Datawallet aims to be the world’s most powerful data exchange. Find out how the platform plans to accomplish that goal today in our review.
What Is Datawallet?
Datawallet, found online at Datawallet.com, is a data exchange that aims to put users in charge of their data. With Datawallet, users can monetize their data by selling access to certain trusted organizations.
Developers, meanwhile, can access a large ecosystem of data to build advanced applications while also enjoying unique insights into customer activity.
The ultimate goal of Datawallet is to create a blockchain-based marketplace where users can sell their data to trusted companies. Companies can then use that data to create AI-driven applications.
What Problems Does Datawallet Seek To Solve?
Datawallet aims to provide a better solution to today’s “data broker” industry. Today, companies called data brokers scrape and sell data, then sell it to organizations without the explicit consent of users.
This process economically disenfranchises the people who create data. Data brokers earn hundreds of millions of dollars per year – despite the fact that they provide businesses with low quality data.
That low quality data can endanger businesses. Businesses might make crucial decisions based on unreliable data, for example.
Meanwhile, individual user data is fragmented across different platforms. A single user could produce data, but that data could be fragmented across different platforms.
There are no standardized identifiers data brokers can use to link data from two separate sources to one specific user profile. The end result is that data brokers use probabilistic models to approximate the likelihood of datapoints belonging to a specific user. It’s an imperfect science, and it leads to bad quality data.
Overall, Datawallet’s whitepaper explains that data is the fourth largest resource on the planet. Approximately $260 billion is spent on data each year. By 2022, data is expected to be the world’s most valuable resource.
With that in mind, Datawallet aims to create a better marketplace for data – including the people who create data and the people who need data.
How Does Datawallet Work?
Datawallet was founded on the belief that data should be owned and controlled by the people who create it – the users.
Datawallet is a decentralized data exchange that allows internet users to share the data they create with companies of their choice. The exchange gives users full control over their data, as well as full transparency over how companies use that data. Most importantly, it gives users the ability to earn a profit by selling their data.
Meanwhile, companies can use Datawallet to fuel an AI-driven online economy. Companies can access cross-platform, user-specific, historic, and real-time data. Previously, this data was inaccessible or spread across multiple platforms. By allowing users to link their data directly to their applications, companies can train their algorithms to unlock enormous potential.
The platform relies on blockchain technology to create a transparent, decentralized marketplace. Blockchain is also used to offer two key pillars of the Datawallet exchange, including encryption everywhere (EE) and the smart encrypted data contracts (SEDC).
The ecosystem also revolves around the use of Data Exchange Tokens, or DXT. These tokens serve as the primary medium of exchange within Datawallet’s closed economy. Users can earn tokens by sharing their data with select companies, or they can spend tokens to pay for AI-driven services in the Datawallet App Store.
Another key part of the Datawallet ecosystem is the Datawallet API and app exchange. The API is described as “the first hub for developers building AI driven applications centered around personal data.”
The API aims to be the center of the emerging ecosystem of sophisticated apps driven by personal data – “Similarly to what the App Store did for app developers, and what Ethereum did for blockchain technologists, Datawallet will provide the focal point for everyone building personal AI applications.”
The Datawallet Token Sale
The Datawallet token sale for Data Exchange Tokens (DXT) will last for 30 days. A specific date for the token sale has not yet been announced.
The token sale has a max cap of $30 million USD. There’s also a hidden soft cap.
Of the total supply of tokens, 33.33% is going towards the ICO. 16.66% is going towards the developer pool; 16.66% is for the user growth pool; and 33.33% is reserved for Datawallet’s development.
Who’s Behind Datawallet?
Datawallet is led by CEO Serafin Lion Engel and CTO Daniel Hawthorne. Development on the project is led by Pnyks Inc., a San Mateo, California-based company, and Large-Scale Systems Group, a Tallinn, Estonia-based company.
The company’s key investors so far have included big names like Tim Draper and Marc Benioff.
Datawallet is a blockchain-based marketplace where users can share their data with trusted companies, then earn tokens in exchange for selling that data. Users can transparently see how their data is used. Meanwhile, companies can pay to access accurate, specific user data to spur the development of AI systems.
The Datawallet ICO will be launched in the near future, although a specific date has not yet been announced.
To learn more about Datawallet, or to stay up-to-date on the ICO, visit the platform online today at Datawallet.com