For instance, community and economy managers of the market discuss what is to be done for TravelChain development in the near future. They take decisions as to what types data are to be delivered to the blockchain.
Eventually they agree to subsidize GPS coordinates of users. An account is set up on the platform with TravelTokes allocated from digital development fund.
After this, the account owner can create MPA (Market Pegged Account) — a smart contract which makes it possible to get a new asset linked to the value of information. For instance, GPSToken. Then GPSToken becomes the principal currency in circulation at market exchange of GPS data.
Any GPSToken can freely circulate within this market — be exchanged for services, spent within an application; exchanged for TravelToken. GPSTokens can be used by data owners, applications and services.
How is it going to happen after all?
- While working with an application a user makes a note in settings permitting to share GPS coordinates. Applications motivate the user to share data — providing reward in GPS tokens or in currency of this application — for instance, points or game coins.
- The number of users grows reaching hundreds of thousands of people. Their data present interest for commercial companies.
- Advertising networks can buy access to these GPS coordinates, exchanging TravelTokens for GPSTokens at the inside market and use them to achieve goals of businesses. For instance, to show advertisement of a restaurant or a shop to a person who is nearby at the moment.
It is important that a user should be content with this advertisement and does not perceive it as a spam. A price was agreed previously for reception of advertising messages from companies. In result the user receives via smartphone not only a personal offer but also a reward.
There can be plenty of these examples for all types of data to be collected about the user.
You can take part in TravelChain's Token Sale here.