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Lately, giant tech companies, such as Facebook, have been under scrutiny for their insufficient efforts in keeping the integrity of their users’ private data. While the usage of platforms like Facebook is free, it comes with a hidden cost that we all pay just by being online.
Platforms that are free to use usually collect your personal data to sell it to advertisers, looking to market you something. Be it Facebook, Twitter, Linkedin, Google — they all collect your data and sell it — you become the product. Every year, billions of dollars are exchanged for users’ personal information without them knowing and receiving any monetary reward for it.
The founders of Social Reality, Inc., acknowledged how inefficient and unjust this model is to the average consumer and have endeavored to create a solution for it. The only thing required for this dream of theirs to become a reality is the creation of a platform, which is capable of providing unparalleled security, ease of use, and ubiquity. They call it BIGToken.
Europe Leading the Way
On May 28th, the European Union implemented the GDPR, also known as the General Data Protection Regulation. It essentially enforces data collectors and brokers to ask permission to collect EU citizens’ data as well as value and protect their privacy and information.
Right now, companies are looking for the smallest cracks in the new regulations imposed by the EU to exploit it and collect more data without breaking the laws.
BIGToken – Remastering an Established Technology
Every time you do something on the internet, new data is formed. Be it browsing the web, liking, commenting, sharing, making new social media content, or purchasing products online, new information is created. Once connected to the user’s social media accounts and other (to be developed) applications, the BIGToken system will automatically collect the data and use it to determine its value based on current market rates.
The more you browse the internet, the more data you would collect and thus receive more tokens. Once you have tokens, you can freely exchange them with businesses for money or other tokens, however, you like. Basically, the BIGToken platform rewards transparency while keeping it secure and immutable — a decentralized ledger that holds all transactions ever made.
This should sound familiar to you, but that is to be expected. The BIGToken platform is based on Bitcoin. It extends its abilities by attaching encrypted personal information to each of the coins. Since the data is encrypted, unless the information’s owner provides their personal key/password, there is no way for the data to be jeopardized and used in unintended ways.
To top everything off, the user will be able to reclaim their data. If they wish to do so, all that is necessary is paying the original buyer an agreed upon amount. This ensures the process stays symmetrical, reclaiming power back to Consumers.
Learn more about BIGToken
Don’t miss out on the chance to reclaim the power that originally belonged to you — the power of your own personal data. You can learn more about the BIGToken project on their website, or about Social Reality on their about us page.