Now, we live in a world where plenty of companies and corporations across the globe are able to collect our data without paying us for their own purposes & there is nothing we can do about it. That being said, would it not be awesome for you to make some money off of selling your own data instead of having companies simply take it? If your data is that valuable, shouldn't you and others who provide said data get a piece of the pie instead of a simple pat-on-the-back from companies who get to use this data to target you with advertisements? Well, now there is a way to do that with a particular cryptocurrency called Swash. What is Swash and why is it being used instead of regular FIAT currency? Well, this secure currency backed up by a blockchain is based around a Web3 solution for getting money from your data. As an article from the news site Bitcoinist talks about the system and how it is part of a data monetization movement that allows you to collect money for selling your data. What you do is install the Swash application for your browser and it collects your data as you search. Now, there is a delay on any data collected so you can choose what data is sent to the Swash system & what data stays with you (which again, is a choice that companies like Google and Facebook do not give you when they simply take your information while searching online). Now, as the Swash team collects your data, you get paid in a cryptocurrency called Swash which gets paid out in a wallet automatically created by the app you installed. This money is securely stored on a decentralized blockchain and having one or two tokens allows you to be part of a group called the 'Data Union', an organization of people that are able to monetize the data. While not the same as an actual union, you get to have a say and vote similar to a real union. If you have any tokens, then you get to use the blockchain to vote on which Swash projects receive funding, how the tokens are utilized, and new developments for who gets your data in return for profit. As the swash paper describes it:
Swash token holders can vote for
projects they wish to see receive
funding from the Swash DAO fund,
decide on new roadmap
developments, and take part in
token-related decisions.
Some of the developers for Swash and the Data Union concept believe that this method of owning your data and having in choice in who you sell it to as well as what you sell could be a form of passive income and turn corporate theft into an optional way for you to make money from the data you wish to release.
Swash is a key component of how we
mainstream a new data economy. We
need these cornerstones that allow for the
average person to be able to take back
control of their data and then to allow for a
process where they can turn that data into
a commodity. This has the potential to
become a form of Universal Basic
Income. -Jamie Burke, Outlier Ventures
Now, you can choose at any type to swap out your Swash cryptocurrency for traditional money whenever you feel like it. As CoinMarketCap and other sites show, Swash has monetary value and can be traded for actual US Dollars. This, in my opinion, puts this project somewhat ahead of other crypto UBI projects or passive income programs that offer tokens that might only have real monetary value someday instead of having any value now. Also, many of the other crypto programs require a lot of work on the user's part to turn the tokens into legal tender. The method for the built-in application is relatively simple and does not make it a hassle to turn tokens into cash you can use to buy groceries at your local store. I do not know how well this project works at the moment though, but it seems pretty ambitious and I am currently testing the app to see how well it works. I will continue to work with the app and give a review in the near future so anyone reading this can find out how useful and legit Swash is with its lofty goals...
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