Is Privacy Dead? Cybervein Aims to Revamp Data Storage and Monetization

Security

Is Privacy Dead? Cybervein Aims to Revamp Data Storage and Monetization

The One Who Controls the Data, Controls the World 

Spread by rumours and revelations by employees, it has been cited many times that the daily human activities on phones and other internet-based devices are comprehensive enough to create accurate social profiles of individuals.

The picture below is shared by the World Economic Forum, which one of the most famous infographics reflecting the amount of data generated via regular internet activities daily. For e.g, the infographic projects that 4 petabytes of data are created on Facebook, and 65 billion messages are sent on WhatsApp (this was reported in April 2019). The numbers have increased significantly in the last year.

amount of data generated on common platforms
Daily Amount of Data Generated on Common Platforms (Source: World Economic Forum)

Moreover, with the growth of the internet, the number of applications and internet-based services are increasing daily to serve 4,5 billion users globally. These businesses are now realising the power of data on their applications – to analyse patterns, build social and economic models, and leverage marketing information by learning from it. Cybervein offers a way to monetize that data while protecting privacy laws on a publicly verifiable network.

Protection from the Government

Currently, Amazon Web Services and Google Cloud is leading the cloud server market. Moreover, social media apps like Facebook and Instagram generate a tremendous amount of data from user activities. The data can be used to create virtual identities, illegal surveillance, exposure to theft and physical harm, and other psychological effects like longer hours on the phone due as the applications keep users engaged.

Even the George Floyd arrests have seems to have incited rebel against Mark Zuckerberg by the employees of Facebook. Obviously, this is just the tip of the ice-berg. The revelation of the involvement of Facebook in the U.S. presidential elections was a clear proof of user data exploitation. North Korea, China, the U.S., Russia, and many other national governments have shown definite patterns and instances of mass surveillance.

In London, there are over 500,000 CCTV cameras or 1 for every 14 people. The National Intelligence Budget of the U.S. is greater than the Military Intelligence in billions of dollars. Moreover, reportedly, the communist party in China keeps a ‘citizen score’ based on the online and daily activities of each person in China. This involves collusion with leading private firms like WeChat and Baidu.

Cybervein protects the user from its innovative design and encryption, the publicly shared information is not only encrypted but limited as well. The applications providers and users can establish boundaries with things they do not want to share publicly.

Vitalik Buterin, the co-creator of Ethereum recently tweeted,

Though I do think that a broad shift from crypto *just* being finance to crypto also being decentralized governance and organization and community is needed, and is happening.

Blockchain is not just about financial freedom, but also a revolution that essentially protects the person digitally from centralized control. Cybervein aims to establish a seamless and easy link between the present applications and their database management.

Improvisation in the Current Database Solutions

One of the most important advantages of using the Cybervein distributed ledger is data protection via encryption and immutability.  Moreover, CyberVein database automatically contains all previous versions of itself. The exact state of a database at a given time and date can easily be reconstructed, making it ideal for machine learning and time-based models.

Cybervein also implements ‘sharding,’ which is expected on Ethereum 2.0 as well to improve performance. Cybervein nodes are only required to store data shards relevant to their own transaction history and the smart contracts they are parties of.

Cost Benefits and Monetization

Currently, cloud or dedicated servers are the two choices for storage in front of businesses. Cloud servers cost around $100-$1400 per month based on storage amount. Moreover, dedicated servers are cost-efficient in the long run for large businesses but the initial cost is very high. Cybervein offers flexibility w.r.t. small or large storage, and also provides a secure way to monetize the data which can be sold via their federated learning platform.

cybervein data monetization
Data Monetization Flow on CyberVein

Last but not the least, Cybervein does not intend for companies to rely completely on the blockchain-based storage and public storage. Unlike any other database, the PISR database will be stored on the local servers of the businesses. On top of that, the DAG network will provide a back-up public, secure of the states. And, federated learning will allow processing and monetization of that data.

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Is Privacy Dead? Cybervein Aims to Revamp Data Storage and Monetization
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Spread by rumours and revelations by employees, it has been cited many times that the daily human activities on phones and other internet-based devices are comprehensive enough to create accurate social profiles of individuals.
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Author: Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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Nivesh Rustgi 1097 Articles

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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