NEEbytes - Abstract
The NEEbytes project aims to revolutionize the way data is valued and traded as a commodity. This whitepaper outlines the ecosystem in which members can generate, store, and sell their data while companies can purchase the data they need to operate and innovate. The ecosystem provides a secure and transparent platform for members to control their data and be rewarded for sharing it. The NEEbytes cryptocurrency, paired with the value of data, incentivizes members to continue to share and participate in the ecosystem.
The benefits of NEEbytes, include increased control and understanding of data, integration with existing platforms needing data, and a cryptocurrency tied to the value generated through data.
WhitePaper
Introduction
The rise of the digital age has brought with it numerous benefits and advances in technology.
The internet has become a vast source of data, with platforms holding vast amounts of information that can be highly valuable for marketing purposes.
Companies consuming data online have been accused of abusing personal data, collecting vast amounts of information without consent and using it for their own benefit. As a result, regulators such as the General Data Protection Regulation (GDPR) have been forced to take action to protect individuals' privacy.
The recent introduction of Apple's iOS privacy rules has further limited the access of apps to personal data, making it increasingly difficult for companies to access the data they need. This has created a challenge for companies that depend on data for their operations, but it has also presented an opportunity for individuals to monetize their data.
Today, people have the ability to block access to their data when browsing the internet. As a result, companies are facing additional difficulties accessing the data they need, and with the continued rise of privacy-focused technologies, companies will need to find new ways to access data.
Alternatives such as paying members directly in exchange for their data may prove unfeasible due to the high cost of payroll. Other methods, such as rewarding members with points or gift cards, may provide temporary benefits to companies but do not offer a long-term solution to the industry's data access problems.
An economy powered by data where individuals can monetize their data would provide benefits to both people and companies. People would receive value for the data they generate online and would be incentivized to share more data, while companies would still have access to data for target advertising. Additionally, companies could potentially unlock new business models, such as selling the data they hold on their platforms, by sharing profits with their members.
This is where our new technology comes in. Our technology enables individuals to monetize their personal data, taking control of their information and benefiting from it. By providing individuals with the ability to monetize their data, we are creating a fairer and more sustainable model for collecting and using data.
In this white paper, we will explore the importance of monetizing data and the challenges faced by the data industry due to the current limitations on data access. We will examine the potential benefits of an economy powered by data and introduce our solution to the problems faced by the data industry. By providing a comprehensive understanding of the benefits of enabling individuals to monetize data, we hope to demonstrate the potential of our new technology.
Monetizing Data in the Digital Age:
Challenges and Importance
In the digital age, data has become a valuable asset that is crucial for the success of businesses and the growth of industries. With the vast amount of data being generated every day, it is imperative for people to have control over their personal data and be able to monetize it in order to derive its full value. However, the current limitations of the industry make it challenging for people to monetize their data.
The Importance of People Monetizing Data
Data is the lifeblood of many industries and businesses today, but its true value often remains untapped. When people monetize their data, they are able to receive compensation for their data, which is often used by companies to generate revenue and gain insights into consumer behavior.
Potential Benefits for People:
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Compensation for Data: One of the main benefits of an economy powered by data is that people can receive compensation for the data they generate. This means that they are able to monetize their data and receive monetary value for it, which can be used to purchase goods and services.
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Control Over Data: People can retain control over their data and decide how it is used. This allows them to ensure that their data is not misused or exploited, which is a major concern for many people in today's digital age.
Challenges Faced by the Data Industry Due to the Current Limitations on Data
The current limitations on data access have made it difficult for the data industry to operate effectively. One of the main challenges is the lack of trust between data providers and companies. People are often hesitant to share their personal data because of privacy concerns, which makes it difficult for companies to access the data they need. Moreover, companies are facing limitations in accessing data, leading to the unreliability of the data collected for targeted advertisements. This leads to incomplete data sets and results in inaccurate insights.
Another challenge faced by the data industry is the difficulty of measuring the value of data. While data is a valuable asset, it is difficult to assign a monetary value to it. This makes it challenging for people to monetize their data and for companies to access it. The value of data is also affected by the current limitations on data access, which makes it difficult to determine its full value.
Potential Benefits for Companies:
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Access to Data: Companies will have access to the data they need to succeed in their business ventures. This data can be used to gain insights into consumer behavior, generate revenue, and drive innovation.
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Reliable Data: With people being able to monetize their data, the data collected will be more reliable, as people will be incentivized to share accurate data. This will lead to more accurate insights and more informed decision-making by companies.
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Increased Trust: An economy powered by data has the potential to increase trust between data providers and companies. This will result in more people being willing to share their data and provide companies with the data they need to succeed.
