is created and then controlled, stored and managed by someone else. This is called knowledge theft and should not be encouraged to continue instead power should be given to those who owns the data. As we have known that a whole lots is been made from these data hence IOVO come to return power to the owner giving them access and authority over their data. IOVO is a tool that functions by returning ownership of value back to the individual and store it in a safe and secure manner. IOVO will also democratize the monetization of data owned — expressed as an electronic identity for all participating parties.
IOVO will provide a decentralized infrastructure which will enable users to benefit from collecting, storing and sharing the data generated by themselves directly or through numerous decentralized apps (dApps).
The IOVO is what is called Internet of Value Omniledger and it is the next generation Blockchain (DAG) decentralised database ecosystem. It is dedicated to giving data ownership and power over to those, whose lives generate it that is the people.
IOVO will become a universal, secure and transparent data ownership and exchange system. It’s mission is to sustain individual human value (capital of assets) and make it fully operational.
The IOVO is built to recognize and store human value by accumulating personal data. This will make data an exchangeable asset secured by the distributed global public ledger.
EMERGENCE OF THE INTERNET OF VALUE
The coming of the internet of value (IOV) is both of great benefit and also comes with its own challenges.
The Internet has facilitated a wide range of benefits from the exchange of information including various forms of intermediary value —from monetary transactions via mobile banking to social significance markers in different social media platforms. People now benefit from a wide range of things from the internet however, the value created is moving away from the material economy of industry. Industries and services provided are now becoming automated and artificial intelligence technologies are being adopted. These advancements is rendering human value useless and thereby losing its significance. The AI now dominate majority of the socioeconomic system. The IOVO however intends to leverage this technology to serve the exchange of valued human assets, such as influence, knowledge or time, sustaining human value and democratizing personally created human capital. Therefore the emergence of the Internet of Value will allows us to preserve imminent human value at both the individual and community level.
THE RETURN OF HUMAN VALUE
There has been a very huge significant increase in technological development over the years. This has limited to a very large extent human value because computers now do what humans should do. The unprecedented technological increase can be said to have occurred between the mid 20th century and the present time especially in term of material instruments from the days of the use of immobile personal computers to the time of mobile phones and PC. Computers (automated machines and AI) now perform the activities of human. Indeed technologies have risen in value and conquered one area of human life after another. It can now be said that technology has both facilitated our daily lives and intrinsically altered almost every fundamental social and economic process. We are now at a crucial stage of our history and socio-economic development, one where we now face the urgent need to decide on our future in an automated world of AI machines. The economy is now run by the market, agriculture and industries are now automated while the services sector has
been largely democratized. The value of products and processes has thus further outgrown the value of individuals. This has rendered human somewhat useless as the automated machine and AI now do what human should do on a normal day thereby reducing what human get in monetary form on activities. We are now at a stage in history where we must decide whether we will develop tools and instruments that allow human value to flourish
or simply ignore the impact of further automation processes that fully divorce the full spectrum of economic process from human capital and value. This value can be only represented in a fully transparent data collecting, storage and management system. The IOVO DAG will provide such a system.
CONCLUSION (HOW THE IOVO WORKS)
IOVO provides the infrastructure to create a new data economy, one which allow users to monetize their data and access benefits that were previously only available to the owners of platforms and applications.
As said earlier the IOVO is a DAG (directed acyclic graph) designed as a platform for various
applications. It is created to collect, store, and secure user’s data shared with applications built upon the IOVO DAG. With the IOVO no one else can have access to user’s data without the consent of the user. If a user however wish/agrees to
share their data, they will receive an agreed fee when that data is accessed. This puts power in the hands of data owner. Users decide precisely how much of their data is made externally accessible to
other parties, while keeping complete control over it. So it can then be said that the IOVO is a personal data wallet.
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