Insights Network is using the blockchain technology to build a decentralized platform where organizations can buy data directly from users on the platform, bypassing brokers.
Today, data brokers collect data about us from all kind of sources and sell it to other businesses who will use this data to generate revenue. We have no leverage over the process in which we are not the ones profiting from selling data about us.
Blockchain technology gave rise to a growing number of crypto startups like Insights Network that believe our data should not be controlled or owned by anybody else, but us.
The startup is building a platform based on a unique combination of blockchain technology, smart contracts, and secure multiparty computation which enables an individual to securely own, manage, and monetize their data.
Anybody can sign up on Insights Network’s platform and start offering their personal data with real market value to anyone who is interested to buy it.
Behind Insights Network there is a strong team of alumni from Y Combinator and top US and European Universities, advisers, and partners.
The team believes because the data is submitted by individuals themselves it is of higher quality — more relevant and correct than the data collected by a third party company.
What’s more, through the platform, organizations will be able to request data from providers by creating surveys for a highly specific demographic or narrow group.
The platform will utilize its own token — an Instar, and users will have their own crypto wallets.
The startup has just completed a public sale after reaching the goal of 22,000 ETH Cap and is preparing for a token distribution to registered ETH addresses.
The platform’s Telegram community has over 20,000 members. As a result, the team explained on their Medium blog, the tokens were purchased really fast. Due to being greatly oversubscribed, many of approved members were unable to secure an allocation of INSTAR. For this reason, the team decided to do an airdrop for all approved members.
One more great crypto startup that shares the values offered by blockchain — a decentralized and more democratic Internet for all.
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