Today on our website we published a graphic representation of the Wibson Protocol as a preview to the release of our technical white paper. The full white paper will be made available once the Wibson network and token launch in the near future.
The protocol is the backbone of the Wibson data marketplace and the fundamental concept that will make Wibson a safe and secure place for both Data Sellers and Data Buyers to transact on the blockchain. While there are a number of data related projects promising to keep data secure through decentralized blockchain schemes, we feel the Wibson Protocol is uniquely architected to create the greatest data security practices yet conceived to support revenue generating data exchange. Let’s go through some of the details:
1. Decentralization — Wibson is a truly decentralized data marketplace allowing individuals to safely monetize their personal data. With Wibson there is no central storage of your data. The Wibson app only facilitates a direct transfer of the Sellers data to the Data Buyer — it never stores any of your personal data and no data ever hits a Wibson server or host.
Similarly, individuals data are also never stored on the blockchain. When a smart contract for a data transaction between a Seller and a Buyer is completed, the data is encrypted and bundled up for direct transfer to the Buyer. Wibson never sees the data at any point in the process. The blockchain stores encrypted hashes of the data for future auditing, but not the data themselves.
The Wibson data marketplace allows buyers and sellers to connect directly and facilitates the sales transaction and data transfer process, but there is no “center” where individuals data are stored. Wibson is truly decentralized for individuals to maintain full control of their personal information at all times.
2. Notaries — With the Wibson protocol we introduce the role of a Notary as a verification system for participants information, data quality and trustworthiness, and when required to, arbitrate in cases of conflict between Data Sellers and Data Buyers. Notaries will have ground truth information with respect to the data being exchanged in the marketplace. To keep everything running smoothly, notaries will also execute random checks on data to ensure adherence to agreed upon terms of individual data sales.
3. Try the Payment Processing — In the Wibson Protocol, the process of payment for data and transfer of data is irrevocably connected by the blockchain’s smart contract system. These legally binding agreements digitally executed directly between the Data Seller and Data Buyer ensure that no data transfer or payments are made without a completed agreement. Only in the case of a dispute or a Notary’s discovery of invalid seller data can a payment process be interrupted.
4. Transparency & Control — Since Wibson is a fully transparent marketplace marketplace where Data Buyers transact and receive data directly from individual Data Sellers, it allows individuals to control which data they sell based on their personal preferences. They chose what data to sell and at what price, and, supported by the decentralized nature of the blockchain infrastructure, can elect to be completely anonymous if they so choose. The structure of the Wibson protocol is what makes this market transparency and individual control possible.
Once the white paper is made public further technical details will be available for review. For now, please let us know if you have an questions or comments write a Response below or join in the conversation on our Telegram or Twitter channels.
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