ICO review: Your Data Safe Token Platform
The GDPR is a new policy guiding rule that was implemented in May 2018 to govern how personal data collection, usage, and sharing is executed across businesses in the EU. It allows owners of personal data to be in control again of who has access to their data and for what reasons. Since it is a new rule and regulations, it leaves a lot to the businesses to learn and train their staff on the appropriate methods of handling data.
The GDPR became necessary because most companies reached a level where they were misusing personal data of their customers without the consent of the owners. Personal data has become so important that it needs utmost protection. Market research has estimated that the value of this data will be worth as much as 1 trillion Euros by the year 2020. That is a staggering figure and some of the big businesses are positioning themselves to take advantage of this highly lucrative industry.
In all the above information only one element has been neglected – the owner. The owner of the personal data is more often than not excluded from the profit calculation. But a new start-up wants to change that. Your Data Safe is building a platform that will allow private data owners to be rewarded for sharing their data for both marketing and research purposes.
The Technology Proposition
Your Data Safe is essentially a GDPR Compliant Data Management and Rewards Platform. It is comprised of four components that constitute its technological innovation:
Your Data Safe Network – this element allows users to create their very own fully customizable data profile that they could share with businesses of their choice for monetary gains. The platform is GDPR compliant and allows the owners of the data to be in complete control of their personal data.
Your Data Safe Virtual Data Protection Officer (DPO) – the GDPR is both elaborate and complex but necessary and a regulatory requirement for all businesses operating in the EU. However, most businesses are not aware of the regulations and how to comply fully with them. Data Protection Officers are in demand but they are also scarce and therefore only the highest bidders get to acquire them while the little players are left to make less informed guesses on how to create GDPR compliant policies. The Virtual DPO will help them create these policies without breaking the bank and hiring the extremely scarce DPO individuals.
Your Data Safe Academy – existing on the cloud the academy will provide a platform for interested parties to learn about GDPR data compliance and even qualify as Data Protection Officers.
Your Data Safe Cloud – is a cloud service provider to offer services such as cloud storage and file sharing. All these services especially the cloud data storage will be decentralized through the blockchain to ensure security and safety.
Start: August 1st 2018 12:00 UTC
End: October 31st 2018 23:59 UTC
Total supply: 741,300,000 tokens
Coin price: 1 ETH= 12,500 YDST
Minimum contribution: $1000
Blockchain Engineering & Platform Development: 74,130,000 YDST (25%)
Marketing & Advertising: 89,304,000 YDST (20%)
Operational Expenses: 47,443,200 YDST (16%)
Future Research & Development: 35,582,400 YDST (12%)
Bounty, Rewards & Ambassadors: 23,721,600 YDST (8%)
Core Team Expenses: 17,791,200 YDST (6%)
Miscellaneous Expenses: 14,826,000 YDST (5%)
Token Allocation & Distribution: 8,895,600 YDST (3%)
Legal law & Compliance: 8,895,600 YDST (3%)
Cyber Security: 5,930,400 YDST (2%)
Phillip Chapman (CEO)
Mark Morgan (CBDO)
Richie Pindor (COO)
Rob Newell (CMO)
The Your Data Safe Token project is one of the best use cases of a blockchain coming at a time when data protection rules are being criticised for not protecting the masses. The GDPR is being hailed as a game changer and a lot of other international data protection agencies are being asked to take the queue and learn from it. There is demand for the project and the team is highly capable to deliver on the whitepaper promises.