Tim Draper-Backed DataWallet Pays Users To Sell Personal Info To Advertisers
Tim Draper’s name will forever be entwined with Bitcoin as the person who bought quite a chunk of BTC auctioned off by the FBI in lieu of the Silk Road shut down. But what people tend to forget is that Tim Draper has his own entrepreneur training program called Draper University. And it is one the applications being developed at Draper University that piqued a lot of media interest.
In this day and age of modern technology, most consumers are more than happy to view an advertisement or disclose personal information to use free services. As you would come to expect, major brands are eagerly collecting all of this personal information in order to drive targeted advertisements to the right audience. But no one truly knows where all of our personal information ends up in the end.
DataWallet wants to shake things up a bit, by rewarding users who voluntarily share their personal data with major brands. Do not expect to become a millionaire overnight in doing so, but there is a reward worth between US$3 and US$5 per share attached. Quite a nice amount as well, considering most brands acquire this information from us for free already.
The way DataWallet works is by plugging into various online services, including the likes of Amazon, Facebook, Uber and Airbnb. In return, each brand can specify which kind of information they want to obtain from the DataWallet user, and also offer a price that seems fair to both parties. In the end, the user can still decide not to disclose any personal information if the offer is not acceptable.
DataWallet CEO and Founder Serafin Lion Engel further elaborated:
“The interesting thing is that our platform will allow [buyers] to layer any one of these [data sources] on top of one another. This will create a very holistic overview for the buying companies since they will get an insight into consumption behaviors and trends among a variety of different platforms. The more data sources get layered in any given data sale, the higher the payoff for the user.”
Additionally, it is important to note that all of the shared information will be encrypted, keeping it safe from prying eyes. Last but not last, a DataWallet user can always opt out of the sale of personal information at any given time with the click of a button. It will be interesting to see how this new data marketplace will play out in the future.
Similarities to Bitcoin and Blockchain Technology
Even though DataWallet is still trying to aggregate personal data, the people behind it are open about it, and will even pay you money for doing so. Furthermore, everything is completely transparent in regards as to what kind of data you are sharing, and who it will be sent to.
There are quite a few similarities to be drawn between DataWallet and Bitcoin’s ideology, as both technological inventions are working towards a more transparent system. Keeping in mind this new service was created at Draper University, it looks like Tim Draper has been working hard to instill some of Bitcoin’s ideological values into the people attending the entrepreneur training program.
What are your thoughts on DataWallet, and will you be using the application? Let us know in the comments below!
Images courtesy of DataWallet and Shutterstock