Profila Receives Additional Funding From The Cardano Community
3.091 ADA (Cardano) owners fund Profila’s 3 projects, representing 526 million ADA (worth approx. 904 million EUR).
TL,DR:
🔵 Profila received funding for another 3 projects as part of Project Catalyst Fund6.
🔵 Votes came from 3.091 ADA (Cardano) owners, representing 526 million ADA (worth approx. 904 million EUR at the time of writing).
🔵 Profila is now being funded for 4 technology implementations of Cardano’s native assets, blockchain, and other technology, and will propose follow up projects under Fund 7 to further build out its Cardano integration.
Short intro to Profila
Profila is a platform that enables individuals to communicate with various organizations in their lives, privately, one-to-one, and without supervision or surveillance. It’s a mobile (iOS/Android) application for individuals and a web-based dashboard for companies, organizations, governments, and other legal entities (which we call “Brands”).
Using Profila, people can manage their digital life in one location via an app that shows which organizations have access to (certain parts of) their personal data.
Profila has already received funding in Project Catalyst’s Fund5. You can read more about Project Catalyst and Profila’s winning project in Fund5 here.
Project Catalyst Fund6 — 19 additional challenges and 4 million USD available
Under Fund6 of Project Catalyst, a total number of 19 challenges were presented to the community, with a budget of 4 million USD in ADA. Profila submitted proposals in 4 of these 19 challenges, namely the categories “NFT business models”, “dApps and integrations”, “metadata”, and “Atala Prism”.
- NFT business models ➡️ NFT for customer feedback/content
(Profila got funded) - Dapps and Integrations ➡️ Dapp to control/monetize your data
(Profila got funded) - Atala Prism Adoption ➡️ Control your data (vault) via PRISM
(Profila got funded) - Metadata ➡️ How often can a brand contact you
Profila received additional funding for not 1, but 3 of these projects!
Funded (2nd place) in the “dApps and Integrations” challenge
Under the current Fund6, no less than 2250 Cardano owners — good for a total of 332 million ADA (worth more than 571 million EUR at the day of writing this article), voted to fund Profila’s project “Dapp to control/monetize your data”.
This project is tackling the unauthorized use or misuse of people’s personal data by brands, and lack of transparency towards people on how their personal data is being used. Instead of lengthy privacy policies that are hard to find and understand, Profila’s data subscription app functionality visually shows you what data a business is requesting from you when they offer a product or service.
Via gamified icons, you can see exactly what pieces of information you share, the purpose for which you share it, as well as other relevant information (e.g., which third parties have access to it). There is no need to read the content in the privacy policy anymore. In addition, you are being compensated for allowing a brand access to your personal data.
Under this project, we are building further on the existing data sharing functionalities in the Profila app, and developing a proof-of-concept smart contract system that saves all relevant information you shared with a company onto the Cardano blockchain (in encrypted form) in exchange for instant payment (in ADA or ZEKE, our own native token).
If a company (mis)uses your info in breach of this (smart) contract, you will be able to use your private key to access this info (without Profila’s involvement) and hold a brand accountable for breaching the agreement. You — and anyone you allow access to it — will have an immutable record of each piece of data that you will ever share via Profila.
▶️ See the original project proposal here.
Funded in the “Atala Prism” challenge
Under the current Fund6, no less than 414 Cardano owners — good for a total of 101 million ADA (worth close to 170 million EUR at the day of writing this article), voted Profila’s project “Control your data (vault) via PRISM” in first place.
As explained above, Profila is about relationships, and about consented and ethical sharing of (personal) data between brands and individuals, in exchange of compensation.
Because all the interactions in the Profila platform between people and brands have legal consequences (including the payout to consumers for granting access to their data), we need certainty that the transactions happened between the 2 parties, and that the individual is who he/she says he/she is. We therefore need proof of identity.
If you want to control your personal data online and receive (financial) compensation for granting access to your data, it is important you can provide proof of your identity.
Under this project, Profila is integrated with IOG through ATALA PRISM for the identity management system component. By integrating ATALA PRISM, we can better guarantee that the correct person is sharing information and is receiving payments.
We could ultimately use ATALA PRISM for the following capabilities:
1. Digital ID — one click registration; login; confirmation
2. Credential management — user owning and sharing credentials
3. Data privacy management — user exercising legal data subject rights
4. Document certification (ID documents, legal documents, certifications, KYC, etc)
5. Data Sharing — user selectively sharing information
6. Personal Data Vault — user controlling third party access
▶️ See the original project proposal here.
Funded in the “NFT business models” challenge
Under the current Fund6, no less than 427 Cardano owners (unique wallets) — good for a total of 93 million ADA (worth close to 160 million EUR at the day of writing this article), voted Profila’s project “NFT for customer feedback/content”.
The issue that this project is tackling centers around customer-to-brand relationships, more specifically unreliable customer feedback. Today, customer feedback is often public & shaming, and doesn’t show accurate (overall) customers’ sentiment to a brand. Mostly it is a public display of dissatisfaction in order to obtain some kind of compensation.
Via Profila’s existing “Moments” functionality in our mobile app, people are already able to send self-created content and feedback to a brand, as part of their private, 1–1, communications. However, people are not compensated for this feedback which is shared privately.
Under this project, Profila will build an NFT platform that allows people to choose to publicly share feedback. Via Moments, people can record constructive consumer feedback/content which they can then share with brands. If a brand wants to access the customer feedback or reward/reimburse the customer depending on the content of the feedback, it can compensate a specific customer for its useful, constructive, or creative content.
According to the terms set in the NFT (by the individual), a brand can then use the consumer-created content either internally or publicly, as part of a consumer campaign. We call the NFT “tradeable”.
▶️ See the original project proposal here.
When will these projects be deployed?
We are now preparing for the first sprints focusing on the technical roadmap of each project. We will be setting up a GitHub repository per project in order for the community to follow our progress over the coming 3–6 months.
In case you have any questions about our projects, don’t hesitate to contact us via the contact form on our website.
More about Profila’s projects
If you want to know more about the current Cardano projects of Profila, you can follow our progress via GitHub and check out our first reporting video on YouTube. You can also register for the weekly Catalyst Town Halls, where all projects have a change to present our progress.
