PRELIMINARY

Data is a word in its plural form, and its singular is datum which is termed as a piece of information. Over the years’ data usage has grown exponentially, stored data has grown four times faster than the ever-evolving global economy and also add an important value to the economic power as well as the source of economic value. Recently, unlike in past years, data has grown to become the most valued product and in most places, its regarded as the oil of digital era. Sooner than later data usage will have its own economy creating business prototypes and value. Globally, a large amount of data is produced on a daily basis ranging from companies, institutions, industries or organizations who either browse the internet, upload personal or public files, interact on social media, buy or sell goods online, and synchronizing devices etc. in the world we live today we use data effortlessly without the comprehensive knowledge of what we’re doing, we use data in a way we shouldn’t use it and most companies and applications are not left out.

INTRODUCING DATAFUND

DATAFUND is a European established project that aims to empower the world at large with total and absolute control of their data and also to be able to manage the value of data, however, co-creating the common data heritage of everyone. DATAFUND is a project that safeguards personal data and provides safe storage and also proffers ethical data exchange. Users can create their own datafund to reclaim (a platform specialized for GDPR – General Data Protection Regulation complaint, GDPR on blockchain technology that is blockchain backed archive of consents and UI tools – web/mobile for giving and acquiring consents) , own (personal data storage, first protocol building blocks – only on testnet and UI tools upgrade) and manage (platform or protocol decentralization, establish of data exchanges, DATAFUND v.1 release, and zkSnarks and MPC – multi-party computation) their data in a transparent and decentralized network. DATAFUND projects to be a fully decentralized network that will provide data exchange and inventing brand new services that rely solely on data. DATAFUND aims to provide individuals the opportunity to securely and safely capture and store their personal data, DATAFUND will develop a system for data validation and processing tools which will enable data storage in a decentralized platform on Swarm. With DATAFUND’s innovation data will soon become a new digital asset (cryptocurrency) that will be of a great advantage to the blockchain technology, there are 3 major entities that will benefit from DATAFUND’s proposed setup namely: individuals, data users, and service providers.

★ INDIVIDUALS: They control their data and receive incentives for them, they will have access to simple applications combined with a token wallet and an option to personalized data storage. They can choose to manage, define, store or sell their personal data. They provide data for the public to view.

★ DATA USERS: Companies collect data and control data after which they sell it to make a profit. They try to minimize the cost of procuring data, exploit the usefulness of the value of and access to personal data.

★ SERVICE PROVIDERS: They are involved in value creation, they will help new companies get access to the latest data and also monetize data they already own.

DATAFUND WEB & MOBILE FUNCTIONALITIES

★ ID System

★ GDPR automation

★ Personal Datafunds

★ Brokerage Services

★ Data Exchange

★ Rewarding

DATAFUND RECLAIM PHASE

DATAFUND ‘reclaim’ phase is a consensus between the owner of the data and the consumer of that same data. Individuals in this phase can see what data specific enterprises have about them, individuals in the EU can provide permission against a fair reward to a real market value (current exchange rate) or demand removal of the data and the enterprise in the EU can get permission for data usage of personal data and come to be in sync with the new EU data protection regulation of General Data Protection Regulation that came into effect since on the 25th day of May 2018. In summary, owners possess absolute control of their personal data and they are rewarded (incentives) of its use.

DATAFUND OWN PHASE

DATAFUND ‘own’ phase comprises of privacy and protection, DATAFUND has created an avenue where users can securely store their data privately free from intrusion, only owners will have full control of it. DATAFUND will create a personal data vault to store data securely and this will be fully encrypted with a private key to avoiding unauthorized access by any entity which is decentralized and protected. In summary, users possess and regulate the storage of their data.

DATAFUND MANAGE PHASE

DATAFUND ‘manage’ phase is when it's fully decentralized thereby permitting data exchanges and innovating new services that depend on data. Personal data in phase will be traded or exchanged in a controlled and fairway.

DATAFUND TOKEN (DEX)

DEX token is the acronym for the word DATAFUND TOKEN which is an ERC-777 and also an ERC-20 compatible token standard on the Ethereum blockchain (smart contract) that will be used as the standard mode of payment for services rendered on DATAFUND network. DEX tokens is a utility token that acts as a fuel on the platform, DEX tokens will be used in staking for listing in token curated registries and for services providers, decentralized governance, and for payment which is optional. Everyone who joins DATAFUND network will generate 100 DEX tokens which are staked for listing in TCR (proof of been human), these generated tokens cannot be transferred and they do not increase the supply in circulation. Holders of DEX tokens can act as a curator during challenge listings and they can become a data validators.