Algebraix Data is an Austin, Texas-based company that aims to create a secure, permission-based ad network on blockchain technology. Here’s our review.
What Is Algebraix Data?
Algebraix Data is a blockchain technology company that promises to reward users for their personal data. Individuals can own and monetize their own personal data, selectively selling that data to advertising networks in exchange for compensation.
The Algebraix Data platform consists of a secure, permission-based ad network based on the blockchain. The platform uses the ALX cryptocurrency.
Overall, Algebraix Data sees itself as “the algebra of data” and as the “new foundation of the data economy”.
How Does Algebraix Data Work?
Algebraix Data allows users to secure, command, and make productive user of their personal data.
That personal data includes a wide range of information sources and data points. Some of the points mentioned in the Algebraix Data whitepaper include personal information, personal documents and credentials, interests and preferences, personal history, health information, memberships, financial data, digital possessions, titles, and purchase history, among other things.
Algebraix Data whitepaper Explains it:
“In short, we regard an individual’s personal data as being their full digital footprint, including details of who they are, their history, their access to digital services, their financial and physical possessions, for which there is or can be a digital record, and their actual digital possessions”
That data is stored in the Personal Secure Vault, or PSV, that lies at the center of the Algebraix platform. That vault consists of a mobile and PC device that works as a personal secure data storage system. It includes end-to-end encryption.
All data held in this vault is encrypted using cipher AES-256 encryption. Algebraix then uses this data to create an anonymized database that can be queried by organizations that wish to market products and services to selected data owners who wish to participate. The database will only expose profile information so that organizations will be able to publish ads or make product offers to pre-selected groups of individuals. Individuals have the freedom to view ads and respond to offers.
Nobody, including Algebraix, will have access to data in the user’s Personal Secure Vault (PSV) unless specifically granted permission.
Another key part of the Algebraix platform is the “InterBlockchain Communication Fabric”, or IBCF, which allows applications that use the Algebraix Data network to access the services of multiple blockchains for any blockchain services that Algebraix chooses to support, including transactions governed by smart contracts.
The platform also uses Interplanetary File System (IPFS) as its preferred file system layer for storing data. They believe IPFS is a good fit for their algebraic approach to metadata.
How Do Algebraix Tokens (ALX) Work?
ALX tokens are ERC20 tokens built on the Ethereum blockchain. However, Algebraix Data plans to create its own blockchain in the long-term, so the tokens may eventually migrate off the Ethereum blockchain.
All ALX tokens will be pre-mined with a fixed total supply of 100 billion ALX. There will be no inflation rate. Tokens will be issued according to a planned schedule. That schedule includes a pre-sale that took place in late October 2017.
35% of the total supply will also be made available in a public crowdfunding campaign that will take place in March 2018, which is when the ALX ledger and an associated ALX wallet will be available to participants.
15% of the total supply of tokens is reserved for staff and developers, including external developers. 10% of the total supply is reserved for rewarding crowdfunding marketing activities by advisors and agents, and 35% is reserved for blockchain integration payments and customer rewards.
What Problems Does Algebraix Data Seek To Solve?
Algebraix Data seeks to solve some major problems in the world of data storage and personal data ownership, including all of the following:
Algebraix Data’s whitepaper explains that they believe “ownership of personal data is a self-evident right…as important as the right to free speech or the right to vote.” Recent high-profile hacks like the September 2017 Equifax breach have highlighted the need for better data protection solutions – even among so-called trustworthy corporations.
Today, companies exploit data without permission or payment to the owner. Digital corporations have harvested enormous amounts of data that track buying patterns, personal information, and more. Data owners have little to no control over their data.
Every year seems to be a record year for data breaches. Blockchain-based technologies and systems like Algebraix are proposed as a way to solve this problem.
Data isn’t always 100% accurate. Approximately one in five credit reports contains inaccuracies – and yet our credit report plays a major role in many financial decisions we make.
Cost Of Attention:
Advertisers pay for your attention. However, consumers are bombarded with a growing number of ads everywhere they turn. The Algebraix Data whitepaper cites a study that found Americans are exposed to 5,000 ads and brand exposures per day. Consumers are tuning out.
Alienating The Audience:
Ad blocking software is rampant. The audience is tuning out. By rewarding the audience, Algebraix aims to provide benefits to advertisers and consumers.
Click fraud and other issues are common across the digital advertising community.
Who’s Behind Algebraix Data?
Algebraix Data is led by Charles Silver (CEO), Andy Shah (CTO), Robin Bloor, PhD (Chief Strategy Officer), Steven Wilkinson, CISSP, CBP (Director of Security), and Professor Gary Sherman, PhD (Founding Mathematician).
The company is based in Austin, Texas.
Algebraix Data Conclusion
Algebraix Data is a personal data storage system built on blockchain technology. The platform allows users to monetize their personal data by selectively sharing it with advertisers. Users receive the ALX cryptocurrency in exchange for sharing their data with advertisers, while advertisers can buy ads using ALX tokens.
The ALX token sale is scheduled to begin in March 2018. The pre-sale is ongoing.
To learn more about this permission-based ad network built on blockchain technology, visit AlgebraixData.com online today.