Social media platforms have gained huge popularity in the last decade. Almost every internet user now has an account on at least one of these sites. People continue to extensively use these platforms without ever wondering how they are able to do so without paying a single penny. Those who take some time to analyze it will discover that they are not the true consumers, rather they are the product of these platforms. To be precise, it is the user-generated data which is the main product of these social media platforms, for which companies and third-party agencies pay a huge fortune to gain access.
User information like brand preferences, social interaction, political affiliations or general opinions are the valuable inputs that allow companies to devise strategic campaigns to push their products, services and/or agendas to the masses. While these platforms and companies gain a lot from the users’ information, users themselves receive no compensation for enabling them to rake in huge profits. At the same time, it is virtually impossible for the users to know how and where their information is being used, and for what purpose.
BIG (Blockchain Identification Graph) is a new blockchain based platform, designed to help users claim ownership of their personal data, and verify, buy or sell it at will. Such a system is going to change the current scenario by bringing in accountability and fair compensation to all the participants in the system. The system is fueled by its native BIGtoken.
BIG is the creation of the founders of Social Realty Inc. (SRAX), who saw the paradigm followed by today’s social media platforms and realized that there is an opportunity for the consumer to completely turn this on its head. All that was needed was the creation of a platform with unprecedented security, ease of use, and ubiquity.
Recent Regulations and its Impact
The GDPR (General Data Protection Regulation), was implemented throughout the European Union last May. It requires companies that utilize personal data to provide targets of data collection the ability to control the material collected and used for marketing and demographic purposes. The implementation of such safeguards on user-generated data makes it challenging for companies to rely on the existing model and forces them to find ways to remain relevant, generate useful data for its clients all while ensuring compliance with the regulation.
The added stress on the ecosystem puts these services at risk since platforms like Facebook won’t be able to guarantee data from its users. The situation, in turn, forces these platforms to rethink their business model to find out whether it is still feasible for them to provide users with free access, or how these changes impact their balance sheets. Basically, companies relying on user data to generate revenue have to find new ways to access much-needed information.
The BIG ecosystem gives these platforms a way to still acquire the much-needed information using users’ consent, allowing them to continue their business unhindered. At the same time, users will have more power in their hands, making them the true custodians of the data generated by their actions.
What is BIGtoken & How does it Work?
BIGtoken is the crypto-token powering the BIG Ecosystem. The platform enables consumers to retain ownership of their data and control how it is being used, and by whom. The ecosystem comes with a data marketplace where both users and platforms can participate to trade meaningful data. The whole transaction process is made transparent with fair remuneration for all.
The BIG platform has a range of features that acts in the interest of the users. Some of these features include:
- Customer Choice
- Authenticated & Verified Data
- Transparency for Everyone
- Rewards for Consumers
- A Sustainable Ecosystem
The platform creates a human data graph that enables a transparent exchange of digital identity and consumer data, combined with an efficient exchange of economic value. The BIGtoken ecosystem enables users to connect their social media and other accounts, so that the information generated every time the user browses the web, creates a social media post or makes a purchase is collected and a value is determined, based on current market rates, for such data. Users can then make use of the BIGapp to provide companies with access to their data at a predetermined price.
All users receive BIGtokens for signing up on the BIG platform and also whenever a company or a third-party purchases access to their data.
Taking Control with BIGtoken
The BIG ecosystem has a lot to offer businesses. The BIG Developer Kit available was built to enable companies and social platforms to gain access to meaningful data over the safe and transparent channel. Social platforms, publishers and advertising systems can use the developer kit to build platform integrations to facilitate the sale and purchase of consumer-generated data, providing additional security, services, and monetization opportunities to those companies.
The BIG Beta
The BIG platform is already in its beta phase, allowing users to test and benefit from the ecosystem. The BIGtoken app is available for Android and iOS-powered mobile devices. As a part of its ongoing beta test, the top three active users until January 31, 2019, stand to earn 5 BTC, 2 BTC, and 1 BTC, respectively. Those interested to participate in the beta test and earn points can sign up at – http://bigtoken.com/beta.