Today, the traditional data monetisation model is monopolised by large data intermediaries, who collect, manage and govern the data collected from users. Under this centralized model, there is a lack of transparency on data sharing policies, as there is no auditable way for users and data buyers to track the provenance and effectively prove that user privacy is not infringed. In addition, as data is usually collected and traded without the consent and knowledge of users, significant information about a user’s profile is incomplete, unknown or false. Users, essentially the data providers, are not incentivized and this creates a highly unfair ecosystem where the centralized intermediaries benefit disproportionately.
SWIPE recognizes the need to reform the ecosystem, and also the need of advertisers to obtain useful data to conduct consumer and marketing analytics research. SWIPE is, therefore, building the SWIPE Network, which would enable data monetization and privacy control on the blockchain. SDK tools developed by SWIPE can be easily integrated into mobile applications, enabling data collection and monetization, improved user engagement, and utilizing blockchain technology to enable an auditable, privacy-guaranteed data exchange ecosystem.
Digix and SWIPE Partnership
SWIPE has an established user base in emerging markets, with more than 700,000 users, and DGX as a gold-backed token is able to provide a stable store of value to both SWIPE and its user base.
SWIPE’s native token, SWIPE, will be the primary method of payment for data monetization and data buying through the SWIPE network, which includes the SWIPE Marketplace.
DGX will be introduced as a hedging solution on SWIPE’s Marketplace where users will have the option to swap their earned SWIPE tokens for DGX. This option brings relief to users who may be concerned about the volatility of cryptocurrency prices and hence seek a hedge for their token value.
“Digix serves as an extremely sought after use-case in the cryptocurrency ecosystem, providing a stable store of value that is secure, verifiable and transferable. In today’s volatile markets, the use-case for Digix could not have been clearer. We are happy to adopt Digix and leverage on stability of their token to give assurance for our participants in SWIPE’s network.”
The SWIPE team is an early partner of the Digix brand. Both KC and Shaun, CEO and COO of Digix respectively, are advisors to SWIPE and “are looking forward to growing this mutually beneficial partnership.”