During the last decade or so, data has become a hot topic and often a controversial one. As a result of Big Tech abuses and government-led collection schemes, people’s data is mined continuously and in ever-increasing amounts. Almost all of this is done without the consent of the individual whose data is being mined, and in some cases even without their knowledge.
There have been several attempts made in web3 to give people more control over their data, and in cases such as Play-to-Earn (P2E) and Move/Sweat-to-Earn (M2E), new methods for monetizing that data have also been explored. The primary problem with these existing models is that they require a significant amount of user participation and time to become profitable. Besides reducing the number of potential participants (not everyone has the time to play games or walk 2-3 hours per day), this also leads to user fatigue over time, as they experience comparatively little return on their time investment. The widespread adoption of these models remains unlikely since the main pain points for users (time and effort) are fundamental to P2E and M2E systems.
Data Lake, an EU-funded startup, intends to change this. Known as Consent-to-Earn (C2E), their solution gives people agency over their data by giving consent to its use, and it’s also an easy way to take part in a data economy that’s transferring eye-watering amounts of money. Medical data is their first target, which is worth hundreds of billions of dollars. A single medical record may be worth a few hundred to a few thousand euros to a researcher, depending on its quality and type. In addition, medical records can be accessed by any number of researchers multiple times, making them a perpetual asset with recurring value. As of now, this value has been rendered inaccessible or is being absorbed by private companies trading people’s data without their knowledge and consent.
Consent-to-Earn takes just a few clicks, and the single action of giving consent to the use of their data can provide the user with a consistent – and in some cases significant – source of residual income. Implemented in this fashion, C2E isn’t just another crypto tokenomics gimmick. The data economy as a whole represents trillions of dollars per year, and it’s typically an ecosystem that’s controlled by Big Tech and that normal people are excluded from. Data Lake thinks this is fundamentally wrong and are launching their system to truly…