Democratizing Reputation via Informal Data.
> 80% of Data is Wasted.
People and devices generate data constantly, but more than 80% of it is informal and cannot be tracked. Examples range from informal verbal agreements, IoT status signals, or casual online discussions. As a result, informal transactional and interactional data remains unstructured, unverifiable, and impossible to trust.
🧐 Today, we are wasting a lion’s share of informal data.
Being able to access and trust informal data is what drives rapid innovation and growth. Smaller projects and organizations can leverage it because they can witness and analyze the data first-hand. As projects scale, they cannot monitor or access informal data directly anymore, therefore such data cannot be trusted. This results in poor operational decisions that remain severely underinformed, resulting in frequent confusion, disputes, waste, and poor growth potential.
Taraxa Democratizes Reputation via Informal Data.
Taraxa tracks informal data and makes it trustworthy with its purpose-built technologies, by decentralizing informal data gathering & analytics and enforcing accountability through signed commitments. With enough informal data, we can build localized reputation networks rooted in communities, enabling even most minor participants to acquire a reputation, becoming more trusted and efficiently rewarded.
🔥This is a big deal.
Reputation and identity are the next big frontiers of decentralized applications
In today’s world, only a few select entities (e.g., celebrities, large corporations, public entities) have publicly established reputations. Most of us toil in obscurity and cannot easily check or prove our reputations to others, simply because it’s not easy to prove our highly localized and mostly informal transactions and interactions. In a world where data can be easily fabricated, followers can be bought, and informal agreements can’t be tracked, it’s no wonder reputations are so difficult to establish.
By making informal data trusted, Taraxa in effect gives every entity, be them a person, a project, or a device, a trusted reputation with rich context, removing a tremendous amount of friction from business and personal collaborations.
We’ll be covering our social-listen application and some of the potential use cases in detail shortly, in the meantime be sure to become a part of the conversation on our social:
🚀 Thank you and stay tuned!