Since I started with writing reviews about crypto projects, most of the subjects were ideas or platforms that were at the brink of disrupting the tech giants in a major way. It might look like I am on a crusade against the Googles and Facebooks of this world but that’s not really the case. The bigger problem, I think, is the fact that they have such a grip on the world’s population that these sectors simply are the ones where cryptocurrencies and blockchain can make the biggest impact, excluding perhaps the entire financial sector.
So no, I am not on a personal vendetta against Facebook, although I personally wouldn’t touch their platform with a 10-foot pole, but here is yet another excellent project that shows how flaws of these companies can be changed for the better by using blockchain technology.
We are going to talk data. More specifically your data.
In the last couple of years, we have seen time and again that hackers are getting more sophisticated in extracting data from big companies. And it’s not solely reserved for the tech sector. Banks, gaming networks, telephone apps and even governments are almost under constant attack. It is getting increasingly visible that our data is valuable. So how come the users don’t see any income from this valuable data? Some say annually around 200 billion dollars are switching hands in this market, yet the ones that make this data available don’t see a penny. It’s the same companies that let you think you are using a free platform (Youtube, Facebook, etc.) that are earning the big bucks selling your data.
Even when you don’t give your consent big corporations still do as they please. We have seen them store, sometimes very private, information. Facebook has shown it saves your images, who your friends are and even your previous (private?) chatlogs.
You can tell Google to not show your location, but in some cases it still does. What are you going to do about that honestly?
The Insights Network
One company is working on making data more secure by using the power of the blockchain, and subsequently makes it possible for you to finally earn some income on the usage of your data.
It’s called Insights Network, they market themselves as follows:
*“The Insights Network is a blockchain based data exchange that allows individuals to manage and monetize the data they create in a liquid, real-time data marketplace. This marketplace exists on top of the Insights Network protocol built on top of the EOS blockchain and is fueled by our “INSTAR” token.” *
In layman terms, they make sure that people that want their data to be used with consent (the providers) earn some INSTAR tokens after companies request certain data paying said INSTAR to the providers.
The data is encrypted on the blockchain. This has multiple advantages. For starters, it makes sure that the data of the providers is secure. It can’t be hacked and won’t be used without the provider giving permission. On the other hand, it also makes sure that the data received by the party, often a company, requesting the data is actually filled in, or given by, a human. In the current age of robots swamping the web, it makes it so much more interesting for businesses to use this data over others. And of course, it benefits from not having a third party, or broker, taking a piece of the pie since everyone directly transacts with each other.
In short – everybody wins. Well except the broker, but let’s be honest, their services are no longer needed in the blockchain era.
And when you think about in how many ways these companies have profited from us, it is about time that we stood up against these practices. It will take quite some time to educate everybody about these alternative options and hopefully it will be a network effect, each telling about these projects to their own circle until everyone knows. But Insight Network is not just relying on its users to spread the word.
One of Insight Network’s goals is to educate the world about the possibilities of cryptocurrencies and blockchain. They started the ‘Instar Research and Learning lab’ trying to digest some of the more difficult subjects into understandable bits for people just starting out in crypto. Besides that they also want to run surveys themselves, giving away the results to everyone that’s interested to know. It’s an honorable goal, and it shows that they honestly want to change the world for the better.
Earning INSTAR tokens
I remember years ago, when I was still in high school, that I tried to find ways to earn a little bit of cash, preferably online. The only thing that sort of came close to what I wanted to achieve was a couple of sites that offered me small amounts of cash for completing tasks. Some wanted me to give feedback on a site, some wanted me to check out a product, but most wanted me to fill in surveys and other forms. Basically, they wanted my opinion. I tried it out and I still remember a couple of really shady sites that wanted all of my personal information. They wanted my email address, telephone number, date of birth, which sports I played, what my income was and on and on. Something I’d rather not give some unknown company I had never heard of.
To be fair the Insights Network also requests quite some information from their providers. The difference now is that this information is encrypted, and it is yours. And so far, Insights Network does not seem to be an aggressive, shady company.
Besides the unholy amount of information requested, I was often bombarded with 10 popups (there was no such thing as an adblocker!) and in the end it wasn’t always clear if I had done what had to be done. After a couple of weeks I made next to nothing, and when I wanted to withdraw the little money that I earned I was told that I had to earn a minimum of x amount of euro’s before I could take anything off the table. At the pace I was going it was probably going to take me years. I quit and never looked at any of those survey sites again. But in comes the Insights Network. They make It so much easier and transparent. Yes maybe it is again one of those survey’s or questionnaires that you have to fill in, but you are absolutely certain you will receive the promised funds after completion.
The amounts offered aren’t really huge, but the effort to complete them also often isn’t. That might be one of the reasons why, so far, they have had most of their traction in the Philipines and recently they saw a large number of new users come from Turkey, probably because their currency has been in freefall mode for quite some time. A dollar just gives you a lot more purchasing power in those countries than it does in, for example, the Netherlands, where I live.
Impressive numbers
Just recently the INSTAR blockchain was able to announce that they were able to acquire 250.000 users on their blockchain, having over 180.000 daily transactions. This has put them into the top 10 (!) of blockchains with the most activity. Considering that they are currently valuated around the 750th position on Coinmarketcap with a 1,6 million dollar total market cap, their valuation seems dwarfed compared to others in that list. INSTAR might not only be interesting for people wanting to make some extra money selling their own data, it might also be an interesting investment. But who knows? I certainly am no financial advisor.
What’s next?
The Insights Network team has been really busy the last year. They have developed their wallet and their dashboard is now live although it is in beta. For now, they are in the midst of migrating from being an ERC 20 to a native INSTAR protocol token on the INSTAR blockchain. When the dust settles they will continue to upgrade their service towards both the providers and requestors. Expect more, and more varied types of surveys to complete. Besides that, even though they are well on their way to bring in more people, the focus will be on adoption and awareness. I strongly believe that the Insights Network team has got a very interesting product in their hands, and it seems that I’m not the only one! I hope they continue putting their heads down and if they do, they will be one of the industry leaders in the years to come.
That concludes this review! If you have any questions or remarks feel free to send me a message below!
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