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GeoDB promises to be a decentralized peer-to-peer big data sharing ecosystem, where users are rewarded for the data they generate.
This weekend saw the launch of the iOS version of its new GeoCash app, hot on the heels of the Android version which dropped last week.
Big data is watching you…
Big data is thought of by many as a somewhat ominous field. The practices surrounding its collation of information by shadowy intermediaries are often far from transparent, with the monetization and eventual use of such data even less so.
So a platform that not only gives a user control and transparency over the data they generate and share, but also rewards those interactions with cryptocurrency, would appear to be a step towards democratising the market.
In return, data buyers gain access to affordable and trustworthy data through use of a peer-to-peer, blockchain-based system.
Despite global concerns about privacy, figures suggest that under 10% of generated data is currently being exploited. GeoDB hopes to open the door for users to exploit the other 90% for their own financial gain. CEO and founder Luis Gelado explained to Cointelegraph:
“Data has become the new digital oil. A high value asset class on top of which huge digital companies have built extremely profitable business models. But for some reason, undoubtedly values were forgotten and left behind along the way. Privacy, control, transparency, or direct reward for data creators. The user's interests were abandoned.”
App is currently in the testing stages
The GeoCash app allows a user to monitor their wallets containing the native token GeoDB (GEO). Wallets display a list of recent transactions, showing tokens sent, received, or awarded for generating data.
The app also allows users to keep track of the data blocks they have generated. All data is anonymized and includes no data related to a user’s profile. Initially the service is focused on collecting location data, as this is fairly easy to extract and amongst the most valuable.
GeoDB is also creating a number of proprietary apps, which will collect and send data while monitoring hydration levels, logging running routes and finding electric car charging points, for example.
However, there are also third-party apps which will connect to the service, putting access to the service into the hands of over 12 million existing users. These include tracking apps such as Wave, Wola, Sister and Trazer.
GeoCash app is currently running in a test environment, so tokens within currently have no associated value. The company plans to launch the mainnet after the summer.
As Cointelegraph reported last month, GeoDB has also developed a data app to help combat the COVID-19 pandemic.