Opiria is intending to create a decentralized marketplace where users can sell their personal data as they wish in exchange for tokens, specifically the PDATA token Opiria is launching. The concept is to bring consumers into the data marketplace in an informed manner and allow them to control their data and be compensated for it. Organizations, meanwhile, will be able to avoid fake and incorrect data, as well as reducing the costs for data gathering.
The current data brokerage industry is secretive and less than transparent, gathering, packaging and selling consumer data while providing no or very low value back to consumers. As the data can’t be verified, the companies purchasing it are at the mercy of the brokers when it comes to the quality of the data. Additionally, the methods these data brokers use to gather information are often not acceptable to end users, who block or disrupt these activities. This often leads brokers to then go to other, less reliable and less transparent methods.
Opiria believes that this arms race is leading to a dearth of reliable, high-quality consumer data and that the only solution is to allow users to control their data and incentivize the sale of that data to companies by directly compensating the users, while providing an open, transparent, and secure marketplace for those transactions.
This switch from a data brokerage-focused market to a consumer-focused market has the potential to severely disrupt the data brokerage economy.
As of 2015, data brokerage revenue was already in the $200 billion/year range and has shown no sign of slowing. This is a tremendous amount of money paid primarily to middle men and nearly none of it is returned to consumers. Consumers give up their data, or have it surreptitiously taken from them and a huge industry is set up to profit from that process. In addition to these data brokerage companies, Opiria also impacts market research, an industry of approximately $50 billion/year. Allowing users to proactively volunteer for market research opportunities instead of requiring market research companies to go digging for volunteers will greatly streamline the process, providing tremendous value, both in less money spent and in a much quicker turnaround, to companies while providing tangible compensation to users.
Opiria TGE Details
- 750,000,000 tokens
- 60% of coins available for sale
- Tokens worth $.1
- Three phases (Private Sale, Public Pre-Sale, Public Sale)
- Soft cap – $30 Million
- Hard cap – $35 Million
Private sale will take place up until the public sale begins and will require a minimum contribution of $50,000.
Public Pre-Sale started on April 20, 2018 and runs until June 15, 2018. Minimum contribution is $2,500 and there is a 20% token bonus.
Public Sale starts on June 16, 2018 and will run through July 14, 2018. The bonus starts at 15% and reduces by 1% per day down to 0% bonus.
Unfortunately, due to regulations, the citizens of the following countries are unable to participate: USA, Canada, China, Afghanistan, Bosnia and Herzegovina, Guyana, Iraq, Laos, Syria, Libya, Uganda, Vanuatu, Yemen, Iran, Democratic People’s Republic of Korea, Myanmar, Ethiopia, Myanmar.
Opiria plans to allocate the tokens as such:
- 60% TGE
- 20% Company/Team
- 13% Development Fund for data purchase and further development
- 5% Advisors
- 2% Bounty
Funds generated through the TGE are expected to be used in the following ways:
- 45% Opiria Platform global expansion
- 30% Development
- 25% Consumer Database growth
The Opiria platform is an exciting attempt to disrupt an industry very much in need of being disrupted. The current personal data brokerage industry is a nightmare for consumers and not much better for companies. Data is often very low quality, expensive and involves dealing with companies that have acquired that data through less than above board means. The conccept of moving to an economy where customer make informed choices as to who gets what data of theirs is intriguing and has several obvious upsides. The consumer won’t continue to get income if their data is bad or fake, companies can get both demographic and preference data through the use of custom surveys, and reducing the use of middlemen in the process would increase security and reduce friction in the transaction.
Opiria has a strong interest and background in the data protection laws in the regions they’ll be operating in and this should serve them well, as consumer data protection has become more and more important, particularly in Europe. Assuming they can stay on the right side of those regulations, which appears very likely, they stand to reap a significant amount of value as data brokerages are forced to reckon with more restrictive regulations and punitive fines for failure to do so. Taking advantage of the regulatory landscape has the potential to spur adoption from both companies and consumers leading to quite a bit of growth.