Tech giants like Google and Facebook make money by selling your personalized data to big marketing companies. However, you never get rewarded for this, while the tech giants generate billions in revenue using this approach. There is a saying “If the service is free, then you are the product.” This is exactly how it is with the internet these days.
You deserve your fair share of revenue from the data that is collected from your life. This sounds complicated, but with the help of blockchain technology, data collection companies can pay their real customers, their share of the revenue.
O2O is one such platform that is working on developing a solution for rewarding customers for using their data. The platform acts as an intermediate between the agencies that require data and users that sell the data. With the help of O2O, users can be rewarded for their offline behavior.
For example, O2O will collect useful information when you visit your favorite coffee shop or your local stores. The platform will then sell this information to the companies that require the data or information.
In return for collecting and selling the data, O2O will reward its users with O2O tokens. These tokens can be sold or exchanged with fiat currencies. Therefore, with this process, you will be making money from your data which is usually collected and sold without you getting your fair share of the profit.
Let’s talk more about how the platform works and its features.
O2O means “Online to Offline” and is a new business model that promotes consumer growth with the help of online and offline consumption channels. For example, this business model can be used to drive customers to finally make a purchase at the store by providing them with additional information.
Using this methodology, the O2O platform aims to reduce the growing problem of ‘lack of practicality’ of the current crypto market. The platform wants to develop an ecosystem that is made up of digital tokens, smart contracts and uses a smart payment method.
The platform hopes to collect data from the 3 billion active smartphone users, following their consent that allows the company to collect the data. For sharing their data, they will be rewarded with O2O tokens. The following image accurately describes how the platform will work and benefit the users involved.
The following are the main modules of the O2O platform:
Each module plays a distinct role in the system, from collecting the data to manipulating it, to selling it to the companies.
The data storage system is known as the O2O Data Pool, and will comprise of three forms of data:
- Raw Data
- Statistical Data
- Analyzed Data
The data received from the customer’s mobile application is the raw data, this data is then manipulated, and operations are performed on it to turn it into analyzed data. This data can then be sold to any party that requires it.
The party can be a corporation, a public institution or a merchant. The following table describes how the O2O platform benefits customers.
With the help of their smartphones, interested users will be able to provide data such as GPS data, weather data, health data, consumption data, sensor data, and payment data to the platform. Users will get economic rewards for providing access to their data, and the service provider will get the data. In this way, both parties will satisfy the needs of each other.
The O2O data pool will collect information through the various sensors that exist in a modern smartphone. These sensors include gesture sensors, proximity sensors, gyro sensors, acceleration sensors, magnetic sensors, pressure sensors, and thermos-hygrometer sensors.
The interaction between the company and the user will be done through a smart contract, therefore, when the user provides access to their data, they will automatically be rewarded based on the data.
The following are the main details of the ICO. The O2O platform explicitly mentions that the O2O token is a utility token and buying it does not grant ownership in the platform. The following are the details of the ICO:
Hard cap: $100,000,000 USD
ICO Rate: 1 O2O = 0.000166 ETH
Token Type: Ethereum ERC-20
Period: May 7 – June 17
The tokens will be distributed after the conclusion of the ICO.
The following are the main team members of the O2O platform:
- Steve Kim: CEO (LinkedIn)
- Richard Jung: CTO (LinkedIn)
- Dustin Kang: CMO (LinkedIn)
- Ph.D. Son: CSO (LinkedIn)
The following are the main advisors in the team:
For more info
Source: Crypto Potato