1/5 —DataPass: A new Way to Manage and Monetize Your Data
*This is the first of a series of posts detailing on components of what is called the “DataUX Stack”.
Representing a set of use cases for data monetization tools of Ocean Protocol that are live today (Ocean V4), to provide Web3 with a decentralized, lightweight, modular toolkit to tokengate, monetize, and protect data properly, on an individual user level, on-chain.
This first post explains, in simple, short and non-code terms, the concept of a data wallet. One that you use to log in to Websites and dApps, share your personal data, while maintaining full control over its privacy, and earn from your data being used, to personalize your experience, or enhance the service provider’s AI model.
Data is one of the most valuable resources in the world today.
And as we move into the age of AI, its importance is only going to continue to grow. However, despite its value, most of us have little control over how our data is used and who it is shared with. This is where the concept of a DataPass comes in.
The DataPass is a data wallet service based on a Data NFT (non-fungible token) in your Web3 wallet. It is managed through a dApp, similar to ENS (Ethereum Name Service), where users will be able manage the data sharing permission for each website they log in to. The login process happens through Metamask, which is the adopted standard for decentralized applications.
Once logged in, the data is accessible for the website via an API that connects it to the data stored behind the user’s Data NFT. The settings managed by the user in the dApp trigger the mint of new datatokens, for access to different parts of their data, aggregated by algorithms in different ways, and for different durations (now, 1 week, 1 year, forever). The reward for the data (in $OCEAN) increases with duration, or actionability of data.
This new data ownership and monetization layer creates a new way of income, Universal Basic Income (UBI), in the coming age of AI. It allows individuals to take control of their data and monetize it, while providing a way for companies to provide their guests with a real benefit via data sovereignty, and incentives, if opted-in to by the company.
Additionally, everyone involved, data owner, service provider, and algorithm provider, supports global prosperity as the data will be available for global research and AI on Ocean Market, while privacy is preserved via Compute 2 Data.
One of the key benefits of the DataPass is that it allows individuals to take control of their data and monetize it. This means that instead of companies and other third parties profiting from your data, you have the opportunity to earn money from it yourself.
By using the DataPass, you have the ability to choose who has access to your data and for how long. This gives you a level of control and security that is not possible with traditional data sharing methods.
Another benefit of the DataPass is that it allows companies to provide their guests with a real benefit via data sovereignty. This means that companies can offer their guests the ability to control and monetize their own data, which can lead to increased trust and loyalty.
With allowing login via DataPass, companies can ensure that they are only accessing data that has been voluntarily shared, which can help to mitigate privacy concerns.
Finally, the DataPass supports global prosperity as the data will be available for all research and AI on Ocean Market, while privacy is preserved via Compute to Data. This means that valuable data that would otherwise be siloed and inaccessible can be shared and used for the benefit of all. This can lead to significant advancements in fields such as medicine, climate change, and more.
To learn more about Ocean and how it can benefit you, visit docs.oceanprotocol.com. The DataPass represents a new way of thinking about data and its value, and has the potential to revolutionize the way we use and share data.
By taking control of your data and monetizing it, you can earn a new source of income, while also supporting global prosperity. So why wait?
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Credits/Contributions:
Trent McConaghy, Sam Henderson, Amir Mabhout, Andrea Armanni, Christian Casazza, Bruce Pon
How-to source for builders:
https://github.com/oceanprotocol/ocean.py/blob/main/READMEs/profile-nfts-flow.md
