Large-scale data breaches and the abuse of data by cybercriminals have become an everyday reality. Data is being utilized to drive massive profits in big tech and beyond. In 2018, a breach at Marriott Hotels resulted in 500 million records being stolen, and just earlier this year, Facebook had an enormous break where the details from 533 million users were taken.
Cirus is offering individuals new financial opportunities through data monetization using the power of Web 3.0. With over 4,000 Cirus devices currently deployed in real households, the Cirus team is aiming to propel a new ownership economy. By harnessing the input of two seasoned experts, former Apple CEO Gil Amelio and founder of Seagate technology Finis Conner, Cirus is leveraging tech titans to provide a platform that turns data into cryptocurrency.
Offering both a platform and a device, Cirus is building an ecosystem that will support full data ownership.
What is the ownership economy?
An ownership economy concept is a system where all individuals hold a financial stake or value from participation in an ecosystem. This has been on the rise for some time now. Companies are offering employee stock options regularly, and even some companies like the John Lewis department store in the UK are entirely owned by its employees.
However, centralized platforms such as the social media sites that people use on a daily basis still maintain a level of ownership when it comes to how one transacts and interacts with their platforms. Decentralization that emerged with Web 3.0 has changed all that. Users now have more freedom and choice when it comes to sharing information and for what reasons that information is used.
Brand versus individual data management
“Big Data is broken. Users are not being compensated for an asset they create. Data is now the world's largest digital asset, and Cirus puts control of it back into the hands of the user. Turning data into cryptocurrency, Cirus unlocks data as an asset for the user, opening the doors into Web 3.0 and unleashing its long term potential as a new bankable asset,” says the Cirus team.
Brands today are encouraged to manage their data and design appropriate responses to data breaches in the workplace. But what about the individual? Cirus Foundation plans to build an ownership-led economy, giving individuals control over their data and how it is used, enabling any person with a Cirus device in their home to transact with cryptocurrencies and decentralized assets.
On the other hand, individuals are more aware that their data is out there and that devices they use automatically extract their data. This awareness brings with it new potential revenue streams, and Cirus is offering a way for all users to leverage their own data to obtain economic rewards in the form of cryptocurrencies.
Why is it important to own one’s data?
There is no end to the incidents of data capture, usage and fraud that seems to happen too often nowadays. From the privacy issues that surfaced with the Cambridge Analytica scandal to a cyber attack on the New Zealand Central Bank earlier this year, data has become hot property. Cirus is turning the negative connotations associated with data breaches into a positive opportunity to use data as an entry point to the new digital economy.
With connections to crypto, the Cirus Device can be hooked up to a system that will automatically provide access to new earning potential. Via household devices that are authorized to collect user data, the Cirus Device lets its users control and choose what data they want to use and how they would like to use it.
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