Why Data is the New DeFi
Not everyone has crypto to stake, but we all have data.
According to the World Economic Forum, data powers around 15% of the world’s GDP, with most of it created in the last 2 years.
Problems around data value, privacy and security are rooted in the original design of digital markets – central silos, bad actors and bots – and solving them is one of the biggest prizes of Web 3.
Our decentralised TAP personal data protocol and token breaks the old cycle of data abuse. Each user can manage their own digital identity, mint NFT’s (Non-Fungible Tokens) of Blockchain Verified Consent and license this for use across the web, receiving value (ERC20 tokens) from organisations.
How does this work in practice? If you’re a new, or existing user of the Tapmydata mobile app, you use it in the same way to request data, add personal credentials and ID, and store this in your secure wallet. We have no access to any of the keys or data.
The app awards TAP tokens for activity which benefits the community, like sharing data or verifying credentials. You can then use these tokens (or buy more) to mint your own Blockchain Verified Consent artefacts (NFTs). These are what organisations purchase for use in targeted marketing, also using the tokens.
While projects like Brave and Swash have helped make people aware their data has value and this can be realised through crypto, they still work in the limits of the current AdTech system; I get paid for my attention, or for my browsing history to be sold to advertisers.
With the Tap Protocol, token and ecosystem, we never forget it's your data. We will provide you with control, and the tools to offer Organisations 3 choices: SEND: Give me my data DELETE: Its not yours so get rid of it LICENCE: Agree terms to pay me for it
Organisations are obliged to meet the first choice in the most friction-less way possible to you, data is too valuable to make the second option a default for them, while the solution is to engage with Web3 citizens and find a fair, transparent price for your data, on your terms.