NuCypher the solution to data security and personal data value?
I am a NU token holder and a procurement supply chain professional. This article provides a long-term opinion on what the project could grow to be and is not and should not be considered financial advice; If you need background on me feel free to connect with me on Twitter @BeagleKyle. I am also considering doing some YouTube videos in the future so if you want to find me there just message me as I am still setting that up and it may be a little before I start posting.
NuCypher is a cryptocurrency that secrets asset management and dynamic access control. One may ask why does this matter? While it matters as data is the new medium of currency for the future. Think of how many businesses deal in selling data but how much does the singular data provider (i.e. the person) get in return. That’s right very little. Data is currently a one-sided deal buy NuCypher is a way to change that.
For reference on how one-sided the current data marketplace is take a look at https://knowledge.wharton.upenn.edu/article/barrett-data-as-currency/#:~:text=In%20traditional%20currency%20transactions%20people,%2Dsided%2C%20at%20least%20today.&text=Their%20data%20is%20captured%20and,concerns%20around%20security%20and%20privacy. Now imaging a way to have data access and control at your fingertips. This is where NuCypher comes in. I am also in the Graph Protocol which compliments this concept. Every day your personal data is accessed and sold multiple times but how much do you get for it from all the companies dealing in data. Some try to say data isn’t money but exactly what do Google and Facebook and others profit on? Data that is what they sell.
Now Imaging getting paid for every time your data is accessed if it is stored on the blockchain. NuCypher could serve as the access token. GRT (Graph Protocol) serves as the data collection token and data providers would receive income for providing their data to the blockchain at the point of access. This could even be paid in value storing assets such as BTC to show the value of one's data based on access amount. Your data should, in essence, be a valuable asset as companies need your data so they should pay you for your data. This means you are your equity. As you develop yourself and become a move valuable data assets you would get greater rewards.
With the modernization of the world, data is going to be the ultimate commodity in the next few years and data mining will be the biggest industry. So what does the mean for the common person this means solving the riddle of how do societies fund a universal basic income and give value back to the people? It means bringing people out of poverty by giving them a way to provide data as an asset to the chain for collection. An example of this may mean if a news story wants to cover a discriminated group that group would receive a fee for the coverage provided in the data collected through the groups requiring access to the data through the ecosystem by creating a data exchange based smart contract back by an oracle to verify how many times the data is accessed to be brought off-chain to determine proper rewards for data providers. This concept would allow for better societal equity and could help rise groups out of poverty. This is just one example of something that can be accomplished by the data ecosystem created by crypto and why it is the future of society.
Some don’t quite get it yet as they currently see data as a valueless asset but it is traded millions of times per day and the current ones who benefit are often the 1%. For example, Facebook provides ad distribution to companies through algorithmic data collection to show most likely customers. In the current world, Facebook makes money their customers make money from the data but the data provider gets left behind. This is the case with most current data ecosystems and this is what cryptos like NU, GRT, LINK, and others included in building the new blockchain data ecosystem.
These also solve the problems of lost data and false data as it provides a way for data holders to know when their data is being accessed and why it is accessed. For example, if a story is about to be written the information trail can allow on the see the data used and how it was compiled to verify the data presented is factual. This means someday we can actually get the real story vs just one or the other side when doing research.
This is my stance on 2 great crypto projects. Mainly focusing on $NU but also touching on $GRT. Good luck to all investors and may we party on mars when we get there.