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A decentralized big data platform offers users control and compensation

May 20, 2020

GeoDB promises to be one Large, decentralized peer-to-peer ecosystem for the exchange of large amounts of datawhere users are rewarded for the data they generate.

This weekend the iOS version of the new GeoCash applicationimmediately after Android version that came out last week.

Big Data is watching you …

Big data is seen by many as a somewhat threatening field. The practices surrounding the gathering of information by shadow intermediaries are generally far from transparent, and the monetization and eventual use of such data is even more so.

A decentralized big data platform offers users control and compensation
A decentralized big data platform offers users control and compensation

In order to, a platform as Not only Give users control and visibility over the data they generate and share, but Reward these cryptocurrency interactions as well, it appears to be a step towards democratizing the market.

In return, Data buyers have access to affordable and reliable data by using a peer-to-peer blockchain-based system.

Despite global concerns about data protection, the numbers suggest this Currently less than 10% of the data generated is used. GeoDB hopes to open the door for Users use the other 90% for their own financial gain. CEO and founder Luis Gelado told Cointelegraph:

“Data has become the new digital oil. A high-quality asset class on which large digital companies have built extremely profitable business models. For some reason, values ​​have undoubtedly been forgotten and left behind in the industry.” Path. Data protection, control, transparency or direct reward for data creators. User interests have been abandoned. “

The application is currently in the test phase

The GeoCash application allows the user to monitor the wallet in which the native GeoDB token (GEO) is located.. The wallets display a list of recent transactions with tokens that have been sent, received, or earned to generate data.

The app also enables users Track the data blocks they generate. All data is anonymous and contains no user profile data. Initially The service focuses on the collection of location databecause it’s easy to extract and is one of the most valuable.

GeoDB also creates a number of proprietary applications For example, they collect and send data while monitoring fluid levels, recording traffic routes and finding charging stations for electric cars.

But also There are third-party applications that connect to the serviceThis means that more than 12 million existing users have access to the service. This includes tracking apps such as Wave, Wola, Sister and Trazer.

The GeoCash application is currently running in a test environment, so the tokens it contains are currently not assigned a value. The company plans to launch the core network by the end of the third quarter of the year.

As Cointelegraph reported last month, GeoDB has also developed a data application to combat the COVID 19 pandemic..

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