The importance of people monetizing data cannot be overstated.
An economy powered by data has the potential to revolutionize the way businesses operate and the way people are compensated for their data. By allowing people to monetize their data and providing companies with access to the data they need, this economy has the potential to drive innovation, increase trust, and lead to a more equitable distribution of the value generated by data.
The Power of Data:
An Introduction to the NEEbytes Ecosystem
The proposed technology, enabled by the NEEbytes ecosystem, is focused on generating equity for individuals through their data. The process of converting data into a fungible and tradable asset is as follows:
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Members create data which is then
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Exchanged into a virtual currency.
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In exchange for sharing their data, members receive the virtual currency.
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The data shared by members is then available for purchase by interested parties.
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Access to the data for sale is only possible through the virtual currency given to members for sharing their data.
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The virtual currency is purchased from members within crypto exchanges.
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The virtual currency is then used to unlock the data and removed from circulation.
By converting data into a tradable asset, NEEbytes aims to create a fair and transparent marketplace for data, where individuals are rewarded for their contributions and companies can access the data they need to fuel their operations.
The Key to Success:
People Embracing Data as a Profitable Asset
The success of the new ecosystem and technology depends heavily on people's willingness to participate in a data-driven economy. The NEEbytes ecosystem is a creative response to the challenges in the data industry, and its effectiveness depends on people recognizing the value of their personal data.
For the ecosystem to flourish, individuals must start viewing data as a valuable asset and take steps to protect their information. As people become more privacy-conscious and restrict access to their data on the internet, this will create a scarcity of data, leading platforms to seek alternative solutions to access data.
NEEbytes provides an innovative solution to this problem by allowing individuals to generate data within the ecosystem and retain control of their information. By doing so, people can receive fair compensation for the data they share and empower companies to access the data they need to operate. In this way, everyone benefits from the ecosystem and technology.
Data Monetization through NEEbytes Technology
The NEEbytes ecosystem provides people with the opportunity to monetize their data through NEE cryptocurrency. By choosing to monetize their data, they can exchange it for NEE currency, which then can be made available for purchase by companies seeking access to the data.
Companies can purchase NEE currency directly from members, who can choose to hold onto the currency as an asset or cash it out through a crypto exchange. This process allows for data to be traded at an arms-length.
If the NEEbytes technology is widely adopted and people find value in monetizing their data, a new crypto economy can emerge where people have direct control over the value of their data. This economy is driven by data being traded three times:
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Between people and the ecosystem - people receive NEE cryptocurrency as a digital asset representing their data.
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Between people and companies consuming data - companies must purchase NEE currency to access the data in the ecosystem.
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Between companies consuming data and the ecosystem - companies unlock the data in the ecosystem using NEE currency.
The NEEbytes ecosystem has the potential to create a new economy powered by people's data, where everyone has the opportunity to benefit.
The Ecosystem
The NEEbytes ecosystem was created with the goal of making data a valuable asset for individuals. By securing and protecting data, the ecosystem offers a unique solution to current data-related challenges.
The ecosystem operates as a harmonious system of interconnected components and technologies hosted on a centralized server. In this ecosystem, the various components work together seamlessly to create a secure and valuable environment for data. Let us expand into how the NEEbytes ecosystem operates.
Overview of the Server Infrastructure in the NEEbytes Ecosystem
The server is the backbone of the new ecosystem, designed to hold and run the components and technologies necessary for the network to function. This server is equipped with several critical elements that contribute to the smooth operation of the ecosystem.
The first component is the "Funnels", which are platforms or apps that collect data from users. This data is then analyzed by AI tools, which also authenticate members and facilitate interaction between components within the server. To ensure privacy and security, the server has ample storage space to store collected data, which can either be kept private or made available for purchase through the marketplace interface.
The ecosystem is built on blockchain technology, which ensures the authenticity of transactions involving the exchange of data, in the form of NEE currency. The smart contract component is responsible for distributing the currency among members, while the crypto wallet holds the NEE cryptocurrency. This robust combination of components and technologies ensures the smooth functioning of the ecosystem and the protection of users' data and assets.
Exploring the Funnel Component in the NEEbytes Ecosystem
The funnel component of the NEEbytes ecosystem is an innovative platform (app) designed to allow members to create and manage their data. This component offers members a new way to navigate the internet, breaking free from the constraints of existing platforms that consume and control their data.
The funnels in the NEEbytes ecosystem serve a dual purpose. On one hand, they allow members to store and/or share their data privately, providing them with options to monetize their data if they choose to do so. On the other hand, the funnels allow members to analyze their data before sharing it, enabling them to make informed decisions about how to use their data.
