Data is the New Gold, and You're the Mine

Data is the New Gold, and You're the Mine

In the vast landscape of the digital realm, your every click, like, and the transaction is transformed into a valuable commodity – data, the new gold of the digital age. Yet, in this intricate dance of online interactions, who reaps the benefits? Regrettably, it's not you, the one generating this precious resource; instead, you find yourself unwittingly playing the role of the mine.

Join us as we delve into the unsettling reality of the digital economy, where tech titans, alongside traditional banks, function as miners, extracting value from the depths of your personal information. This blog post is an unmasking, revelation of how your digital presence has become a lucrative resource for these giants, with little to no return for you, the true owner of this invaluable data. We'll also delve into what you can do about this and how you can shape the future with the available technology.


How it works

In this intricate dance of data extraction, every online move you make is meticulously observed, recorded, and categorised. Tech titans employ sophisticated algorithms that analyse your IP address, browser cookies, and device IDs, creating a comprehensive digital profile. This profile extends beyond the basics, encompassing your search history, the pages you visit, the duration of your interactions, and the products you express interest in. The artistry lies in the seamless weaving of these digital threads, crafting a nuanced tapestry of your preferences, behaviours, and tendencies. As you traverse the digital landscape, these data miners monitor your every step, transforming seemingly innocuous interactions into valuable insights. This information becomes the currency of the digital realm, traded among corporations for targeted advertising, product development, and an ever-expanding range of data-driven services. It's a process that operates in the shadows, hidden from plain sight, leaving you, the unwitting source of this valuable resource, largely unaware of the intricate workings beneath the surface.



The Dangers/Downsides of Data Harvesting


Echo Chamber

However, the exploitation of user data extends beyond mere data extraction. One of the significant dangers lies in the creation of an echo chamber, where the algorithms fuelled by your personal data curate a tailored digital experience. This seemingly personalised feed, while aiming to keep you engaged, inadvertently becomes a double-edged sword. By analysing your online behaviour, these algorithms feed you content that aligns with your existing beliefs, preferences, and interests, fostering a closed loop that shields you from diverse perspectives. This not only limits the richness of your online experience but can also contribute to the spread of biased information and reinforce existing prejudices.


Influencing Beliefs

The availability of users data allows Data users the power to use the data to create content that influences it’s consumer. For example in the Case of Cambridge Analytica where users data was taken and used to influence people’s political beliefs without them knowing.


Privacy

You lose your privacy! You’r data is just that, YOUR data. That should mean that it belongs to you and you alone and not it to be sold by third parties.


Profitability

Moreover, the paradox is glaring – while it's your data that shapes this tailored content, it's not you who reaps the benefits. The profits generated from the meticulous curation of your digital existence flow predominantly to the data miners and corporations, leaving you without a penny earned from YOUR OWN data being sold.


How to stop being exploited


Aleo. Aleo is a blockchain designed as a base for fully private applications. Apps can be built using the language of Aleo, LEO in order to build privacy preserving apps. Many apps are already being developed on Aleo that has led to an ecosystem of apps that are built around great functionality whilst keeping the users of the apps the owners of the data. Our Wallet on Aleo, called Avail is being built on this concept, to give users that download Avail a wallet that is designed to keep user data private. This will separate Avail from all the other wallets as it allows for private transactions and data ownership that can’t be seen by third parties alongside with it’s many features such as the private smart contracts. A blog regarding how our smart contracts will be shall be released soon.


Aleo and the apps built on it are the long term solution for digital privacy and is set to launch soon in 2024. Join us at Avail wallet to help give people access to privacy again.

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