Please go to minute 7 on the video to hear the 3 minute pitch by Tom Counsel. Our vision is to allow every user to own their own data when utilizing any social media application, blocking any access from companies wanting to exploit data to make money.
The internet is neither private nor safe for users. If knowledge is power, then big corporates like Facebook have all the power and it’s not fair! They monopolize the space and it’s really hard to move people to alternatives.
Enter Mydata… We built a plugin you can install and everything you share on FB (or any other social network) will be owned by the user and end-to-end encrypted!
Your friends will want to see your posts, so they have to install the plugin too. As installs spread, soon FB will only be a UI provider. This opens the door for new social dapps to provide a UI for your content. We will build PoCs for social networks, but our goal is to empower other dapps with infrastructure and helping users transition. The first step is making sure all content is owned by users and portable to use in any dapp! This is a critical step in the decentralized movement.
Although in idea/conception stage, users can choose to make their data open, which they earn the returns for their data to be sold to either companies of their choice, or open to anyone to purchase. Mydata would take a small cut in order to maintain operations when companies would purchase the data from us. Users would then have a stream of income who choose to make their data public.