Data is one of the most valuable resources in the world today. In the words of Jaron Lanier, “Data is the new oil”- it has incredible economic and political power, and yet we give it away freely.
Our data is often collected and sold without our knowledge or permission, usually for advertising purposes. Due to a lack of information and choice, individual data is massively undervalued: we have been led to believe that services such as Facebook and Google or Amazon are free, but this is far from the truth — we have actually been tricked into giving away our most valuable asset.
We like to think of these services in terms of triangles. At one end is you, the consumer (or buyer). At another is the producer (or seller). Finally, there is the platform or intermediary, managing and directing your data for profit.
This current model of targeted advertising and ‘free to use’ services derived from data harvesting is unsustainable and undesirable- we need to find a better way.
You have the rights to your personal data. If a company sells something thanks to the data they have collected about you- for example when you click on a targeted advert- you should be rewarded for this. Essentially, you should get paid royalties for the use of your data.
So how would this work in practice? How can it be measured and how will you be rewarded?
We use data much like Netflix, Facebook or Google to help with our AI algorithms and prediction services. Our unique AI could transform the entertainment industry by changing the way films are valued and content is distributed. However, instead of collecting and selling this data for profit, we use the Seed token. This is similar to Avios points and will empower users by rewarding them for their data. By extending this, we aim to revolutionise the Internet business model as a whole.
Coming back to the triangle analogy, this blockchain-based reward system is beneficial for everyone. The content providers get fair royalties and a clear audit trail of user activity. The users can unlock their data and get paid for it. Finally, other companies can benefit from having access to data that was previously limited to a few tech giants. This will create a new marketplace and a wider, more open economy.
The Seed token and its independent, decentralised audit trail is a transparent way for users to store their online footprint and earn from their activity. This empowers them to become owners of their own data, and together we can remake the Internet into a force for good.
Sounds interesting? Stay tuned to find out more on our blog!
About Livetree
Film, TV and documentaries inspire millions around the world, but can we use these stories to bring us together? We want to help you reflect on what is important to your life and our world.
Livetree was created to do just that.
You can connect and chat with people while watching award-winning documentaries that shed light on the most important issues, from climate change and inequality through to discrimination and global pandemics. We hope you’ll join us in being inspired to create a new community that will unite millions around the world through the power of storytelling. Livetree is a subscription service and 50% of all proceeds go directly to the content creators. We use the other 50% to support a range of causes including Wateraid and many others.
Livetree costs the price of a coffee per month and enables you to watch with friends, connect with thought-leaders and be part of a community that will heal our world. Connect in chat rooms, join cinema screenings or schedule your own — upload your story and explore the world story map.
Thanks for your support, and we look forward to seeing you at a cinema screening soon.
