The world has accepted the fact that information is real power. With proper information wastage of human resources is avoidable, efficiency in service rendering and improved output is guaranteed. The internet is the hub of all sorts of information required for research purpose, marketing, and product development. The advent of social networks and cloud storage has taken the use of the internet steps forward, now the Internet is not just a source of highly sort after information but a place where personal data such as date of birth, credentials, preferences, financial records and digital possessions (photos and videos) can be stored, accessed and utilized. Personal information that would normally be difficult to procure from individuals can be accessed via the internet.
Recent events have shown that the use of the internet is not completely free in the sense that large co-operations and data brokers have been siphoning data from users of their platform and using them for their own benefits. Such data can be used to influence the choices of consumers, alter opinions of voters in elections and manipulate individuals. Improper handling of this data can lead to identity theft, blackmail, hacks and data inaccuracy.
The internet has also become a hub for digital advertising. Digital advertisers often utilize big data and analyzing tools to market products and services on the internet. Digital advertising and marketing have become more or less the most reliable and efficient means of showcasing products and raising awareness of both online and offline businesses compared to other traditional means of advertising. Nevertheless, the cost of digital marketing keeps skyrocketing, the fact that most adverts are not target based makes it annoying to users of the internet and this warrants the need for an improved means of creating target based adverts that do not pose a treat to the security of data owners.
Introducing Algebraix
Algebraix is a platform designed to enable individuals to conceal, and control access to their data by means of smart contracts. Algebraix creates an avenue for individuals to get paid by advertisers for rendering them access to their personal data. Algebraix creates an avenue for real data ownership, prevents data exploitation and data insecurity, ensures the accuracy of data by giving data owner complete control of how and whom they wish to share their data, and aids reduction in the cost of digital advertising while improving efficiency. Algebraix makes a case for blockchain and cryptocurrency as a tool for socio-economic development because it employs the highly encrypted decentralized public ledger to create an impenetrable personal secure vault for data owners to store their data without fear of identity theft, loss of important data and being exploited.
Key Features of Algebraix
- Personal secured vault (PSV): The algebraix platform is developing a Mobile App PSV that gives access to the algebraix network and service, serve as a secured data store , and in which algebraix users can grant advertisers and other users restricted access to their personal data via smart contract. The algebraix PSV will have multiple device functionalities and consist of an inbuilt Wallet where ALX tokens and other cryptocurrencies can be stored and used to carry out transactions. The PSV will also have a socio network interface where users of the algebraix platforms can interact with one another.
- Algebraix network uses interblockchain communication fabric (ICF): This feature will allow Algebraix network to access the services of multiple blockchains supported on the algebraic platform and allow approved developers utilize the IBCF feature on the algebraix Network to develop dapps within the Algebraix ecosystem.
- Algebraix provides Monetize User Data: This gives users of the platform options to select from advertisement published by advertisers and get rewards for viewing those adds. The reward system helps rate data owners reputation by strategically monitoring the steps involved from viewing adds to making a purchase and also checkmate the activities of advertisers to rate their reputation.
- Data algebra: All software on the algebraix platform will be based on data algebra. Data algebra is a new field of mathematics that enables the defining and manipulation of data structures at any scale.
- Algebraix token (ALX) : the ALX token will serve as the fuel of the algebraix platform. It will be used to carry out payment for services, rewarding the community, incentives for new developers to join the Algebraix ecosystem and partnerships with other blockchain startups. The algebraix token will be erc-20 standard, issued on the ethereum blockchain with a maximum supply of 100 billion units.
Distribution of ALX token
The Algebraix team has put up 25% of the maximum supply (25 billion) of ALX token for sale in a SAFT (Simple Agreement for future token) , 15% for staffs, 5 % for advisers, agents and partners while 55% of the token has been reserved for rewards, marketing incentives, stake rewards and incentives for new developers in the eco-system. The SAFT is open until the first release of the Algebraix platform mobile app. The SAFT has a hard cap of 17million dollars.
The Algebraix Team
The Algebraix execute team is led by Charles Silver and his executive team consists of personnel with expertise in IT, finance and engineering industry.
Conclusion
The algebraix project is definitely a redefining tool in how technological invention such as blockchain technology can be used to solve the problem of data security and make digital advertising more efficient and less obnoxious.The fact that Algebraix will also build its own blockchain with single token, proof of stake consensus, smart contract capability, anonymous transactions,and low transaction costs in a bid to ensure true data ownership is applaudable. With the imminent mass adoption of cryptocurrency, projects like this will go a long way to solving world problems.
For more information check out the following channels
Website – https://algebraix.io/
Whitepaper – https://algebraix.io/wp-content/uploads/2018/02/Algebraix_Blockchain_WPv1.12Feb16.pdf
Telegram – https://t.me/Algebraix_Data
Twitter – https://twitter.com/alxtoken
Facebook – https://facebook.com/alxtoken
Writer – Mrsparks
Writer’s BTT – https://bitcointalk.org/index.php?action=profile;u=1197564;sa=summary