The Marketing Group plc has announced that its subsidiary Truth Media Ltd has launched an Initial Coin Offering (“ICO”) for its blockchain-based data marketplace which will let consumers be rewarded for sharing their own private internet browsing data, Truth Data Cloud.
Truth Data Cloud is a blockchain-based platform and data marketplace that will enable consumers to control the storage of, and trade in, their personal online browsing and buying intention data through their personalized data wallet.
We are proud to announce our token sale to help build the core foundation of the Truth Data Cloud. Starting with a round of private investments, we are very excited to begin the first step in giving us all control of our personal data. #ICO #MyDatahttps://t.co/owk93u2XlV
— Truth Data Cloud (@TruthDataCloud) July 16, 2018
How Truth Data Cloud Works
Truth Data Cloud will openly reward consumers for transparent, permission-based use of their personal data by advertisers. In return for access to their personal data, consumers will receive TRU Tokens. TRU Tokens will be used for a number of different purposes on the platform, including as payment for access to data and as collateral for users who wish to operate nodes on the distributed network.
The alpha development and launch stages of Truth Data Cloud have been funded by TMG. The aim of the ICO is to fund the full consumer launch of Truth Data Cloud, focusing initially on the data management platform alongside building consumer applications and tools for data collection.
Contributors of data are intended to be both individuals (first party) and larger, trusted entities (second party) who have collated datasets. The more TRU Tokens are owned, the greater the reward amount of TRU Tokens when a user's data is accessed.
Commenting, Mary Keane Dawson, CEO and co-founder of Truth said:
“The global data economy is worth a staggering US$42 billion today and is forecast to grow to US$106 billion by 2027. However, its use in advertising is bedeviled by fraud, inaccurate data and poor targeting, making it inefficient for advertisers and annoying and intrusive for consumers. Truth Data Cloud will help transform this industry into one where all participants can trade in a free market ecosystem built on blockchain, providing fairness and transparency for consumers and advertisers.”
The Truth ICO will run until 15 November 2018 or when the maximum targeted amount has been raised and it is targeted to raise between US$5 million and US$50 million. Initial commitments of over US$1 million have already been received.