In today’s world, data is the most valuable commodity on the planet. However, there are only a handful of companies that actually benefit from this multi-billion dollar industry. As more and more people become aware of how their data is being used and monetized, as evidenced by scandals like Cambridge Analytica and others, the call for a decentralized way to gain ownership of one’s personal information has grown louder.
Swash is a Web 3 Data Union That Rewards Its Users
While we browse the internet every day, our data is being captured and monetized without our benefit or consent. It can be complicated to understand what data is being used for what purpose, and the road for the average person browsing the web to take back control has been unclear.
Reza Naeeni, the co-founder of Swash, saw these issues and sought to create a way to democratize data earnings while simultaneously onboarding more people onto the blockchain. He realized that a transparent relationship between data providers and buyers could be mutually beneficial, rewarding users while providing the purchasers with higher-quality data. In order to create this synergy, it would be important for the process to be as simple as possible, taking data collection out of its current shroud of mystery.
With Swash, users simply install a browser extension, set up the Swash wallet, and automatically get rewarded with the $SWASH token as they use the internet. Swash makes it easy to have full control over what data is shared with its protocol, putting the power back in the hands of the people who generate the valuable data.
Swash only shares nonpersonal, non-sensitive information, like browsing data, websites, search keywords, and the general path to purchase. All user data is aggregated, no personal profiles are created, and any personal identifiers, such as location, are excluded.
The Benefits of a Tokenized Data Union
A data union is a framework that allows people to band together and reclaim the value of their information. By rewarding users through the $SWASH token, they are not only paid as they browse the web, but also will see their earnings increase in value as the network grows and the token appreciates over time. This type of network effect is enabled by Web 3 tokenization, and is what Swash had in mind when they decided to focus on their ideological mission of monetizing user data at their outset, rather than first trying to grow the marketplace. By rewarding the community for its growth, the structure of the union becomes truly for the people, by the people.
Though there are existing Web 2 services that allow users to approve their data sales and profit from them, Swash’s passive income structure facilitates easy onboarding of the average consumer. The Swash extension can be installed into multiple browsers with the same account, providing seamless benefits across all of a user’s internet activity. As Swash grows its data union to encompass a wide range of users and builders, revolutionary dApps will continuously be created that connect data creators and buyers in productive ways. By creating a transparent bond between all sides of the data purchasing equation, Swash aims to become the leader in selling data that is relevant and valuable. As the company achieves its goals, the value of the $SWASH token subsequently rises, providing larger rewards to its holders.
Next Steps for Swash
Having first proven the concept of allowing users to monetize their data in a decentralized manner, Swash set out to grow the community and provide additional use cases for the protocol. 2021 was a huge year for Swash as they became the world’s largest data union, proving the success of their mission-based approach. They held a successful IDO of the $SWASH token at the end of October, subsequently expanding their team.
Understanding the importance of interoperability, Swash has prioritized creating new integrations that allow the protocol to work with additional blockchains, and partnered with collaborators to provide additional flexibility and utility. They have also integrated burn mechanisms into Sash that will reward the community and facilitate tokenomic sustainability as they launch the Swash DAO, which will give holders a voice in decisions related to the company and token.
Moving forward, Swash plans to launch a suite of services to enable builders to innovate on their protocol, including sCompute, sChannel, and sApps. Having laid a strong foundation as the leaders in this new, revolutionary field of decentralized data collection, these next iterations will serve to expand their reach and provide the possibility of a true partnership between data creators and buyers. As consumers become more aware of the economics behind their internet usage, Swash provides a powerful way for us to reclaim our power, bringing new users into the open metaverse in the process.
Learn More about Swash
The Project ▶ https://swashapp.io
The Community ▶ https://swashapp.io/dao-ignition
Listen to the Podcast with Swash
About Outlier Ventures
Outlier Ventures has been backing Web 3 founders since 2014 and is the world’s leading Open Metaverse accelerator program, and was one of the first VC firms dedicated to investing in the emerging crypto ecosystem. Their portfolio includes notable projects across DeFi, NFTs and blockchain infrastructure with a focus on emergent Open Metaverse use cases such as NFT-based play-to-earn games, augmented reality and more. Outlier Ventures portfolio can be found here.
Both Base Camp and Ascent are constantly looking for founders accelerating the open Metaverse thesis by launching token networks. We provide a proven framework for growth while weaving together a global network of over 1,000 of the world’s leading Web 3 founders, protocols, and VCs to form an ecosystem of mentorship and investment.
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