Data as Labor
Mission: An economic system for human thriving
Idea: Empower consumers to sell their own data
Access to value generating assets is key to financial thriving. Data is a value generating asset everyone creates. Currently data creators (individuals) are not monetarily compensated for their data. Instead, their data is owned and sold by Facebook, Google, Twitter, and many other companies.
Allowing individuals to sell their data directly to companies would improve the current model by:
1). Empowering all individuals to profit from a value generating asset they already create
2). Incentivizing individuals to engage with advertising targeted to them
3). Lowering advertising costs by removing middlemen
4). Improving privacy
5). Providing a platform for local businesses to build relationships
Create a web app that allows consumers to sign up and link their credit or debit card. Whenever their card is used the transaction is recorded in a database and a token is minted rewarding the creation of new data. The token is given to the cardholder.
Tokens are sold to companies that use them as payment to query data from the transaction history database. There is a live market where tokens are bought and sold for US Dollars.
For example, Starbucks could query the database to know “demographics of customers who have spent more than $10 at Dunkin Donuts in New York City”. Running this query would require them to buy tokens which would be sold by anyone who had earned tokens contributing data to the database.
Key Question: are users willing to sign up for an app that links to their credit card information in exchange for monetary rewards?
Build a web app leveraging Plaid’s API. The app should allow:
A homepage explaining the purpose and function of the web app with the ability to sign up
Upon sign up a user creates an account using an SMS verification process
Once account is created user can then use Plaid to link their credit or debit card to their account
The app should pull in and store the maximum allowed user purchase data from the card. Granting the user one token for each previous purchase.
The app should continue to pull in new purchases as they are made
Tokens are awarded to a user for each purchase they make
Initial minting is 1 token = 1 purchase
This should be adjustable to empower future optimization
Provisions should be made to allow for point multipliers
Initial exchange is fixed 1 token = $0.25 USD
Profile should display total points collected and USD value of points
USD value of points is equal to points collected * market exchange rate. Market exchange rate will initially be fixed but in the future will be dynamic
Profile should have USD cash out option which utilizes Stripe’s push to card to disburse pending USD balance
Profile should contain “Privacy” section which allows users to understand what data is available