GeoDB promises to be a large decentralized ecosystem of big data exchange between peers, where users are rewarded for the data they generate.
This weekend the iOS version of their new GeoCash app was released, just after the Android version that came out last week.
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Big Data is watching you…
Many think that big data is a somewhat ominous field. The practices surrounding its collection of information by intermediaries working in the shadows are generally far from transparent, and the monetization and eventual use of such data even more so.
Thus, a platform that not only gives users control and transparency over the data they generate and share, but also rewards those interactions with cryptomoney, would seem to be a step towards the democratization of the market.
In return, data buyers get access to affordable and reliable data through the use of a peer-to-peer blockchain system.
Despite global concerns about privacy, figures suggest that less than 10 per cent of the data generated is currently exploited. GeoDB hopes to open the door for users to leverage the other 90% for their own financial benefit. CEO and founder Luis Gelado explained to Cointelegraph
„Data has become the new digital oil. A high-value asset class on which large digital companies have built extremely profitable business models. But for some reason, values were undoubtedly forgotten and left behind along the way. Privacy, control, transparency or direct reward for data creators. The interests of the user were abandoned.
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The application is currently in the testing stages
The GeoCash application allows the user to monitor the wallet where he or she stores his or her native GeoDB (GEO) token. The wallets display a list of recent transactions with the tokens sent, received, or earned by generating data.
The application also allows users to keep track of the data blocks they have generated. All data is anonymous and does not include any data related to the user’s profile. Initially the service focuses on the collection of location data, as it is quite easy to extract and is among the most valuable.
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GeoDB is also creating a number of proprietary applications that will, for example, collect and send data while monitoring hydration levels, recording driving Bitcoin Future Review – Crypto Trader Review – The News Spy Review – Bitcoin Trader Review – Crypto Investor Review and finding charging points for electric cars.
However, there are also third-party applications that will connect to the service, putting access to the service in the hands of more than 12 million existing users. These include tracking applications such as Wave, Wola, Sister and Trazer.
The GeoCash application is currently running in a test environment, so the tokens it contains currently have no associated value. The company plans to launch the main network at the end of the third quarter of the year.
As Cointelegraph reported last month, GeoDB has also developed a data application to help combat the COVID-19 pandemic.