Personal data is incredibly valuable. Why, though, aren’t the people who own that data making money from it?
The Facebook-Cambridge Analytica scandal earlier this year revealed the misuse of data without user consent. For many it was a wake-up call that people need to reclaim back control of their own data, deciding on who can and can’t use it.
With the introduction of the European General Data Protection Regulation (GDPR), though, how will companies such as Facebook be able to make a profit if the old system of providing services in exchange for information is removed? How are companies still able to gain access to user data without breaking the law?
That’s where BIGtoken comes in, which has launched in beta, and will reward the three most active beta testers.
Created by the founders of Social Reality, inc. (SRAX), a digital marketing and consumer data management and distribution technology company, the BIG platform is aiming to give users’ control of their data.
Built on the blockchain by SRAX, everyone in the ecosystem will have choice, transparency, and compensation to manage and access verified data. Not only that, but consumers will be rewarded when they own and sell access to their data, giving media companies and advertisers access to verified consumer data that will better reach and serve their audiences.
The BIGtoken system, when connected to a user’s social media and other applications, will automatically collect information and use it to determine how much it’s worth, based on current market rates. The more information the user provides, the more tokens they receive.
The user can then sell these tokens to businesses for cash or to buy tokens themselves. According to BIGtoken, it’s an open market that rewards transparency, guaranteeing honesty by making it impossible to trick the blockchain.
During the beta phase, the top three most active users will be rewarded with Bitcoin for their participation. At the end of the beta phase, the most active beta tester will receive five Bitcoin, the second most active will receive two, and the third most active beta tester will receive one. The end of the beta is scheduled for the 31st January, 2019, which is when the three users with the most points will be announced and rewarded.
Up to 10,000 initial beta testers will take part, which will see them completing various actions after they sign up. These include, but are not limited to: referring friends and family, checking into locations, answering questions and surveys, connecting social accounts, and allowing the tracking of mobile location and transaction history.
“Claiming your data is the goal of BIG,” said Kristoffer Nelson, COO of SRAX and principal of BIGtoken. “As consumers, we are a commodity that generated billions of dollars last year alone. None of that went to us, and BIG is going to change the consumer data ecosystem forever by improving the online experience for all interested parties by providing choice, transparency, and compensation.”