In today’s digital age, we are living in a world where our data is being collected and sold to the highest bidder. Almost every company we deal with collects some form of data from us. Your browsing history, your purchase history, your location — all these things are tracked by companies for their own profit.
We have seen big corporations like Facebook and Equifax lose control of this personal information that they had stored on their networks. This has led to massive hacks resulting in millions of users having their private information leaked onto the internet. It would be naive to assume that this trend will stop anytime soon as hackers continue to find new ways to infiltrate networks, steal data and extort money from businesses around the world.
The solution to this problem is decentralisation. Recently, we have seen a massive shift towards decentralised storage through the use of services such as Storj.io or Filecoin. These two projects are giving users control of their data by charging them a small fee to upload their files onto the network. This model has been proven to work as it gives the user complete control over their data, they can delete or revoke access at any time.
Those decentralised storage solutions often use blockchain systems to track the information (for example, who has access to the data and when). This makes those systems very secure as the information is stored in a public ledger, which means it is transparent and auditable by anyone, no one can tamper with the data without being detected.
The problem with blockchains is that they are not always fast. The fact that the information is stored in a public ledger can make it slow due to the size of the blockchain and the time needed to process each transaction. And this problem only gets worse as the blockchain grows. On top of that, it is difficult to make small and regular transactions because of the fees for every transaction.
What if we had a technology that could remove all of these issues? What if we could create a network that has no centralised servers and can store information very quickly, without any fees?
It turns out this new technology already exists. It’s called DAG (Directed Acyclic Graph). And guess what? DAG is actually already here to stay. It has been around since 2012 and more than $1bn has already been raised by companies using it in the real world. Some of these successes include IOTA and Byteball, which managed to raise more than $200m and $500m respectively.
Unlike other blockchains, such as Bitcoin, DAG works very differently.; it has no blocks and there are no mining fees. This is possible because every participant first verifies previous transactions. In a sense, you are paying for a transaction by providing a fraction of your computing power for a very short amount of time.
In regards to the original problem, this technology provides a huge opportunity to provide the needed security while still being user-friendly. Stardust aims to create a network where everyone owns and controls their own data. This means that everyone will store their own data that can then be communicated to other parties. The goal is to bring people full privacy online while also increasing the user experience. No one should ever have to manually input their personal data into some form on a website again — especially not without knowing how the data will be handled. We are showcasing this opportunity through a browser tool where cookie preferences are automatically communicated to websites, meaning that users will never see another annoying cookie pop-up again.
We believe that privacy should be a right and not something that you as a user have to pay for or look for in different services. Privacy should always come at no extra cost, but with many additional benefits. Privacy is the next step to creating an internet where users do not have to rely on central platforms but instead interact directly with each other.
Privacy will allow us to live a life online that we currently can only dream of.
Stardust’s goal is ambitious, yet if we succeed, this could change the way we handle our data online forever. Please visit our website for more information about our vision and progress.