Token use & incentives
Making requests and verifying credentials are not the end goal, but merely the starting point on the journey from repatriating locked data, consenting and refining it, pooling and staking in markets and finally being consumed by licensees and AI's.
This makes TAP much more than just a payment token; it becomes the key for data holders to finally play an active role and exercise agency by defining the requirements, restrictions and parameters for price discovery via smart contracts in the decentralised data markets of Web3.
Use cases for the token already cover the following at launch, and the list will expand with each new partnership, use case and trust node which is added to the ecosystem:
- Rights Requests - data owners & licensees use token to service access and other requests
- Credential Verification - data owners & licensees request identifiers through verification providers
- Consent Verification - data owners mint licensed artefacts of defined duration which can be used in AdTech stack
- Decentralised Preference Centers - licensees use tokens to repurpose and manage changes in consent & communications parameters
- Categorisation & Refinement of data - rewards both data repatriated from silos and new, unique data added to pools
- Delegation of Data Curation - curators stake TAP which can be slashed for poor execution, reputation
- Reverse Data Requests - licensees bounty out templates for population; to participate, stakeholders need to accumulate, hold/stake a level of TAP
- Demographic Data Pools - created by people or intermediaries such as trusts, tokens are used to mint stake to the pool and NFT's purchased which become the 'keys' to unlock the data.
It is our strong belief borne out by academic research that creating a role for the token which makes it useful at each point in the protocol roadmap, from gathering data, curating and staking in pools to ultimately be consumed by organisations via AI's will unlock exponential growth in token value over a period of 3-5 years. When it comes to the long-term PD value drivers, we identify psychological ownership dimensions as particularly important. Today digital service companies mainly promote people’s engagement online such as their visits and the time spent on a company’s sites. Our value theory is that companies should dig deeper into how people actually construct their digital identities, what makes people feel efficacious and identify with their data.
In this way, the current 'shadow data economy' of opaque pricing and no control or value for consumers is blown apart and replaced by transparent price discovery and realisation of data assets