Disclaimer: The opinions expressed in this article are solely those of the author and do not reflect the views of the editorial team at crypto.news.
In the digital age, data is often referred to as “the new oil,” signifying its immense value. However, in the current web2 landscape, personal data is often stored in isolated platforms controlled by large corporations. Even worse, this data is frequently sold to unknown entities for profit.
Users in web3 are taking a stand against this exploitation of their data. By connecting their various accounts to the blockchain and utilizing on-chain records and data-earning protocols, they are reclaiming control over their digital identities and finally deriving value from their own information.
Beyond ownership of digital assets, the true value lies in owning one’s data. The data dilemma in web2 is evident in the adage “If the product is free, then you are the product.” Tech giants like Facebook and Google have built their empires on targeted advertisements fueled by user data, leading to numerous scandals involving data leaks and misuse.
In response, users are increasingly concerned about their data privacy. The shift to web3 technology offers a solution by enabling users to take ownership of their data. Through protocols like ERC-7231, users can unite their digital identities and monetize their data while maintaining control over its use.
This shift is particularly evident in the gaming industry, where the protocol bridges the gap between old and new gaming worlds by empowering gamers to control their data and earn from its use by brands. Startups like Clique are also contributing to the concept of data self-sovereignty by allowing users to attest their off-chain data on-chain and earn utility from it, ensuring privacy and value generation.
As users realize the value of their data, a new paradigm is emerging. Web3 presents an opportunity to transform data dynamics into a fairer and more accessible system. By leveraging blockchain technology and data-sharing platforms, users can take control of their digital ownership.
This evolution is not just a shift in terminology from “users” to “builders,” but a fundamental change in how individuals interact with their data online. Only by empowering everyday internet users to access the value within their data can we create a more equitable digital landscape.
In conclusion, the move towards data ownership in web3 represents a significant opportunity for individuals to reclaim control over their digital identities and participate in the value generated by their data. By embracing this shift, users can lead the charge towards a more transparent and empowering internet ecosystem.