With Web 3.0 gaining ground, data is the new currency as anyone who has control over useful data can make a fortune by putting it to good, or even bad use. As the world goes increasingly digital, people are now genuinely concerned about safeguarding their data. In the current scenario, if one can exert control over their personal information and data generated by their day-to-day activities, they will not only decide on who can access it but also derive monetary benefits out of it.
The importance of user-generated data is not lost to the world, as many controversies in recent days have made people aware of the extent many online businesses go to plump up their balance sheets. When one speaks about such scandals involving gross misuse of user data by violating the users’ trust, the Cambridge Analytica- Facebook fiasco comes to mind. But again, what is the alternative to social platforms and online services like Facebook, Google and other big tech companies who gather user data by luring users in the pretext of free-to-use services. After all, there is no such thing as free lunch. And in this case, users are paying for these services by giving away valuable personal information including their most private moments for free to online platforms.
As companies grow hungry for user data, there have been attempts from various governments to keep them in check. Few regulations like the European GDPR and a more region-specific CCPA applicable in the State of California are positive steps in the right direction, but not foolproof. While these regulations safeguard a small percentage of the global population, a large number of people across geographies are left vulnerable.
Swash as an Answer
The power of decentralization, first introduced by Bitcoin and carried forward by various blockchain projects that followed is put to use by Swash to solve a significant portion of the problem Swash is an ecosystem that brings the increasing value of data back to people by raising awareness and enabling them to monetize it. Relying on what it calls a better-than-free model, Swash doesn’t embark on a virtually impossible task of safeguarding all the data generated by any user. But instead, it collects and monetizes the non-sensitive member-generated data in a transparent and secure fashion and shares the proceeds with them.
To benefit from Swash, all one has to do is install a plugin and continue browsing, just like they would do otherwise. The plugin will take care of all the heavy lifting by collating all non-sensitive, yet valuable user data based on the behavior and usage patterns. The collection is then presented to the user for review and approval before it can be packaged and monetized along with other batches of user-generated data authorized by their owners who are part of the much larger Swash pool, referred to as “Data Union”. In return for their contributions, the users sharing their data will earn Swash tokens, which can be stored, spent or exchanged for other digital assets.
Swash is an opt-in solution that requires explicit user approvals for various actions. To assure transparency and security, the platform has undergone a full Data Protection Impact Assessment and registered with the Information Commissioner’s office in the United Kingdom.
Multi Chain, Multi-Browser and Backed by Multiple Big Names
The Swash browser plugin is available for almost all the popular browser applications including Google Chrome, Mozilla Firefox, Microsoft Edge, Brave, Opera etc., and soon will become available on Android and iOS powered devices. The Swash ecosystem is powered by SWASH, a cross-chain utility token that works seamlessly on Ethereum, xDAI and Binance Smart Chain protocol. The token is a critical part of the platform’s incentive, data transaction, DAO governance and staking systems.
The Swash ecosystem holds a promising outlook, due to its increasingly important role as a manager and protector of user-generated data. Backing this promise are some of the big names in the crypto industry which include the likes of KuCoin, Outlier Ventures and Streamr. Meanwhile, staying true to its commitments, Swash is busy building the first wave of products and services that are going to satisfy the varying requirements of its fast-growing community.
Some of the first wave solutions that are soon going to be part of the Swash ecosystem includes Data Union – a pool of Swash users generating value from their data from their usual online activities through easy monetization; sIntelligence for meaningful interpretation of aggregated user data that can be used to decipher and display key metrics that are of interest to businesses; sApps to provide an environment for new builders and developers to get involved and create their solution on top of Swash core technology and sCompute for all the data crunching without exposing the actual data, which will be of particular interest to data scientists.
In addition to this first wave of solutions, Swash will be introducing a variety of other products and services in the near future, with real-world applications. Ultimately, the platform intends to strike a balance between privacy and monetization of user data while providing a passive income stream to internet users across the world.
For more information on Swash, check out their official website and try out the browser app for yourself. You can follow the project’s Twitter, Telegram, Reddit, Medium, and LinkedIn for news and updates, subscribe to the Swash mailing list to be prioritized for whitelisting ahead of their IDO this month