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The following is a list of the most effective ways to improve your chances. data It is a good idea to use a bilingual translator “the new oil,” We all have unrealized resources of value. Personal information in web2 is stored on siloed systems and controlled by corporations. Even worse, personal information is sold by unknown parties for their own private gain.
The web3 users are tired of the misuse and abuse of their data. In web3, users are taking control back by binding gaming, social networking, and other accounts with the blockchain. The on-chain record and the data-earning protocol help them unite their identities digitally and create value.
We’ll explore the reasons why owning data is a better option than digital assets.
It is a business maxim that if the product you offer to customers is free then it means the customer will pay for the item. Most tech companies have continued to do business in this way, even as they move into web2. In their view, users are both resources and customers. Facebook and Google are two companies that have created targeted advertising empires, run by these new technologies. “oil” The data.
Unfortunately, this information has repeatedly been lost, traded, or leaked. Facebook’s liberal sharing of user data has been the subject of too many scandals. This information is often in the possession of brokers, who on average make a profit of about $2,000 per transaction. count Each consumer has approximately 1,500 different data points. These touchpoints, in turn, are packaged and sold at the highest price for remarketing. Big data is big business.
The vicious cycle of the past decade has left users frustrated. Three quarters of consumers want more concerned Today, people are more concerned about the privacy of their personal data than they were a few short years ago.
As digital technologies encompass more of our daily lives—from online shopping to remote work to social media—users are keenly aware of this data imbalance. Younger people, whose privacy and identity are at stake, look for solutions in particular.
It’s good to know that the technology can help bring change. Blockchain popularized digital asset ownership in the minds of netizens. Novel protocols and a few brave startups are pushing the data ownership needle. Web3 is fueled by the on-chain recording off-chain data, allowing users to monetize and take control of their own data.
Ethereum published a proposal for a new protocol on January 1st. ERC-7231To unite digital identity with an aggregated NFT. This standard links multiple identities from across the web2 and web3 domains to a NFT, allowing for encrypted aggregated data of identity information.
This is what it means: This means that users are having an issue. “identity of identities” They control everything. This standard is not only more interoperable, it also allows users to generate commercial value from their data.
Gamers are the most effective example. For years, finding a way to unite disparate gaming identities—and host gamer achievements and history in one place—has been nearly impossible. Platforms don’t communicate with each other, data is stagnant, and game studios, traditionally, are behind.
ERC-7232 bridges the old and the new worlds of gaming, by creating a unified identity for the blockchain. The gamers will be able to move around the entire ecosystem with one tag and flag. This is even better since the tags are recognizable. own They are the only ones who can determine what to do with this information. When they share the information with other brands, players can benefit passively.
Multiple startups have taken this idea to heart. One is Clique—a decentralized identity-oracle protocol out of San Francisco that enables users to attest their off-chain data on-chain and earn utility from the information. This brings both value creation and privacy protection. This is a huge step up from web2, and guarantees privacy end-to-end thanks to multi-party computations, trusted execution environments. In this way, user data cannot be tampered with.proof and ready for continuous incentive distribution—a win-win.
A paradigm shift is happening now. They are starting to realize that the data they have is important and valuable.
The majority of respondents to this questionnaire are women. survey Consensys, two-thirds of those surveyed believe these tools add value to the Internet. own They create things on the internet. Only 38% of respondents feel that they are adequately compensated.
Data privacy is also a growing concern. In a similar study, more than 80 percent of the respondents prioritize data security, 70 percent believe that they should receive a share of the profits generated by the companies using their data and 79 want to have greater control over online identities. It’s time to sacrifice something.
Web3 offers us the chance to transform yesterday’s data dynamics in something more fair and accessible. With the help of data-sharing platforms and protocols as well as the immutability, transparency, and security provided by blockchain technology, we are able to fix the digital ownership problem.
The users are going to be leading the way. It’s likely that this isn’t the correct word for what this group will do in future. Instead, “users” Need to be “builders” This is a good example of a good way to start. next wave of the internet—leveraging web3 to solve the entrenched issues of identity, privacy, and monetization.
Cybercitizens cannot harness the value of untapped data unless they take it from those who have data and give it to those without.
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Source: crypto.news