On the 21st of January, 2020, Binance has made an announcement. This announcement is in regards to the investment one of the world’s top crypto exchanges have made into the Numbers data platform. Numbers is a Taiwan-based blockchain startup, one that seeks to build a data system that is “open, transparent, and traceable.”
Derailing Phone Reviews With Innovation
As per the announcing blog post, Binance explained that the team of Numbers had developed an application that “assures data traceability and digital evidence,” one that is entirely open-source. This will allow individuals to both own and monetize their own personal data. This decentralized application, or dApp, has been made available via the Exodus smartphone, a range of smartphones sold by the HTC company.
The Numbers app proved such a success, that the Verge mentioned them during their review of the Exodus phone, back in February 2019. They described the app as “The most interesting addition” within the Exodus’s app base. They explained that it tracks a user’s data in regards to driving, walking, sleeping, and more. With this data into consideration, it allows you to sell your personal data to some form of the third party. The app displays the types of data the phone tracks at all times and further shows you a list of companies that are willing to buy that data from you.
Selling Individual Data To Companies
It’s a fascinating idea, to say the least. The Verge explained that the app was developed with the goal of increased transparency when it comes to data collection. Furthermore, it allows users to earn some money selling their data. Usually, this payment comes in the form of cryptocurrencies.
Even Phil Chen, the Chief Decentralized Officer of HTC, had a few things to say about the dApp. He stated that Numbers allows users to sell their own data, sure, but also mandates companies to add some transparency to what the data will be used for.
Brave New World
Binance wasn’t the only one to invest in this dApp’s startup, however. The other partners of Numbers include names like Stanford University, the National Taiwan University, The University of Cambridge, as well as Bitmark.
The idea that Numbers is proposing is quite revolutionary in concept. It’ll just be interesting to see how much a corporation is willing to pay for one individual’s personal data. What’s important to know is this won’t be an exuberant amount of money they will offer. Personal data like this is always more and simultaneously less valuable than one would imagine.