User data is the bedrock of digital advertising, with Google and Facebook between them holding information on billions of Internet users. But thanks to Bitcoin SV (BSV), it’s never been easier for users to take back control of their data from Internet giants.
At the recent CoinGeek Seoul Conference, the CEO of Money Button, Ryan X. Charles, announced several new features designed to allow users to do exactly that—to take true ownership of their data, and to monetize that data more effectively.
In an interview with Stephanie Tower, Charles spelled out how Google and Facebook basically own user data, which they sell targeted advertising against, as the foundation of the digital marketing industry. However, Charles said content creators and even consumers were in need of an alternative that provides them with more control over their data assets, as well as alternatives to monetizing that data.
According to Charles, Money Button has developed a number of tools on BSV to deliver on these aims.
A key tenet of data ownership was the ability to sell or otherwise monetize. So rather than Facebook or Google earning money from a user’s data, the user can take control—including over any revenue derived from their personal data.
This could result in users choosing to be paid to view ads, or otherwise selling their data directly. To offer this functionality, Charles said Money Button was introducing a series of new features to tackle these problems.
Signatures allows users to sign data to the blockchain, immutably proving authorship of information recorded on-chain. This is tied to encryption, which allows individuals to establish and prove their identity and ownership of their data.
These are supported by a peer-to-peer transaction protocol built on Paymail infrastructure on BSV. Finally, this is tied to an avatar and naming protocol, which attaches an avatar and name to address on Paymail, which presents the data in a more user-friendly way.
Charles said the features would be available to any wallet service through Money Button. The full feature set is expected to complete over the next few weeks.
It comes as one of a flurry of new innovations built on BSV, harnessing the low-cost transactions and built-in scalability of Bitcoin to develop more effective tools for the application of blockchain technology.
The Genesis protocol upgrade on February 4, 2020 is a monumental step in the history of Bitcoin, and will see BSV returned as close as possible to the original protocol as envisioned by Satoshi Nakamoto. Visit the Genesis Hard Fork page to learn more.
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