There will be three funnels in the NEEbytes ecosystem, each designed to collect different types of data: social data, consumer data, and health data. These funnels will give members various ways to control their information and make sure it is organized properly for whoever wants to buy it.
The funnel is a crucial component that enables members to manage their data and provides them with a new way to navigate the internet. With the ability to collect, analyze, and monetize their data, members will have greater control over their online presence and will be able to make informed decisions about how to use their data.
"The Soge App: The First Funnel to Monetizing Data with Privacy"
The Soge app, powered by NEEbytes, gives members the power to store and make money from their social data. It provides a safe and creative way to manage social information and earn from it.
Soge allows members to save their personal moments, such as pictures not suitable for social media, in a secure cloud storage. Members can then turn these moments into valuable data that companies can purchase for advertising.
With the help of AI algorithms, members can control the privacy of their data and make informed decisions about what information is shared with companies. The app also has provides a messaging feature with end-to-end encryption to ensure the confidentiality of members' data.
In addition to saving moments, members can manually input information into data cards to create data for companies to buy. By regularly updating these data cards, members can track the changes in their data over time.
Data created through the Soge app generates NEE currency after it's added to the ecosystem. This feature provides members with a potentially profitable way to manage their social data.
"The Consumer and Health Data Collection Apps: Coming Soon"
Details on the future development of funnels collecting consumer and health data will be revealed as the development progresses.
"Leveraging AI Technology for Optimal Network Operations"
Artificial Intelligence (AI) plays a crucial role in the functioning of the NEEbytes network. It automates essential tasks to ensure that the network operates efficiently and aligns with the project's vision.
The following are some of the key functions performed by AI in the NEEbytes' network:
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Authentication of members creating data and companies purchasing it.
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Conversion of data into NEE cryptocurrency for members.
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Prevention of multiple account creation by users.
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Identification of robots in the ecosystem.
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Data selling opt-in and opt-out options for members.
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Data analysis for members.
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Deposition of cryptocurrency into members' wallets.
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Generation of invoices for purchased data.
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Data unlocking after purchase.
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Reduction of coins in circulation used for data purchases.
Ecosystem Storage Solutions
The ecosystem provides a secure and accessible storage solution for its members. Members have access to personal storage space through one of the ecosystem's interfaces, where they can store the data needed to create data cards. Additional storage can be added as needed, and members can even compact data to free up extra space.
The ecosystem also offers a marketplace storage, where data cards created for sale are kept and only accessible by eligible buyers through its interface. This separates the data cards from the members' personal storage and provides an extra layer of security for the data being sold.
With ample storage options and easy access through different interfaces, members can confidently store and manage their data within the ecosystem.
"Revolutionizing Data Trading with the Marketplace App"
The marketplace is the platform for buying and selling data. Companies seeking data can browse the marketplace and make searches for specific data. They can also send data requests to members who fit their research criteria and members can agree to participate if they choose.
The ecosystem allows integration with other apps and companies who have their own user base. This way, the ecosystem can match members with potential data buyers and enable the purchase of the relevant data. As a result, companies can sustain the delivery of targeted advertisements on their platforms.
The marketplace only releases the data once the data request has been paid in NEE currency. This creates a secure and reliable system for data trading.
NEEbytes Blockchain and Smart Contracts
Introduction to NEEbytes blockchain
The NEEbytes project is a new ecosystem that generates and authenticates transactions of the NEE currency while maintaining security and accountability. The ecosystem will utilize a new blockchain to be developed with Polygon technology, along with smart contracts to customize the technology and run the NEEbytes ecosystem.
Blockchain
The NEEbytes blockchain is designed to support cheap transactions and limit the number of computers authenticating transactions to prevent potential attacks. The blockchain was initially tested in the MVP phase of the project by forking the Ethereum blockchain, but is now being developed using Polygon technology for the next phase of the project.
Smart Contracts
The NEEbytes ecosystem operates through smart contracts that are activated when specific conditions are met. These contracts regulate the total number of coins to be mined, which is set at 11 billion coins with 10 billion for members and 1 billion for software. The coins for the software are released at a rate of 10% of coins mined. The smart contracts also ensure that coins used to access data are taken out of circulation, to prevent inflation and start a new cycle of distributing the currency when all coins have been mined.
Coins Distribution
Coins are distributed in two ways: by generating data in the ecosystem and through a daily block. NEE currency is exchanged for data added and maturing in the ecosystem, with different types of data activating the distribution of various amounts of currency. The daily block distributes a total of 5000 coins evenly among the members interacting with the ecosystem on that given day.
