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Datawallet is a blockchain-based data-exchange that allows users to reclaim and profit from the data they create online and empowers developers to bring to life the next generation of applications. Datawallet provides users with a self-sovereign wallet that puts them in charge of their data, and allows them to monetize as well as utilize an asset that is rightfully theirs. It empowers developers to leverage a completely new data universe to build the most advanced applications ever. And it provides companies with insights that will boost their operations on a never before seen scale.
There are 3 primary systems through which we create value for the ecosystem: the Datawallet user app, the Datawallet API, and proprietary enterprise applications such as DX Insights.
The Datawallet App: gives users complete data sovereignty, as well as access to a marketplace to make their data work for them. Data is collected through the app where users can link data across multiple platforms including Amazon, Uber, and Facebook. This can be achieved either through linking data from an API via OAuth or by linking emails from specific addresses, such as email@example.com. Off-line transactions can also be logged through pictures of receipts. All data collated in a user’s profile is encrypted, and cannot be accessed by anyone, including Datawallet, without the express permission of the owner. Users give permission to share their data with interested companies via an encrypted-data smart contract, in which users only decrypt the data points they want to share. The resulting data is held in escrow until the other terms of the contract are satisfied, which would typically be a payment in the form of DXT. The blockchain guarantees the security and transparency of these exchanges. Users alone control the key to decrypt their data in a sandboxed environment. Additionally the terms of data transactions made by the user are permanently stored on the blockchain. The transparent chain of processing steps from the data sources, to collated data profiles, also ensures that data consumers can trust in the veracity of the data unlike any current data brokerage solution that relies on multiple unknown third parties.
The Datawallet API allows developers to surgically access the high quality data offered by our users on the exchange. Our RESTful API provides a developer-friendly abstraction layer above the smart-contract exchange that allows AI engineers, data scientist, and ML developers to do what they do best — -build innovative data products. The API allows them to do this without having to additionally be blockchain gurus, while still giving both sides of the transaction the assurances of the smart contracts. Additionally, the API allows Datawallet to incorporate pre-processing, collation, and insights into the transaction to provide developers with production-ready data right out of the gate. The API allows developers to offload the frustration of tracking the moving targets of social media data points and deal with our stable, curated endpoints.
Through Enterprise Applications, data consumers will request certain types of data by offering tokens, services, or a product. If users decide to opt-in, a smart contract is initiated. Every data exchange requires the data requester to specify the type and quantity of data necessary for users to participate, whether the data is anonymous, whether the exchanged data will be used to augment existing data about each user, and the amount of DXT that will be received. The value of each type of data reflects the demand in the market. In this way, rather than entrusting their privacy to third-parties, data creators will be able to decide when it is worth it to them to share their data. For now, these applications can be divided into three categories: Augmented Experience Apps, Direct Service Apps, and Channel Apps. Augmented Experience Apps allow Datawallet users to take advantage of their own data to enhance their online experience by tailoring the products they already interact with to their idiosyncratic preferences and personality. Direct Service Apps can be purchased with DXT and/or data and directly provide the data provider a service. These services range from allowing users to gain transparency about about the modern data ecosystem to learning about themselves through their online behavior and decisions such as calculating their Big 5 personality score. Finally, developers would be able to create Channel Apps, which would use the trove of quality and ethically sourced data to create AI programs with applications outside of the Datawallet exchange. However, with the current explosive growth in data creation, AI, and personalized data products, innovations outside of these three categories are inevitable.
How does our Project differ from competing projects:
Difference #1: An Operational End-to-End Ecosystem
The first feature that sets Datawallet apart from other C2B data marketplaces, is our unique ability to deliver a high-availability ecosystem throughout the development process. Our existing operational end-to-end system allows us to continuously deliver a functional ecosystem without any question marks and far-reaching promises while we develop, rigorously test, and then integrate the decentralized components.
We have been building our personal data marketplace for 3+ years an d have already developed a complete ecosystem — native mobile applications for data producers to manage their data, sophisticated data products that anonymize and add value to our users’ data, and a proprietary customer insights platform that delivers best-in-class insights and therefore enables enterprise clients to offer data producers a compelling price for their data. This end-to-end marketplace provides the backbone of our tech-roadmap, and allows us to provide continuous service to all stakeholders throughout the development and deployment of our decentralized system.
Difference #2: The Datawallet API (or what some may label a “data protocol”)
The success of any PDBE will depend on the value the data consumers can derive from the data that is provided. Most companies we see entering the market, operate on the assumption that simply giving data providers the tool to source their data is enough. This is an extreme oversimplification of the complexity of the data supply ecosystem and misses a very important point: data in its raw format has little to no value. If you were offered to buy a barrel of oil, you probably would not be willing to spend a single dime on it. The reason therefore is that oil in its raw form does not provide any value to you. You don’t attribute value to oil itself — you value the result it can deliver for you, which is going from A to B. In order to achieve this result, oil needs to undergo a lengthy value chain — from exploration, to production, transportation, storage, refining, and finally retail distribution. We can observe the exact same phenomenon in the realm of data. Similarly to how crude oil doesn’t have any real value to you in your everyday life, companies don’t attribute value to raw data in their normal course of business — they attribute value to the insight that can be derived from it.