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The world has evolved to a point where we create and freely give out vital data and information every single day; from logging into your Gmail account in the morning to using an online shopping site, or even using any of the social media platforms. Data like browsing patterns and shopping preferences are typically stored and often shared to third-parties, sometimes without the knowledge of data creators.
Ironically, despite the immense importance of human data, those who generate these data are typically denied ownership and control of their information. Once it is created, it is stored, managed, and controlled by someone else. For example, you may have filled “green” as your favorite color while answering an online questionnaire. This piece of information may hold a lot of intrinsic value because it is your Achilles hill. Sadly, while you may have forgotten that you ever filled such questionnaire, someone in charge of the site’s database may have sold your information to a third party – making you the product and leaving you without any value.
In addition to some of the points briefly discussed above, data is stored in centralized servers in traditional settings – making it a honeypot for hackers. The problem is quite simple. How many times have you been paid for filling a questionnaire, taking an online survey, or even giving out some of your details while shopping? There’s every likelihood that your answer is “zero”. Instead, large organizations collate, store, process, and monetize your data. IOVO is trying to solve these challenges.
According to their website, “IOVO is the first decentralized human value BLOCKCHAIN network. IOVO returns control of data back to the people who generate it, together with the liberty to manage and monetize all their digital records.” The solution is targeted at users who generate data, dApp owners, as well as companies and data analysts.
IOVO which means the “Internet of Value Omniledger”, is working towards securing and returning ownership of data by to its creators. Creators can now easily monetize their information. The project aims to become a “ledger of ledgers”, positioning itself as a universal database network powering several decentralized apps that require user data. The project is a direct acyclic graph (DAG) which has been designed to perform the following primary functions; collect, store, and secure user data. Data access is restricted to its owner, and in the event that a user needs to share his data, he will be paid an agreed fee. Think of it as a personal wallet for data.
The Team and Partners
Irrespective of how novel an idea may appear, the team and support behind the business can either make or mar the business. The last few years have been filled with blockchain based businesses promising heaven on earth, and then going quite a few months later after receiving investment funding.
The IOVO team comprises of 14 core team members and 4 individuals in the advisory board. Co-founder Krzysztof Gagacki has been an active investor in the crypto space for quite some time. He also holds leadership positions in Chain Capital, Connect Warsaw, and Crypto Sanctum, making him a serial investor, and advisor. Other key backers and partners of the project include James Glasscock, the co-founder of DNA Capital; Brittany Kaiser, the former executive at Cambridge Analytica and a Co-Founder of Bueno Capital and Digital Asset Trade Association.; Dan Jeffries, a top crypto influencer, Jean Baptist Decorznet, the former director of Hcash; and Joshua Hong, a venture capitalist, and co-founder of Futurama and Mind.ai.