TAP Token – introducing Blockchain Verified Consent
–– 10 Nov 2020
What does it take to break the grip of web cookies, banners and middlemen and liberate people’s data for them to own, share and unlock its value?
Problems around data value, privacy and security are rooted in the original design of digital markets – central silos, bad actors and bots – and solving them is one of the biggest prizes of Web 3.
Over the past 18 months, the Tapmydata team has built tools for people to take back control of their data and companies to rebuild trust, with Privacy by Design, and Blockchain keeping score. Thousands of people, and hundreds of organisations already use our technology.
We’re now launching our decentralised personal data protocol and TAP token to break the old cycle of data abuse. Each user can manage their own digital identity, mint NFT’s (Non-Fungible Tokens) of Blockchain Verified Consent and licence this for use across the web, receiving value (ERC20 tokens) from organisations.
How does this work in practice? If you’re a new, or existing user of the Tapmydata mobile app, you use it in the same way to request data, add personal credentials and ID, and store this in your secure wallet. We have no access to any of the keys or data.
The app awards TAP tokens for activity which benefits the community, like sharing data or verifying credentials. You can then use these tokens (or buy more) to mint your own Blockchain Verified Consent artefacts. These are what organisations purchase for use in targeted marketing, also using the tokens.
While projects like Brave and Swash have helped make people aware their data has value and this can be realised through crypto, they still work in the limits of the current AdTech system; I get paid for my attention, or for my browsing history to be sold to advertisers.
We’re creating the building blocks for people to play a new role with their commercially-valuable data, where they’re in the driving seat. Rather than see ads for something I bought last week, I can let companies know I’m in the market now to buy a kettle, hardware wallet or an insurance policy. Advertisers can buy these consent artefacts at scale, incentivising users with tokens.
We’ll use funds raised from this token sale to grow our user base, migrate the technology to web browser plugins and drive adoption among companies. At a time when awareness (and prices) of crypto is rising, we can provide an on-ramp for the average consumer using the asset closest to their heart, and provide a way for Web 3 companies and other dApps to get the data they need in a low-risk, zero trust manner.
The Tapmydata team is truly excited to help people take control, licence and earn a universal income from their data, and if the US election tells us anything, the time for change is now.
We’ve shared our vision and the journey to TAP last week in Part 1 of our white paper. This week we’ll focus on the detail of how we make this happen, the token design and economy. In the final part, we’ll detail the technology underpinning the token and this fundraising.
For any blockchain project looking to integrate/collaborate with TAP reach us at email@example.com