In this article I will present information regarding IOVO. The information provided will include; the problems which IOVO intends to solve, the solutions provided by IOVO, parties who would benefit from the IOVO, and my overall comments on the information provided.
We are entering into a new era where there is gigantic amount of data generated by every person living on earth. The amount generated by person and each day is increasing exponentially. This is mainly because our lives are becoming more and more digitized every day. In parallel to the technological evolution, there are more devices introduced into our daily lives which interact with us and our lives. The more Internet of Things devices we have in our lives, the more data we generate therefore, more data becomes available for individuals, entities, researchers and commercial entities. These data are valuable for these entities mentioned which would eventually achieve what they are trying to do, such as any task depending on statistics. These tasks are various ranging from, creating marketing and production strategies for corporates to monitoring effect of certain things on human and nature and lots of other commercial and scientific reasons. Therefore, these data generated represents a value which are benefited by certain commercial entities at the moment.
Besides Internet of Things our social lives switching to the digital platforms or more precisely from physical platforms to the virtual platforms. We are meeting virtually, dating virtually and even shopping virtually. While we are benefiting this emerging social and commercial platforms, we share many personal details which represents a label for a single data generating point. Along with these information, all the activities we perform on these virtual platforms generate data which shows our interests. This is very important for advertising companies and ecommerce entities. They spend huge amounts of money for advertising and their target is to reach the right person to sell their services or goods.
It is obvious that the data generated has a value and this value will increase in parallel to the growth the part of our digitalized life. IOVO has been established on the principle that the data generated by each person belongs to the one who generates it. Therefore, IOVO will provide users to own and manage the data generated by themselves.
IOVO is a direct acyclic graph which is designed as a platform to serve as a global database. On the microscale, IOVO will collect, store, and secure the data generated by each individual. Nobody or no entity will be able to access to another’s data without the data owner’s consent.
· Individuals do not own their data: Although there is a huge amount of data increasing exponentially in size which are generated by each individual, since data is not viewed as a value by majority, no one even attempts to claim the ownership of the data generated by themselves. Therefore, there is no infrastructure for individuals to claim, manage and store their data.
· Central entities monetize the data generated by individuals: Large internet entities like Facebook, YouTube and others that is not obvious yet, collect, categorize and monetize them without asking users who create these data. Users are not being paid for exploitation of their data anywhere in this monetization process even with a penny.
· Data search infrastructure exists is inefficient: The existing data storage consists of various storage sites which are categorized and divided according to these categorizations. Since the current storage scheme does not aim to create a global big data base, often data scientists or researchers need to consult in various data bases in order to complete their tasks. This in turn, necessitates higher time and resource allocations for each task.
· IOVO will give back the control of their data to the real owners: IOVO will provide an infrastructure which enables users to own their own data. They will be able to claim, store, manage or even monetize their data by the offered infrastructure. Users will be able to choose to monetize their data by sharing with the entities. They will be able to choose which data they want to share and they will have the power to choose the amount of data they want to share. Ultimately, they would be able to choose not to share any of part of their data. This is a complete control and freedom that users don’t have at the moment.
· Users will be able to monetize their data: IOVO would act like a data wallet for individuals and a valuable database market for individuals or entities who look for big data for commercial or social needs. Users will be able to choose to monetize their data completely or partly with the individuals or entities who are looking to utilize user data in their tasks.
· A large powerful single place for data analysis: IOVO aims to be the largest single database existed in history. It is obvious that the data base will grow in time and it will become the largest data base network globally. This will present researchers and analysts a big advantage and efficiency in their tasks. Higher efficiency will attract more data processors and utilizers which would eventually make the platform to be the largest single powerful data base.
· IOVO offers solutions to the existing blockchain applications: IOVO provides solutions to the current generation of blockchain and DAG applications such as scalability, stability, and security.
· IOVO provides many other technical benefits: IOVO provides improved technological infrastructures to the existing ones. These include, decentralization of data, secure encryption, transaction speed, Ethereum-like smart contracts and a powerful database network equipped with internal big data analytical tools.
IOVO will attract three main group of participants as projections show at the moment. These three groups will be composed of users, dApp and application operators and companies and analysts. All these distinct participants will benefit from the IOVO infrastructure so that they will have their own motive to do so.
As explained before, IOVO will give users ownership and full control over their data. Users will be able to store, manage and monetize their data in a highly secure structure which is crafted by IOVO. Here you may find some of the benefits which IOVO promises to be provided to the users such as, data wallet access to IOVO network, claim own and manage data, data security and transparency, data monetization opportunities and anonymity to the users
IOVO offers full guarantee of data security to operators of centralized and decentralized applications. The security and privacy measures implemented along with monetization opportunity ensures the user base growth for dApp and Application Operators. There are many benefits offered to dApp and Application owners namely; access to a comprehensive global database via data wallet, monetization of owned data, data security, acquisition of more users and unmodifiable history.
These are the group of people or entities who need data for their tasks either commercial or scientific, would be able to utilize the most efficient option for browsing, analysing and inferencing of data gathered in IOVO which would be the most powerful network database. As knowing the challenges of data science, IOVO will be built to represent an infrastructure in a way to be comprehensively analysis-friendly so that it would enable easy access of external analysis tools. Besides, there will be a set of tools provided by IOVO for make lives of researchers and analysts. Benefits offered by IOVO to companies and analysts would be as, big data access to complete network, data research and analysis, full anonymity, direct contact with surveyed users, and secure data storage and unmodifiable history.
It is not well understood by the majority of the individuals on earth that the data generated has a value in modern world. As AI and other similar technologies evolve, human value will diminish and lost. This is a great step forward from those who think forward and imagine what the future would be like. The value proposition of IOVO to individuals is huge. Users will start to own their data which will represent the human value in the more digitalized future. This represents a revolutionary opportunity for individuals and a great implementation of decentralization. I am certain that each individual would like to take control of their data.
Users are not only awarded with claiming their data ownership, they will also be provided the freedom to choose whether or not to share their human value. In addition to this, they will have the power to monetize their data if they want to do so. This is a unique privilege given to the mankind which would be well understood in the future. IOVO gives individuals power to own and control the data generated by themselves or in other words human value. I doubt this value proposition will be well understood by the majority but it is really important that individuals need to think how the world evolves around us very fast and realize this is a unique opportunity for the human species.
Obviously, the data contained in IOVO will be small in the beginning but, as we observe the growth of data generated increases exponentially, it would not be hard to imagine that IOVO will become the largest database existed ever. As a result of this, it will provide extreme opportunities for various analysis tasks. These will mainly include efficient data analysis and comparison opportunities compared to traditional data analysis methods which require high time and resource expenditures. These benefits or let’s say advantages will eventually make IOVO the number one choice of database for researchers and companies. In my opinion this is a perfect business potential. If the infrastructure would be able to survive through the infancy of blockchain and cryptocurrency ecosystem, the value of the company would experience significant growth in my view.
Although the idea is great for the future reality, I am afraid people’s minds are not open enough to see the potential behind this project. Most of the millennials have brought to the digital world. Therefore, younger generations have possibility to understand and see the potential behind the project.
Important Links
Website: http://www.iovo.io/
ANN thread: https://bitcointalk.org/index.php?topic=4509519.0
Bounty thread: https://bitcointalk.org/index.php?topic=5057281.0
Telegram chat: https://t.me/iovoledger
ETH: 0x1A5e1161e49Af08D41954b90885B9CFF33b88fB3
