IOVO (Internet of Value OmniLedger) - A brief review
Before I delve into what the project really entails, I will like to bore you with explanation of some useful terms and the reasons why I feel this project is one to look forward to.
According to the Merriam Webster dictionary, data is defined as factual information used as a basis for reasoning, discussion or calculations. Data, in this sense happens to be the fundamental basic of our human value. We only need look at musicians, writers, artists and other professionals that need to display a high level of originality to understand how important human data can be. It is best left imagined how much we lose when that value is taken out of our hands. I will like to define human capital as cummulation of a person’s knowledge and skills which could be used to further his personal goals. Human capital is becoming increasingly important to accomplish anything in the world today as we delve deeper into a knowledge based economy that depends on information, knowledge and high level skills. The sheer amount of data being generated by individuals on a daily basis and the relative importance of this data goes a long way in pointing out the reasons why we need to own our data and in the process, preserve our personal human capital.
What is IOVO?
IOVO is a unique open network database which is used for storing and swapping information on any quantitative value asset. The project is specifically based on the idea that, at every point in our life, we generate a huge amount of data and that the ownership of the quantitative values generated is an important part of our future freedom. The denial of ownership to the data we create simply leads to loss in our cumulative human value. IOVO has the aim of giving back the ownership of that value to the individuals and help them store the data in a safe and secure way. IOVO seeks to enable companies and individuals own their data and giving them the ability to decide what will be shared and on what terms. By being the first truly transparent and decentralized data space, IOVO will serve as a global ledger with the ability to secure every knowledge based value.
IOVO comes into the picture because the data being generated by humans is constantly harvested and appropriated by large commercial organizations. These organizations commit this aberration because they understand the value of human capital which we don’t seem to understand at the moment. In our present atmosphere, people and smaller organizations no longer own their data, without understanding that this could be compared to losing ownership of one’s life. IOVO is designed to enable people to reclaim ownership of their life (data).
The need for IOVO
Due to the increased dependency on data by social and economic realities, the flow of data happens to be a defining factor in the power structures of politics and economies. The centralization of data related processes happens to be the fundamental cause of decline in human value.
Two major reasons why IOVO will be important in our world today include;
• Harvesting of data generated by almost everyone by large organizations. As individuals, we tend to have zero control over these activities and no technical capabilities whatsoever to determine how the data is being used. This leads to monetization of harvested data by these large organizations while the individuals who generated the data get zero benefits.
• There is need for a cumulative universal database that can be easily browsed and analyzed. The IOVO DAG is a comprehensive network database accessible to analysts and researchers from every known field.
The problems solved by IOVO
As described earlier, IOVO is a decentralized database ecosystem which is dedicated to handing over data ownership and its monetization to those who generated it. Putting it simply, users will have the ability to decide which data gets revealed, who gets access to the data and also the amount of compensation they want for it. The IOVO platform will satisfy the following needs of several participating parties;
A. Users
IOVO hands over ownership and full control over digital value along with data monetization to the users. The benefits of IOVO to the users include;
• Data Ownership.
• Data wallet and access to IOVO network.
• Data security and transparency.
• Data monetization
• Anonymity.
B. dApp and Application Owners
IOVO is packed with comprehensive data security for operators of decentralized applications. It also enables monetization of this data, albeit with user consent. The benefits of IOVO to dApp owners include;
• Monetization of owned data.
• Access to a comprehensive global database through data wallet.
• Data security.
• Unmodifiable history.
C. Companies and data analysts
IOVO is a powerful network database which could be used for browsing, analysis and inference. Benefits of IOVO for companies and data analysts include;
• Big data access to complete network.
• Data research and analysis.
• Full anonymity.
• Secure data storage and unmodifiable history.
The development of IOVO
The IOVO ecosystem doesn’t promise to be an instant hit as it could take considerable time to gather adequate information and garner valuable ratings. However, the surefire way to get the platform up to speed in the least possible timeframe is to encourage and motivate people to partake in the early stages of IOVO as the dividends will be for us all to reap, because the more transactions you approve, the greater your value becomes to the IOVO ecosystem at large.
The economies of IOVO
What an individual can earn in IOVO is directly connected to his proof of value (PoV) and proof of stake (PoS). This value score reflects how important the user is within the IOVO network. Every user has a value score which represents how valuable their information are to the IOVO community as a whole. The stake and value score influence the combined value of each individual which has the capacity to change over time. At the early stages of the IOVO network, the combined value will be based mostly on stakes. However, as network usage increases, the value score will become increasingly important and once IOVO reaches a mature stage with IOVO dApp users, the stake will be completely replaced by the value score.
Conclusion
After taking out time to highlight the importance of data in our day and age, I believe we all can see good reasons why the IOVO network could be a huge success. By handing over data ownership and the monetization rights to those who generated the data, IOVO is sure to bring smiles to the faces of many people around.
To further understand the IOVO network and what it entails, you can visit any of the links listed below;
Official Website: https://iovo.io
Whitepaper: https://iovo.io/assets/whitepaper.pdf
ANN Thread: https://bitcointalk.org/index.php?topic=4509519.0
Medium: https://medium.com/@iovo
Reddit: https://reddit.com/r/iovo
ETH Address: 0x6f54F652c650Cc6A7bed4C355B8Ce728C026C23E