The inevitability of tokenized data

  • Chris McCoy Contributor
    Chris McCoy is the chief executive of Footprint and the creator of Storecoin .
  • In many ways, the fact that things have gotten here reflects that the market has not yet developed an alternative to the data paradigm of Google and Facebook as sourcers and sellers and Amazon as host that today dominates.
  • At the beginning of networks, the network owners and participants have the same incentive – to grow the number of nodes in the network.
  • In short, tokenization would allow all users to participate in the financial benefit and upside of the network, effectively eliminating the distinction between network owners and network users.
  • When third parties like Google want to crawl, query, and access the data, they’ll pay the token representing the data (a datacoin) back to the miners securing and storing it as well as to the developers who acquire, structure, and label the data so that it’s valuable to third parties — especially machine learning and AI-driven organizations.
  • Third, users could start to have a tangible (and trackable) sense of the value of their data, and exert market pressure on platforms to be included in the upside, as well as exert more control over where and how their data was used.

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