Everything You Need to Know About Fractal Protocol
Fractal is an open-source zero-margin protocol that aims to replace ad cookies and give users complete control over their own data.
Powered by Polkadot, Fractal is an open-source, zero-margin protocol that aims to devise a data standardization process that ensures, maintains, and exchanges a high quality of user data. The platform is designed to replace ad cookies and give users complete control over their own data. It helps users to collect, verify, and privately exchange data in a fair and transparent way. The protocol also ensures rewards to the publishers.
The Fractal Protocol builds an identity layer within the protocol. Thus, with Fractal Protocol, the users can decide whether they want to share their credentials with verifiers when they visit a website. If the user is willing to share their credentials, then the verifier competes to win the ad buys posted by advertisers.
The platform believes that if the basic interests of all the involved entities are satisfied pertaining to their role in the protocol, then it will be a win-win situation for all. Users will have control over their data, which was missing earlier. They are free to choose the available services and will receive monetary benefits for sharing their data. Advertisers, on the other hand, are confident that their budget is being well spent on the targeting criteria with fraud-free traffic. Thus, all participants in the digital advertising ecosystem stand to benefit from each other and will be led to a transparent and fair data exchange process.
Fractal Protocol proposes an incentive mechanism to the different roles/users interacting in the protocol. The primary goal of the protocol is to connect advertisers and users through a network of participants, namely verifiers, insurers, and attesters.
These are the people/organization or entities who want to advertise about their products or services. The advertisers pay and post their ads so that the message can reach the target audience.
Users are the normal people who surf and interact via the internet. From the protocol’s perspective, users submit their data to the attesters for verification and decide whether or not to share it with verifiers, or with an advertiser’s ads.
Verifiers are the ones who connect advertisers with the users. The verifier can be a publisher, ad network, ad exchange, and others. They interact with the protocol by verifying users’ ad claims.
Insurers are the entities who provide liquidity to the protocol. Any entity that can provide liquidity could perform the role of insurer and, in return, they receive rewards. The liquidity is provided to individual verifiers (needed to verify users’ ad claims) based on their reputation.
Attesters are the entities within the protocol that issue credentials to attest users’ data claims. An attester could be any service provider who can verify the identity of a person.
Go to the Fractal website.
Click on Login, it will redirect you to this page.
To start with, users are required to go through an ID verification process. You can either provide your e-mail ID or phone number.
The application will send you a verification email consisting of a sign-in link and secret key-phrase detail.
Login with the link given in your verification email. The application will then ask you the type of account you wish to set up, i.e., Private Individual or Organization.
Choose your desired option. We are making this guide for private individuals.
You can now see a blank dashboard is created for you.
You can check your secret key-phrase and enable 2FA from here. It is always recommended to enable 2FA before doing any transactions/activities to ensure a high level of security for your account.
To enable 2FA, users need to scan the QR code shown on the Fractal application with Google authenticator application. The Google authenticator application will show you a code that you need to fill in the Fractal application.
Once you enable your 2FA, the application will show you a list of 10 recovery codes that you can save for future use. In case the provided list of 10 recovery code gets exhausted, you can generate a new recovery code by providing the security code.
From the Deals tab, you can check the currently available deals that you can use to earn rewards by sharing the referral link with your friends/relatives. Each deal has different criteria that need to be met in order to make you eligible for the rewards.
To receive the rewards, users need to provide their Bitcoin wallet address where the rewards will be accumulated. Also, your account should be verified with Fractal ID to receive the payment.
How to Get Your Account Verified
Users need to mandatorily verify their accounts to receive rewards. For identity verification, the Fractal platform considers the following documents:
- Driving License (Australia, Canada, or the U.S. only)
- National ID
Important: For a faster verification process, the platform suggests its users use passports for identity verification.
You can choose any and start the verification process.
Next, the application will ask you to upload the document, and it will automatically extract and display the information from the uploaded document that you need to confirm.
After that, the application will ask for a live selfie. Once done, your application will be submitted for verification to the Fractal team. You can check the application status from the My Data tab.
Once the ID verification is done, you will receive an email notification. Your My Data section should look like this:
You can also update your existing data anytime from the My Data tab.
How to Participate in Deals
Below are the steps that need to be followed to participate in a deal:
Step 1: Users need to set up their BTC wallet address. The rewards will be transferred to the wallet address mentioned by the user.
Step 2: Check the available deals and share your unique referral link with your friends/relatives. Once the deal criteria has been matched by your friends, you will receive a reward.
Step 3: The Fractal platform checks the legitimacy of your referral before making payment. Also, your account should be verified with a valid Fractal ID. Follow the instructions above on how to make your account verified.
Step 4: Once your reward balance exceeds a value of ₿0.0027, you can request payment by pressing the Request Payment button. The accumulated reward will be added to your wallet balance.
How to Add the FCL Balance in MetaMask
Users can add their FCL token balance appearing on the Fractal application to their MetaMask wallet.
For that, you just need to click on the Balance tab (highlighted in the below screenshot).
The application will give you an option — Add FCL to a wallet — that you need to choose.
This would simply add the FCL token and balance (if any) directly to your MetaMask wallet.
Fractal Protocol is an innovative platform that aims to overcome the issues existing in the online advertising or data sharing system. It gives power to the users to decide whether or not they want to share their personal or behavioral data. The platform also introduces an incentive mechanism that offers benefits to all the protocol participants. With the inclusion of different data commons, the protocol hopes to create fair competition against a market duopoly with valued users, data, and trusted ads.
Resources: Fractal whitepaper
Note: This post was first published here with Altcoinbuzz.io.
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