Datawallet (DXT)

What is Datawallet

As people engage more deeply and often with Internet services like social media, search, and e-retail, they create ever more data. Well known social-media companies and a secretive data-brokerage industry monetize this personal data without explicitly consulting—or sharing the revenues with—the users who produced the content. Such is the dominant personal-data ecosystem. There is clear need for a transparent and fair data exchange based upon the expressive consent of the Internet users producing the data. This whitepaper specifies such a system built upon a user-controlled ”DataWallet” and a blockchain-based smart contract system to allow transparent and mutually beneficial exchange of data between consenting parties. We detail the requirements of such a system, its necessary structure, and the dynamic interactions of its components and stakeholders through an example focusing on a simple exchange of data for DXT (the data exchange token). We show how such an exchange is just one of many use cases for the proposed data exchange by describing how it can provide an augmented user experience for online video and music services as well as provide valuable insights to data creators about themselves.

Data providers create a local data profile through a DataWallet supplied application that is optionally hosted locally with the data provider. Datawallet, a blockchain powered data exchange that puts people in charge of their data and empowers developers to bring to live the next generation of world-class applications.

Datawallet model is based entirely upon users giving expressive consent to share their data, companies are able to access cross-platform, user-specific, historic and real-time data which previously was entirely inaccessible. Datawallet allowing users to link their data directly to their applications, companies will be able to train their algorithms right away and unlock the groundbreaking potential of this new generation of smart applications.

Datawallet allows people to share their data anonymously with interested companies and earn the profits made with their data themselves. The Datawallet Data Exchange gives people full transparency into who wants to access their data and for what purpose.

With their Datawallet profile acting as a passport for the internet 3.0, users will have the ability to link their data to a plethora of AI algorithms to truly personalize every service imaginable. From Amazon to Netflix and AI concierges, Datawallet will enable users to personalize any AI driven service at an unprecedented scale and pace.

The Datawallet API will be the center for the emerging ecosystem of sophisticated applications built upon personal data. Similarly to what the App Store did for App developers, and what Ethereum did for Blockchain technologists, Datawallet will provide the focal point for everyone building personal AI applications.