Monetizing users own internet data

Digital marketing grew about twenty-one percent despite more people are using ad-blocker, digital advertisers make about two hundred and fifty on average annually per person data. They got this profit by collecting user’s data and sell it to companies that needed advertisement. Social media such as Facebook that we are being used are usually tracts our data, data’s like what are we searching, commonly watch shows or even what we shop. Tracking user’s data can reveal one identity like religion, sexual orientation, financial status, and relationship status this way the advertisers create ads specifically design for each individual. The data of individuals are important for many companies not only for advertisers but for researchers as well but they are not paying or give incentives to the users that they gather information making internet user information or data free. Social platforms that we are using tracts our activity to sell activity information that can be used for product advertisement or for political propaganda, they do this without our personal knowledge or consent. It only shows internet users did not own their personal data and no value or incentives are given for using it.

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Knowing the importance of user’s data I found a project that will give value to every individual information, introducing IOVO “Internet of value Omniledger”. IOVO will be the way to decentralized users data and monetized our internet activity, by recording internet activity and storing it third party need to pay the user for every information they collected in the user, the fee will be based on the user's data agreed fee. In IOVO ecosystem only allowed user’s information will be shared or to be made in public. The owner will have the rights and control of its own data including being anonymous in the study.
Possible benefits or usage of IOVO:
User data can be used for a more accurate scientific study, using IOVO data collected will be more accurate than manual surveys, a manual survey can be untrue if the users lied thus users cannot lie their daily activities which are recorded in IOVO. Sometimes taking written survey or interview with people which have bad reading capabilities or comprehension will be also inaccurate but when data is collected using IOVO it will become much clearer using different scoring parameters. Future references for a new study. There are some other ways to collect user’s data but using IOVO will give them an advantage because IOVO is not editable, secured and decentralized no third party can influence the data collected. A big scale internet user data collection is only possible for big companies, smaller companies rely on analytics such as google analytics for data collection on a small scale like a personal website. Small companies can use IOVO to get some decentralize Applications (DApps) for their research or buy some user data from IOVO database giving small companies better options for their studies. The best benefit it will give is monetizing own user data before not only we lost privacy on our daily internet activity we also not given incentives for what they are doing, with IOVO users will be paid for giving their own data without sacrificing their own privacy. Some studies which are hard to obtain because of controversial issues like having a third party relationship, this kind of information will be easier to obtain in IOVO network because of zero-knowledge proof only required information will be leaked and users still can be anonymous. Big companies or research facilities can send directly surveys to targeted users and message them directly.

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The technology behind IOVO:
IOVO is a Directed Acyclic Graph (DAG), unlike ordinary blockchain which transactions confirmation comes in a single chain or connecting side chains IOVO DAG blocks is designed on multiple chains connected with each other with that confirmations can be done simultaneously in multiple blocks because of its technological design it’s natively faster and more scalable. IOVO will use proof of stake and proof of value for security and not proof of work for faster transaction. IOVO also solve the current issue with DAG which is lack of storage per block instead of storing full information on single block IOVO will split the information into multiple blocks.

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How IOVO will do it:
IOVO wallet - this is the first requirement needed to use the IOVO network. Using the wallet the user can receive a message, see all transactions, and data sharing. Using the wallet the user can control its own data or transfer data. The users can have many addresses using a single master key and can create new addresses or same address for each DApps this way DApps owner cannot determine the user from other DApps. The user can also change privacy settings using the wallet.
Decentralized Applications – companies or organization can create its own DApp on IOVO network for specific studies they need. Some example DApps build in IOVO includes Flatty an app to find flats and roommates. Another one is Dropp a social media which you can share pictures, text, and videos and tag it a place on the map.
IOVO manifest – like a manifest file of a computer which contains metadata. IOVO manifest will serve as a guide to which kind of data the application will process. It’s like smart contracts but instead of contract and action, its requirements list, search process, and operations. The manifest will also show reward instruction for specific apps.
Smart contracts – IOVO will also include smart contracts on its network.
Scorings – to be more reliable in researching rankings or parameters IOVO develop a scoring mechanism. It is a numeric value of each target individual. For example, a buyer can rank the seller one to five being five as the highest, the average score of the buyer will be the seller’s credibility score. Rules of the scoring can be created by anyone and bring out the rule in a scoring manifest.
Tokens - personalized tokens can be created by dApps developers, this tokens can be used based on creator ideas, it can be as a reward or they can create their own economy on dApps.
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Ann
Author:gawer33
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