Blockchain for the Early Stage of the Project
In the early stage of the project, NEEbytes can utilize the services of other blockchains to authenticate transactions. Only the smart contract will need to be created and deployed on the chosen blockchain. Using an existing blockchain at this stage also provides members with a sense of security as the NEEbytes network builds its reputation.
Crypto Wallet
NEEbytes provides members with a cryptocurrency wallet to store NEE currency within the ecosystem. Members also have the option to withdraw NEE currency to an external crypto wallet by configuring it to accept and hold NEE currency.
Cashing Out NEE Currency:
Options and Benefits for Members in the Ecosystem
With the increasing popularity of NEE, members may want to cash out their holdings for various reasons. In this paper, we explore the options the network has and aims to enable for cashing out NEE currency and how this process contributes to the overall value of the ecosystem.
Cashing out at DEX-trade
At present, members can cash out their NEE currency by exchanging it for USDT at DEX-trade. This enables them to withdraw the USDT to their preferred exchange and eventually cash out into their bank account. This is an important step in converting NEE currency into a more widely accepted form of currency that can be used to purchase goods and services.
One-place solution for the NEE economy
The ecosystem aims to provide a one-place solution for the economy of NEE in the future. This means enabling members to cash out NEE currency within the ecosystem and straight into a credit card, facilitating the conversion of NEE currency into any global currency necessary for consumption and purchase. By providing a convenient and accessible option for cashing out NEE currency, the ecosystem hopes to attract more members and increase the overall value of the ecosystem.
The Interplay Between Cashing Out and Purchasing Data
Companies that purchase data within the ecosystem will need to buy NEE currency when members are cashing out. The last price at which members choose to sell their data (cashing out NEE currency) will determine the value of data in the ecosystem. This interplay between members cashing out and companies purchasing data helps to maintain a stable and fair value for NEE currency, ensuring that both buyers and sellers benefit from the ecosystem.
Cashing out NEE currency is an important aspect of the NEE ecosystem, as it enables members to convert their holdings into a more widely accepted form of currency.
Data as a Commodity in the NEEbytes Ecosystem:
A Vision for a Thriving Crypto Economy
The NEEbytes ecosystem aims to change the way data is treated as a valuable asset. Members can safely create and sell their data, while companies can buy the data they require. The ecosystem provides a safe and clear platform for this exchange to take place.
Lifecycle of Data as a Commodity in the NEEbytes Ecosystem:
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Data Generation: Members of the NEEbytes ecosystem generate and store their data within the platform.
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Data Analysis: The data generated can be analyzed by members to identify what trends and patterns are valuable for companies.
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Data Protection: The data can be protected or made available for purchase. If data is available for purchase, data cards are created to provide the information needed for companies to operate and purchase the data. Data cards can be configured to the format needed by the buyer.
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Data Updating: Data cards can be updated or newly created by members, ensuring that the data remains fresh and relevant.
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Data Exchange: Data that is available for sale is exchanged into NEE cryptocurrency, making data tradable and accessible.
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Data Purchase: The data can be accessed or purchased within the ecosystem's marketplace, using NEE currency as the medium of exchange.
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Data Unlocking: After payment is exchanged for NEE currency, the data is unlocked and can be used by companies for their operations and innovation.
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Data Locking: Upon the purchase and exchange of data for NEEbytes, the data is locked back into the ecosystem for potential future purchases by new buyers. The NEE currency used in the transaction is taken out of circulation, thereby increasing the value of the data and combating inflation.
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Data as Currency: The NEE currency taken out of circulation is locked back into the ecosystem, making it available for purchase by the next buyer.
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Data Withdrawal: Members have the option to withdraw and delete the data they have generated and stored in the ecosystem at any time.
The goal of the NEEbytes ecosystem is to enable data to be traded. People can use the platform to create and store their data, and businesses can buy it for their own use. The goal is to make data a valuable and in-demand commodity.
Conclusion
The NEEbytes project is a revolutionary idea that seeks to harness the value of data in a sustainable and efficient manner. It aims to enable individuals to monetize their data, while companies can access the data they need to operate and innovate. The NEEbytes ecosystem provides a secure and transparent platform for data generation, storage, and trade. With the ecosystem in place, data can be analyzed, protected, and traded as a commodity in the form of NEE cryptocurrency. The NEEbytes economy incentivizes members to share their data, bridging the gap between data providers and companies. NEEbytes provides people with a cryptocurrency that is paired with the value of their data, enabling ongoing control and knowledge of their data in the ecosystem.