INTRODUCTION
Greetings to all Crypto lovers worldwide, am here again to review another project in which we be of great benefit to all that proceed in reading the beneath review about Wibson Platform.
The Internet is a fundamentally decentralized system that links billions of inter-connected devices to improve communication, access to information, and economic possibilities for billions of people across the globe. Yet despite its distributed nature, giant technology companies have cleverly used the underlying technical protocols to build layers of proprietary applications that capture and control massive amounts of personal data. In today’s economy, data equals money. The top five companies (Google, Facebook, Apple, Microsoft, and Amazon) boast a combined market value of almost $3.5 trillion. That’s greater than the 2017 GDP of any single country in the world except for the US, China, Japan, and nearly equivalent to the GDP of number 4 Germany. Not to mention that hundreds of millions of citizens’ personal information has been compromised over the last few years.
WIBSON PLATFORM
Wibson is seeking to create a blockchain-based, decentralized data marketplace that provides the infrastructure for individuals to securely and anonymously sell personal information that is validated for accuracy. Wibson is built upon a set of core principles: transparency, anonymity, fairness, censorship-resistant, and the individual’s ultimate control over the use of their personal information. Wibson Platform proposes a new market-based approach that leverages the latest developments in the blockchain, cryptography, and market design to level the playing field between Data consumers (companies, organizations) and data owners (essentially, individuals).
Wibson will aim to provide a marketplace inspired by the dPDM definitions while allowing for tradeoffs that are practical and necessary to ensure a market adapted to today’s industry structure. Part of the protocol is executed on-chain and part off-chain. In the Wibson marketplace, citizens, for the first time, will be able to participate in an efficiently functioning, decentralized data marketplace that provides both financial incentives and control over their personal information, all without sacrificing privacy.
Wibson Components
Seller Decentralized and Auditable Data Storage:- The market provides a de-centralized and auditable storage system, where private data is stored on the client side, and the blockchain provides references to the data, but not the data themselves.
Data Pricing Mechanism. On-chain: The Buyer publishes on the blockchain the price offered for each Data Order. After selecting Data Responses, the Buyer publishes on the blockchain the selected Sellers, the price paid, and the hashes of the data.
Payment System:- On-chain: The initial implementation uses Ethereum smart-contracts and an ERC20 token using the Zeppelins implementation Standard Token. The initial supply is 9.000.000.000 tokens with nine decimals.
Incentive System:- System that provides mechanisms and incentives to certify participants, verify that data is trustworthy, and incentivize honest marketplace participant behavior.
Decentralized Applications for participants to interact with the system:- Wibson provides Decentralized Applications (dApps) to support Data Sellers, Data Buyers, and Notaries’ participation in the marketplace.
An Implementation of the Wibson Data Marketplace
Decentralized Applications description. There are three decentralized applications to operate on Wibson, one for each type of participant, which enable them to follow the entire protocol previously described.
Data Seller dApp:- With this decentralized app, the Data Seller may perform any of the following on-chain
operations:
– Listen to new Data Orders placed on the blockchain.
– Accept Data Orders with a new signed Data Response.
– Check if a Data Response was approved, i.e. selected to be bought.
– Receive payment for the sold data.
– Keep track of the token balance in the wallet.
As well as carrying out the following off-chain operations:
– Store locally the data owned.
– Integrate with external data sources such as social networks, other devices and so on.
– Send the data to the buyers public URL when it corresponds.
– Send Data Responses to the buyers public URL when the user wants to sell.
Data Buyer dApp:- With this decentralized app, the Data Buyer may perform any of the following on-chain
operations:
– Place new Data Orders on the blockchain, specifying in each one of them the wanted audience, as well as the rest of the information stated above
– Add to the contract the Data Responses that he or she is willing to buy.
– Pay the Seller for the data.
– Pay the fee to a Notary.
– Keep track of the token balance in the wallet.
– Sign transactions.
As far as off-chain operations are concerned, the dApp also:
– Provides an API which the user may expose publicly in order to receive Data Responses or data itself.
– Keeps track and shows the status for every Data Order placed and Data Responses received.
TOKEN REVIEW
WIB is the acronym of WIBSON Token, it will be the standard cryptocurrency used for making payments for services rendered on WIB network, after Initial Coin Offering no WIB token will ever be created, minted or mined. WIB will fuel the development of the network and also provide fast, secure, transparent, efficient transactions on the network. WIB token offers the possibility of selling or buying of stored data while enforcing the use of data rules as set by the owner of the data. This utility token on Ethereum smart contract will help facilitate data exchange on WIBSON network and also provide a great amount of data value on the network.
TOKEN DETAILS
NAME: WIBSON
TICKER: WIB
NETWORK: ERC-20 COMPATIBLE
TOTAL SUPPLY 9,000,000,000 WIB
TOKEN ALLOCATION
COMPANY: 20%
PURCHASERS: 40%
MARKET PARTICIPANTS: 40%
CONCLUSION
Wibson platform will not only benefit consumers by providing them the ability to control and monetize their personal information, but it will also give corporate marketers and advertisers access to high quality, verified data and an explicit consumer consent mechanism which will be absolutely critical as new privacy regulations come into effect.
For more relevant information on Wibson Platform, kindly visit the beneath links below:
Website: https://wibson.org
app download link :https://play.google.com/store/apps/details?id=org.wibson.wallet
Twitter : https://twitter.com/WibsonOrg
Reddit: /r/wibson
Facebook : https://www.facebook.com/WibsonOrg/
LinkedIn: https://www.linkedin.com/company/wibson/
BountyOx Username: Seyeski
