VALID Global: Mobile Wallet & Personal Data Management Ecosystem?
The rise of cryptocurrency indicates that the world is moving towards a non-physical economy fundamentally based in technology. As these technologies evolve, managing one’s data and currencies might become more difficult as relevant, personal, online information grows.
For this reason, digital wallets are becoming popular for their ability to securely track personal identification data as well as various online investments. This allows users to manage funds within a single platform despite spreading these funds across multiple economies.
VALID Global, formerly known as val:ID, is a new system that authorizes users to access and manipulate their currencies from anywhere in the world.
VALID Global and VALID Wallet
Developed in response to the rapid expansion of online markets and various forms of cryptocurrency, VALID Global is a mobile economic platform that allows users to store information and manage currencies through a mobile wallet, known as the VALID Wallet.
Additionally, the VALID marketplace, a web application within the platform, allows users to access that data for a fee. In this way, VALID Global is essentially connecting identity owners with those who collect such information.
Both identity owners and data consumers are the main stakeholders with the ability to add data, verify information, and request it from third party agencies. Thus, the users are the content creators and more participants result in a more varied and rich marketplace.
Using VALID Global
Navigating the thousands of online platforms that are being created every day can be difficult, especially for those who are just beginning to get involved with cryptocurrency and rising online markets. Potential users should try to insure that they fully understand the platform they are investing in or contributing to before jumping in.
To use VALID Global, users simply access it from their smart device. The main feature is the personal VALID wallet, to which users can send or request data to store there. The information is packaged and appears in the marketplace where it can be accessed for a fee.
Important to note is that it is not immediately clear how such fees will be determined. Similarly, the company expressly states that data consumers are not only pollsters and advertisers, but brands, service providers, and researchers, expanding the transferal of personal information beyond targeted marketing.
The marketplace is characterized by a price discovery engine, which presumably allows data consumers to set price ranges for data purchases, as well as a smart contract, which suggests some sort of responsibility of consumers to identity owners.
Once data is present in the marketplace, it can be used to request further data from an individual or it can go to a verifying party. As an individual builds their data set, that information within their wallet accumulates, including that which is verified by external agencies.
VALID Wallet Advantages
As with most cryptocurrencies, the blockchain provides one method of security by allowing all users to access the ledger of public transactions to maintain transparency. Confirming that VALID Global is blockchain-enabled ensures users that their wallet is functional across different online markets with various currencies.
Personal Information Control:
By keeping all personal information in one place, users can manage their data and funds like never before. Online transactions are more convenient and time effective, as data never has to be re-entered.
Connection With Various Services:
The network between identity owners and data consumers quickly and efficiently connects owners to desirable service companies so that they can control where their information is going. The platform can also connect them with researchers, specific brands, and different advertisers.
Secure Data Monetization:
Before online wallets, different systems and apps would collect user data to sell to third party organizations for a profit. With this model, individuals have the chance to gain the profit by selling their own information directly to consumers. This allows users to be in greater control and to benefit from a system that relies on collecting personal data.
-Reliable Data Collection: Similarly, the data collectors benefit by receiving information that is more reliable because it is regulated within the system platform, rather than secretly sold by a company trying to make money off its users.
VALID Global as a Solution
There seem to be several benefits to participating in VALID Global in terms of governing personal currencies, safeguarding individual data, and maintaining the integrity of data consumption. For these reasons, this might be a useful platform for those seeking direct and simple access to their various online funds.
The remaining question about VALID Global, though, is how it will function against the existing organization of sites and apps that sell user information. While it does seem that users and consumers within the platform might access information more easily, it is not necessarily likely that the VALID Global system could completely overtake the selling of individual data outside of user control.