The Datum network, running on top of the Ethereum blockchain, will allow users to store, share, or sell personal information to other users on the platform, thus providing the opportunity to monetize personal data. Because users can manage their own personal data, this will be especially valuable to companies who are authorized to access that data. Businesses, in turn, can use the platform to buy personal data that will benefit them.
As a platform allowing users to control their own data, Datum will take power away from corporations that obtain this data and sell it without permission. Currently, major social media companies such as Facebook, Twitter, Linkedin, Instagram, and Snapchat collect massive amounts of user data that they in turn sell or use to attract marketers to offer products and services matching the interests of their users. The information collected from users, because it allows for very targeted marketing, is thus very valuable. Because these platforms are “free,” users are generally willing to forego many privacy concerns or ramifications to use them. The Datum network will turn this practice on its head and give users complete authority over their own personal data, allowing them to monetize it if they so choose.
The Ethereum platform is especially suited for the Datum network given that it is very secure and allows for self-executing “smart contracts” that remove the need for intermediaries. Smart contracts will allow users to store data on the network, will anonymize and encrypt it, will release data and allow buyers to acquire it according to the owner’s terms, and will compensate users in DAT tokens (the currency of the Datum ecosystem) for selling the data.
Users can store or buy data on the platform using DAT tokens. The DAT token is ERC20 compliant, allowing it to be stored in popular Ethereum wallets such as Mist and MyEtherWallet. As an ERC20 token, it will require a nominal about of “gas,” or Ether (ETH), to transfer to another address.
Datum will develop a mobile-friendly app that will allow users to view or modify their data on the platform and set their privacy preferences, and view who has accessed their data. Additionally, users can see how many DAT tokens they own and their value in fiat currency. Users can also access the platform using a laptop or desktop.
The Datum initial coin offering (ICO) will run until November 29, 2017. In total, Datum will mint three billion tokens, and about half will be available for sale during the ICO. The ICO will provide discounts to buyers of tokens to raise money to develop, market, and maintain the platform.
*I am receiving Datum tokens for the growth of the community.
Bitcointalk user: pushups44
To learn more about Datum:
Bitcointalk announcement: https://bitcointalk.org/index.php?topic=2049312.0