Datawallet’s DXT token sale sold out today Wednesday Feb. 7 after reaching its $40 million goal. The C2B data exchange allows for the transparent exchange of data between consenting consumers and businesses. The pre-sale on Jan. 22, sold out in 55 seconds, raising $8 million in the process.
As engagement with internet services like social media platforms, search engines and e-commerce only deepens, an incredible amount of data is being generated and collected. Data brokerage companies monetize this personal data – more often than not without the informed knowledge of those who are creating the content. The revenues generated by collecting and selling user data are not shared with users themselves. With the arrival of blockchain technology, the prospect of a more secure and transparent data ecosystem now exists.
Users can link multiple data sources from social media, online commerce and offline transactions to their DataWallet app and opt-in to share it with companies interested in acquiring this data. All data is entirely anonymous and can be reviewed by the user at any given time, providing control over deciding who is a worthy recipient of their data, transparency around how the data will be used, and the ability to profit from assets that are rightfully theirs.
Founder and CEO Serafin Lion Engel said in a prepared statement:
“We are delighted to have achieved this caliber of support to help us develop the project, Datawallet will become the world’s most trusted personal data management platform, empowering consumers everywhere to be the sole supplier and beneficiary of their data.”
The DXT token will serve as the primary medium of exchange within the Datawallet ecosystem. Users can earn tokens by sharing data with select companies, then exchange their tokens for rewards in the Datawallet app store.
The tokens will also support the launch of DX Insights, Datawallet’s analytics tool, which will enable developers to create customized services using the Datawallet API. The developers will have access to opt-in data provided by consumers.
The Datawallet ICO offers a secure data exchange platform that rewards users for sharing their personal data from each web service that they use. The Datawallet App, already available for download, provides users with a digital wallet to interact with the Datawallet ecosystem. Upon registration, Datawallet users can link multiple data sources to this digital wallet, including social media accounts, online shopping purchases and even offline transactions through a receipt scanning function. At any time, users can opt-in to share their data with companies.
Investor Tim Draper, founder of Draper Associates said:
“Serafin’s vision is extraordinary: that people should be able to control and sell their own data. I backed him very early as one of the top students at Draper University, and now his company Datawallet is making this vision a reality. This company looks to lead the decentralization wave in the data space.”
Besides Draper, Datawallet investors include Salesforce CEO Marc Benioff. The board of advisors includes Blockchain Association of Canada Executive Director Kyle Kemper, Shapeshift CSO Michael Perklin, Stanford University Professor Guenther Walther and others.