Hi! Here I am, with another brilliant decentralized project called IOVO. It basically gives the ownership of your online data to you, and you're free to monetize it!
We're online. We use so-called "free" apps, websites, online products but actually we give information. We search things, we buy things, we share things on internet. So big companies like Google, Facebook track us and they now what we buy, what we like, who we are/were with, where we go, and possibly what we will do in the future! Yes, with all that info, AI is able to see what our next move is.
Are those services are really free then? Nope. Definitely not. They work with our information. Because in the long run, information and big data is everything. You might have heard about Cambridge Analytica issue, they got informations from Facebook and sold them. People started "OwnYourData" campaign.
Then If we share all these information, they have a great value. Why don't we hold those information on chain, and get paid when someone/company needs it?
IOVO returns control of data back to the people who generate it, together with the liberty to manage and monetize all their digital records.
As an example, Think about a world where Google pays us for every search on our data! This is IOVO! Every search on its network is paid.
"Imagine if Facebook's users received a universal basic income every day."
— Ex-Cambridge Analytica employee Brittany Kaiser
FoxNews
IOVO has a great slogan: "Data ownership is freedom." I believe so. I need to be able to choose what to do with that data.
IOVO - The Company
Having headquarters in Zug, Switzerland, IOVO has 26 team members and advisors from Switzerland, United States, Poland, UAE and Korea. Yet when we check their Linkedin profiles, they seem to be more Poland oriented team. They probably started the company in Switzerland just because it is one of the first countries that has regulations for Crypto and ICOs.
Because IOVO is a decentralized chain, IOVO will not have any ownership and control over our data. People will have the control of their data.
Data Market is Booming
Every day, more and more people use internet and also our devices/gears are getting internet too. (Internet of Things will be the thing of 2020s.)
According to IOVO pitch, data market will be worth 300 billion USD in 2018, and grow further obviously. Also only 1% of gathered data is being analyzed now, more will be analyzed with AI and super computers in the future. When the companies have enough processing power, they will be hungry for more information.
Now, this is where IOVO brings its own solution.
Data in Blockchain: Safer Solution
Now, our data is stored in some servers of big companies. Not that secure, or we need to trust them and we cannot know what happens with that data.
However, decentralized storage can be a solution. But standart blockchains like Bitcoin are slow, they cost a lot and require so much power.(think about mining and electricity)
But IOVO uses multi-blockchain DAG (Directed Acyclic Graph) mechanism so it will operate as fast as a centralized solution. It also ensures stability and security, because single-transaction DAG used in IOTA is untrusted and should be further tested. However, IOVO combines blockchain's well-trusted tech with DAG's performance and scalability using sharding.
IOVO is an omnileder, a ledger of ledgers that lets users share every kind of data, either directly or via decentralized apps (dapps).
Benefits of IOVO
for users,
- Data wallet and access to network
- Data ownership
- Data security and transparency
- Data monetization
- Anonymity
for dApp Owners,
- Access to a throughout global database via data wallet
- Monetization of owned data
- Data security,
- Acquisition of more users
- Unmodifiable history
for Companies and Data Analysts,
- Big data access to complete network
- Data research and analysis
- Full anonymity
- Direct contact with surveyed users
- Secure data storage and unmodifiable history
IOVO dApps
There can be numerous peer-to-peer apps on IOVO. For example;
influnomy
It is an online marketplace. This app will offer people discount on their payments by posting content on their social media profiles (which are requested by the place/brand etc.)
IOVO Anayltics is a great app for searching the IOVO network. You can do:
- Network research
- Pattern analysis
- Data exchange
- Data export
- Fee and wallet management
- User communication
Also, there will be frameworks for major mobile and web technologies and developers will be able to connect and interact with the IOVO blockchain with their existing APPs.
The ICO
IOVO has a Public Sale from 20.12.2018 to 31.12.2018.
Token price will be $0.12 (was $0.06 in presale)
According to their website, they're allocating tokens like:
- 10% of tokens with public sale,
- 30% with private sale.
- 20% smart drop (a new way of airdrop, which requires KYC etc.),
- 10% locked,
- 20% team,
- 10% reserve.
20% smart drop is actually a nice thing, because it will definitely decentralize the project. More people will own the token, means more decentralized, also economically means dump is not likely. I hope private sale is locked for some months, but I couldn't find that information.
Roadmap
The IOVO token will be ERC20 in the beginning, and as usual, they're going to release their mainnet later on.
In the roadmap, Q1 2019 is marked as "Alpha version of IOVO DAG". This should be Testnet.
and Mainnet is planned for Q4 2019. Marked as "IOVO DAG launch / IOVO coin distribution to IOVO token holders".
So in late 2019, ERC20 tokens will be swapped with native IOVO coins, which is one year after the Public Sale. I think this is reasonable time for coding/making the chain.
To sum up,
IOVO seems great and will bring something very valuable to our lives: Having the control of our online data! If everything goes well for them, this will be a revolution for online marketing and research. Companies will need to adapt, society will adapt too.
People will take the power. If we think about it, I'm writing this article on Steemit, which proves this is possible. If I write this in Facebook, Medium etc. I wouldn't be able to monetize it. But with Steem chain, I'm able to share it here freely, and earn some tokens with your appreciation.
Future is bright for this kind of projects.
See you in another review.
Cheers,
If you want more information on IOVO, you can check their website or channels:
IOVO website
IOVO ANN Post on Bitcointalk Forum
Telegram
Twitter
Whitepaper
My ether wallet: 0xC6c55aD4ca903A3aC2c59C5CF2a6D6D37CfC2e26