DataFund – Secure Blockchain dApp For Personal Data Exchange?
Datafund is a brand new decentralized system designed for personal data exchange. Data exchange works as a protocol and distribution app or dApp. Its main purpose is to guard your personal data and give users safe storage capabilities to enable safe data exchange processes. The information is only shared on a need to know basis. And works in accordance to the agreements of the parties involved in the data exchange. They guard and protect the privacy of individual users while giving companies the ability to safely become involved in fair data exchange.
How Does Datafund Work?
According to the company the problem is that personal data management has been broken. Data is one of the most powerful assets on the digital age. Apparently, it’s the world’s new asset class and is growing. It’s bigger then traditional assets according to Datafund and possibly even than money. Until now however there has not been a system of data transfer that has not been in favor of the individual.
Traditional data transfer companies have been siloed development and the containment of data. The data has been kept out of reach of the actual owners of the data in order to up the value of the company holding the data. As of today, there is no data management and exchange protocol to help the individual stay in control of their data.
The purpose of Data Fund is to help keep companies from controlling data and to give back control in a fair way. They consider themselves a junction point on how the future of data will function. The point is that data is increasing in value on a daily basis and Data Fund wants to make sure it is handled in the way that is most honest and ethical for the individual.
Datafund is still a brand-new company. They have only been live online since about October. They released their first announcement on October 25th about reclaiming your data and your freedom. They then went on a few days later to introduce Datafund officially, speaking about a democratic data society.
They also spoke about an individual’s right to control and be a part of the economy of their personal data. And to not just leave it into the hands of the companies. November 5th, they started to transform the ecosystem of personal data according to Datafund. And lastly, November 18th, they apparently registered as regulatory compliant and business – oriented bridge to be used in personal data use in blockchains. You can learn more about the history of Datafund on blog.datafund.net.
As of now, Datafund is in a state of presale. They are currently looking for early supporters of the system who want to be rewarded. Like always, it’s always a risky business investing into new start ups in this type of industry until we see the entire blockchain revealed in full. However, Datafund is still taking part in a limited presale for early supporters who are looking to get a 50% off discount on DEX tokens. They are scheduled for release in the second Q2 of 2018. And as an early supporter you get the highest regard that will allow you first service with providers. The had cap for Datafund at this time is 250K USD. Of course, be aware when investing in a company like this as there is always a risk. The cutoff date for the registration is November 28th.
Who’s Behind Datafund?
The CEO of Data Fund is Mihael Modic. He reported his take on personal data is that data management is like the wild west of the modern world. Now that we are in a digital world, personal data, when used correctly and understood is the said to be the most intimate asset a human can possess.
The Datafund project is said to embrace this idea and create an open source blockchain-based protocol that will be available for all applications and who want to comply with all GDPR. The newly developed protocol and distributed logic of the Datafund blockchain is said to open an entirely new door for data transfer. The market for personal data will be the application of the actual protocol. It’s business oriented, but will keep a European sense of humanity and protect the individual while at the same time giving them power with their data.
Datafund is apparently building the world’s first personal data exchange centered around distribution and personal security. They claim to be giving incentives to individuals for their system to work with total transparency. They also claim to be looking to go for the greater good through the breakthrough blockchain they have created that operates on a peer-to-peer basis. This solution is said to provide new potential and give power back to the individual.
They are looking to empower the individual by giving them total control of their data. The rewards will be determined in accordance to the level that the people sharing the data consent too. This is said to guarantee a completely transparent and honest transfer of data. And at any time, the data can be removed from the system and any access to third parties can be shut down. It’s likely Datafund will take off once launched, but as always be smart when investing into new companies like this.