The old saying claims that “knowledge is power,” and in the modern internet world, that statement is more accurate than ever before. The internet is now home to billions of people from all around the world, and every time they load a website, drop a “like” on a post or video, create a new account, drop an angry tweet, or do pretty much anything — they generate data.
To them, this means nothing, but for certain companies, this data is everything, and their very existence depends on collecting it, processing it, extracting useful information and statistics, and then selling that to other companies for targeted advertisement and increased sales.
However, the problem is that all of this data that is so important for companies, and that even allowed megacorporations like Google and Facebook to emerge and dominate, is taken without users’ agreement. In fact, internet users — whose data is crucial for the survival of so many major firms — get absolutely nothing in return. This is something that Measurable Data Token aims to change by empowering users, and ensuring that the companies will have to compensate them if they want their data.
How Does Measurable Data Token (MDT) Work?
Measurable Data Token is a project that rewards users for offering data that is to be anonymized, aggregated, and traded to companies that depend on it as big data. That means that the companies will receive general information, but not private details of any individual user. So, they might know the statistics of which people from a certain country are interested in a specific product, but they won’t know them by name or what their address is, and alike.
The project has developed a number of tools for collecting data, processing it in a way where it is safe to share with third parties, and rewarding the users for their contribution. Meanwhile, it offers the companies a secure and reliable source of information that will affect their business plans, marketing strategies, and alike, but also prevents them from targeting individual users, thus leveling the playing field for everyone.
What Problems Does Measurable Data Token (MDT) Solve?
MDT is a project that aims to empower users and correct the current data-collecting methods where any data available is simply taken and used. It does this with a number of solutions that all create a reliable system where data sellers and buyers can exchange information in a safe and secure way.
Creating a new data economy
Examples of places where users are rewarded for providing data is very low on the modern internet. There have been websites over the years that rewarded users for completing surveys, helping the companies select products and designs by choosing between two different things on offer, and alike, but those were rare and they did not really make any sort of change.
The situation is different with blockchain technology, as the blockchain is very security and privacy-oriented. As such, it allows users to share data only when they want to do it, and with the entities that they choose to do it with. Furthermore, MDT also helps them remain anonymous as they don’t contribute data directly, but rather, they can deposit it in a big data pool that is then provided to the companies, all the while allowing users to maintain their own privacy.
But, all in all, the project’s goal is to create a platform where data sellers can offer their information to data buyers and be compensated for it.
Financial data oracle
MDT also has a feature called Measurable Finance (MeFi), which is a blockchain oracle for financial data. It was specially made for the decentralized finance industry, and it contributes off-chain external financial data feeds to public chains. As such, it can empower the DeFiecosystem with reliable data brought to the chain.
A new approach to emails
Another product that can contribute to MDT’s ecosystem and fight for data security is called MailTime, which is an app that simplifies the process of sending emails. You might think — emails are already simple enough for everyone to use them, what more can be done?
Well, the project believes that “emailing” can become as simple as messaging, essentially turning your official email inbox into a chat. Not only that, but the app is compatible with the largest email services, so you can use it to access email accounts such as Gmail, Yahoo, iCloud, Outlook, or even corporate email.
Measurable.ai
Finally, the project also offers a solution for data finers, called Measurable-ai, which offers access to transactional data. This is high-definition data that includes anonymized and aggregated datasets updated on a weekly basis. The project ensures that the data is 100% compliant, and it is estimated that this service will be extremely useful for emerging markets, such as South-East Asia, Latin America, the Middle East, and alike.
Benefits of Measurable Data Token (MDT)
Whether you are an internet user looking to share their data for profit or a data consumer who needs it to run a business, there are benefits for you that Measurable Data Token has to offer, including:
Buy and sell data
Measurable Data Token makes it very simple to sell or buy data. Users who wish to sell can simply contribute their data and earn rewards from it, while companies that wish to buy it can gain access to trustworthy, checked information that can help improve their business. Everybody benefits, but it is a better deal for individuals whose data is being collected and used.
Earn rewards
MDT has developed an app called RewardMe, which is a brand new reward app that helps people earn rewards automatically on the purchases they make. Basically, all it takes is for the user to set up the app and opt-in, and the data that they provide will be collected, anonymized, aggregated, and exchanged as big data. Meanwhile, the user gets a reward for their contribution.
The platform creates smart contracts through the blockchain to ensure that the profits will find their way back to the user.
Security, traceability, and actionable insights
On the other hand, if you are a business, MDT will provide you with real-time data, in a secure way with data transactions being secure, anonymously stored, and traceable. Businesses can even set up their own data panel to answer their specific questions on the SKU level.
Bottom Line
Measurable Data Token is not the first project that aimed to tackle the unfair data collecting, but it does seem to be among the best ones, with a carefully thought-out approach, plenty of tools for companies and regular users alike, and a growing reputation as one of the best ways to monetize user data around. It might set an example for future projects of this kind to follow, and we expect this project to find its well-deserved place in the future Web3.
