Tapmydata- A decentralised data protocol enabling people to own their digital identity !!!
This is an excellent opportunity to show how a secure channel combined with a blockchain ledger could manage ‘transactions’ between people and the organisations which hold their data as controllers or processors, something we termed ‘Data Dialogue’. Tapmydata first product was developed and launched with this being the core proposition, the first ‘real world’ experiment around data rights with 2 goals:
- That organisations would be keen to demonstrate their commitment to data rights and best practice when presented with a dedicated channel designed with security and transparency as twin drivers.
- To establish whether people cared about their rights, would want to exercise them and control their data, given tools and a frictionless user experience.
At the core Tapmydata rights platform is the Tapmydata app which operates as a directory of organisations, a personal data store, wallet and secure end-to-end encrypted messaging platform for communicating with organisations and sending files back and forth.
TAP is Tapmydata’s native protocol token and is issued by TAP Protocol Ltd.
Token Name: Tapmydata
Token Ticker: TAP
Token Type: ERC20
Use & Incentives
Making requests and verifying credentials are not the end goal, but merely the starting point on the journey from repatriating locked data, consenting and refining it, pooling and staking in markets and finally being consumed by licensees and AI’s.
This makes TAP much more than just a payment token; it becomes the key for data holders to finally play an active role and exercise agency by defining the requirements, restrictions and parameters for price discovery via smart contracts in the decentralised data markets of Web3.
Use cases for the token already cover the following at launch, and the list will expand with each new partnership, use case and trust node which is added to the ecosystem:
Rights Requests: data owners & licensees use token to service access and other requests
Credential Verification : data owners & licensees request identifiers through verification providers
Consent Verification:data owners mint licensed artefacts of defined duration which can be used in AdTech stack
Decentralised Preference Centers : licensees use tokens to repurpose and manage changes in consent & communications parameters
Categorisation & Refinement of data : rewards both data repatriated from silos and new, unique data added to pools
Delegation of Data Curation : curators stake TAP which can be slashed for poor execution, reputation
Reverse Data Requests : licensees bounty out templates for population; to participate, stakeholders need to accumulate, hold/stake a level of TAP
Demographic Data Pools :created by people or intermediaries such as trusts, tokens are used to mint stake to the pool and NFT’s purchased which become the ‘keys’ to unlock the data.
It is Tapmydata strong belief borne out by academic research that creating a role for the token which makes it useful at each point in the protocol roadmap, from gathering data, curating and staking in pools to ultimately be consumed by organisations via AI’s will unlock exponential growth in token value over a period. Tapmydata value theory is that companies should dig deeper into how people actually construct their digital identities, what makes people feel efficacious and identify with their data. The current ‘shadow data economy’ of opaque pricing and no control or value for consumers is blown apart and replaced by transparent price discovery and realisation of data assets.
The Web3 Data Stack
The psychological mechanisms of building a connection with one’s data are more important for data subjects’ price expectations than some classical economic variables and market design mechanisms such as data portability.
That said, one market design mechanism that should not be underestimated is people’s control over their data. Our own data shows that if people are aware of a PD market but not in control over the sale of their data, they get angry.
TAP occupies a vital space in the stack as the structure and tools for the citizen to pre-define and control their metadata values and requirements, guaranteeing the data and the way it has been processed. TAP could be called the petrol station of the Web3 data stack, because organizations would be using it to get refined data fuel for their AI and marketing technology stacks downstream.
Higher-octane data with none of the concerns of it being a locked good then starts to become a driver of better, analytics-driven decisions rather than the attention-driven market which we earlier showed to now be on borrowed time.
The cryptocurrency market is becoming increasingly diversified with many types of industries entering the field and I believe the data is huge and hard to control, let alone how to use it. I believe TAP is doing well, they have good support from many sides, and their team is very good.
And hopefully through this article you have more information about TAP tracking TAP through the links below.