“Data is often called the oil of the future economy. The digitization and connectivity in this era have led to the massive generation of user data which can help us understand the patterns of cognitive human behavior and intelligence. Currently, the big tech companies accumulate user data and transferred and shared with various third parties and organizations without the permission of the user”Today we are living in a world that data comes important in our daily lives. Data is growing and growing every day that we expected with the help of the technology. Data is everywhere, file sharing is easier with the help of the internet, we can send an email with the blink of an eye and also we can transfer data or information where ever you are.
The basic use and consumption of data by the individual every day has been so high to the extent that, it becomes some peoples concern, and this made the European Commission came out with their prediction processes, that by the year 2020, the value of the EU personal data market will reach 1trillion euros. There is no doubt about this, for the digital processes has taking over the present world, a different transaction has now been made online, and losing interest in any form of physical transaction. Different individuals are now fond of digital processes, such as, doing their daily income works, assignment, seeking jobs, different hookup site, making of different transaction and more also the process of different trading has now full the digital world, and in which the modern world prefer, even to be saving their income through online processes. The issue of digital spread in our community ecosystem has giving way to the different marketing company, by making use of individual personal data on their own marketing processes, and in which the consumer has not been benefitting from the use of data, but instead at the loss part, whereas the different marketers and company are taking away their gain without their consent and any form of compensation.
It is on this background the IOVO project evolved to create a platform that will enable individuals manage their own data by themselves, the project also offers large advantages to market, such as; uniqueness of data collected, transparent & reliable: the circuit of data validation is guaranteed by the blockchain and Smart Contracts and easy accessibility from an interface.
We are now facing the biggest issues ; how and where to store data in a safe and secure mannered. Even some popular and secured company can be compromised , some examples of this below :In 2011 , Sony PlayStation network breached, hackers saw the 77 millions of customers record including a small number revealing credit card numbers. Also company system down for 23 days this is the first big data breach to affect people across the globe. Sony okay for £250,000 fine by the British information Commission.
In 2012, Brighton and Sussex University Hospitals NHS Trust data breached, over thousands of their patient’s data sold on the internet (eBay). Brighton and Sussex University Hospital NHS Trust okay for fine worth £325,000 by the Information Commission.In 2013, 1 Billion of Yahoo users affected during the data breached attackand the Yahoo facing numerous lawsuits after being criticized for not disclosing this information sooner, impacting its sale to Verizon. Also in 2014 Yahoo encountered again a data breached resulting of 500 Million users data affected.In 2017, UBER hack that affected over 57 million customers and drivers worldwide and 2.7 million users in the UK. UBER paid $100,000 the hacker to delete the data that he stoled from their company.And lastly this year (2018), Over 90 Million of Facebook users account data compromised during the Facebook security breached happen in this last September.
IOVO offering a solution into this problem ( where and how we secure our data?). IOVO means Internet of Value Omniledger, the term of Omniledger refers to IOVO’s status as a “ledger of ledgers, a universal global database network acting as a base layer for different decentralized social and commercial applications.
IOVO is a decentralized database ecosystem that every user’s gain back the ownership of their data and power over data and its monetization to those whose lives generate it. IOVO is a Directed Acyclic Graph (DAG) that primary functions are to collect, store, and secure user data shared with applications built upon the IOVO DAG. IOVO team believed that the Directed Acyclic Graph which can replace the Blockchain, DAG offered a better scalability than the blockchain and hardly secured than the blockchain. IOVO also allow users to monetize their data to some companies.Every data in IOVO is encrypted using public-key encryption algorithms, only the holder of a private key that decrypt the encrypted data, and no one can forge their signature. Also, IOVO is a quantum resistant, no quantum attack can affect the IOVO.
Users of the IOVO platform are those who decide to store and monetize their personal data on the IOVO DAG. The platform will empower the user by giving full control over their digital value and privacy. The users will decide what part of the data they want to sell and to whom. IOVO DAG will revolutionize the way data is perceived by users and big companies.
IOVO is a peer-to-peer network where all users are equal. Users and companies can develop and implement decentralized apps on top of the IOVO network. All connections are distributed evenly between random nodes within the network giving the Dapps significant data advantage when compared to their centralized peers.
The IOVO DAG will be a powerful database which will allow companies and analysts in the look-out for strategic user data to browse, analyze and infer from the available data. The platform will enhance the analysis process through analytical tools and data research.
Core feature of IOVO is collecting and storing users’ data coming from applications build upon and based on the IOVO DAG (decentralised network) with no access possibility of other users/entities access without particular user’s consent. If the users agree upon accessing their statistics, they receive agreed renumeration (fee). Users decide how much of their data is made externally accessible to other parties, while keeping complete control over it. Each browsing action and each query requires a payment. IOVO serves as a personal data wallet. It builds a powerful universal database that allows unrestricted analysis opportunities.
The peer-to-peer nature of the IOVO network ensures that participants can access and join at any time, and immediately begin making transactions. A user becomes a transmitter of transactions, resulting in the transactions reaching validators, which in turn are verified by the validators including the smart contract feature of the blockchain, resulting in an incentivised network reward prices, all issued by the IOVO PoV (proof of value).
IOVO tokens will be utility tokens which will be used to pay for data search on the IOVO network. These tokens will be used to charge the companies who access the data from the network and compensate the users and Dapps that provide with the information. IOVO tokens are stored on a wallet that will also provide access to all user data shared in every dApp that he/she has interacted.
While there are already a few projects that have started on building a network for Data Management, none of them came close to the IOVO project in terms of network sophistication and scalability. IOVO is the first project to use the DAG infrastructure which makes transactions on the network faster and cheaper. IOVO also takes care of Data security issues as it is resilient to Quantum attacks. None of the competitors allow the Dapps infrastructure whereas the IOVO platform not only supports but also incentivizes the users to build Dapps which transact with the data created on the platform.
Author : Raghav
ETH Address : 0x11b2642E17Bf70C834CaA29a97D2030303d07069
