VeriToken

What is VeriToken

VeriToken is building a platform that creates a much-needed layer of trust and transparency in the job market as well as industries where the verification of personal information and provenance is critical. Put simply, we are a blockchain protocol enabling verified user-owned data where data brokers can pay individuals for their contact information and time. The tokens allow for privacy and control for individuals engaged on platforms that utilize VeriToken for their social graph backplane. Individuals can choose when their information is in the public domain and when it is hidden.

What Makes Now a Serendipitous Time for This Technology?

There’s a mounting trail of bodies when it comes to corporations who were given trusted data and violated users’ trust: Facebook, Equifax, Cambridge Analytica, Sony. Europe has responded with data protection regulations (GDPR), and the rest of the world will soon follow. This is a massive paradigm shift, one that most data owners are not prepared for, but one that VeriToken is uniquely able to implement.

Broadly, How Does This Work?

The VeriToken protocol takes great inspiration from the ERC721 Standard, which is an Ethereum smart contract type allowing for compartmentalization and licensing of specific data (made famous by the runaway hit game on the ETH network: CryptoKitties). It also incorporates ideas from data provenance and ownership, both Turing Complete and not, that have been implemented on blockchains since 2011 (such as DevCoin and NameCoin).

Through the process of creating a cryptocurrency wallet, a user can associate that address with their identity. Their wallet can then become the repository for all data and data licenses they acquire from Data Oracles (i.e. existing first-party data repositories). These child-smart-contracts will contain all the licensing data (including, but not limited to, license expiry data, data pointers, child and parent data, etc.).