Datawallet is a data exchange platform that offers users with a self-sovereign wallet that puts them in charge of their data. It also allows them to monetize as utilize an asset that is rightfully theirs. Users can monetize their data by selling access to their data to trusted organizations. Developers also can access a large ecosystem of data to build advanced applications and enjoy unique insights into the activities. The ultimate goal of Datawallet is to create a marketplace where users can sell data to trusted companies. Companies, on the other hand, can use data to create AI-driven applications.
How does Datawallet work?
Datawallet is a decentralized data exchange that user can use to share data. The exchanges give users full control and transparency of the data and how companies use that data. It also gives users the ability to earn profits by selling them. Meanwhile, companies can use to platform to fuel an AI-driven online economy. Companies can access user-specific, real-time data, cross-platform and historical data. By allowing link the data, companies can train their algorithms how to unlock enormous potential.
The platform also relies on the blockchain technology to create a decentralized, transparent marketplace for everyone. The blockchain is also used to offer two key pillars, the smart encrypted data contracts (SEDC) and encryption everywhere (EE). The ecosystem revolves around the used and DXT token that serves as the primary medium of exchange within the ecosystem.
The Datawallet token
Datawallet uses the DXT token as its primary medium on the ecosystem. The token can be earned once users share their data with selected companies. The token can also be used to pay for an AI-driven services in the app store.
What problems does it seek to solve?
Datawallet wants to solve some of the most disturbing problems in today “data broker” industry. Today, people sell data to organizations without the explicit consent of users. This process economically disenfranchises people leading to low-quality data that endanger other peoples’ business. Datawallet plans to solve the problem by creating a better marketplace for data. This includes for people who need the data and those who create the data.
Who is behind the Datawallet?
CEO of Serafin Lion England CTO Daniel Hawthorne are some of the people that lead the ecosystem. The ecosystem development was led by Pnyks Inc., a San Mateo, California-based company. Key investors so far include Marc Benioff and Tim Draper.