Liberdy.io is a decentralized advertising platform that is seeking to disrupt the online advertising industry. Facebook, in particular, has taken a lot of heat recently with the Cambridge Analytica scandal, and the GDPR came into force in Europe to give rights back to consumers instead of various privacy violations. However, GDPR comes with a series of setbacks, and the regulation is killing innovation. The Liberdy Data Foundation is a non-profit organization that is aiming to change the online advertising industry and gives customers control over their data.
The Online Advertising Industry
The online advertising industry was worth a total of USD 229 billion in 2017, a colossal figure that is expected to grow. In 2017, Facebook and Google were responsible for a combined 63% of digital advertising in the USA, owning by far the largest slice of the market. Essentially, the internet has become one giant data harvest for advertisers where a monetary value is put on page views and shopping trends.
Liberdy.io intend to stop the harvest so that advertisers have to pay people for their data. The current model is that Google, Amazon, and Facebook track and monitor users and sell this data to other companies. Data is power, and users must have ultimate control over it.
Google, Twitter, and Facebook have recently banned cryptocurrency ads, and a decentralized advertising platform could be the riposte. Steem is already a success and a radically different business model, rewarding content creators in Steem tokens in a decentralized manner. There are a number of projects aiming to disrupt the online advertising industry. But there is currently no working blockchain model to rival or even contend with the giant centralized data harvesters that include Facebook, Google, Twitter, Amazon, and Instagram.
There is also a security issue where customer information is compromised, and no repercussions ensue for the negligent companies. Yahoo, Uber, and Equifax have all been the targets of hacks, and big companies are proven to be untrustworthy when it comes to securing user data. Just last month, a Canadian bank was hacked, and sensitive data was attained on over 90,000 user accounts, including name, social security number, marital status and even flight miles.
A Decentralized Advertising Platform
Via the Liberdy app, users can instantly extract the data that they currently share with companies like Amazon, Google, and Facebook. The user then chooses which personal information they would like to share and Liberdy encrypts, splits and depersonalizes it so that it cannot be traced back to the individual. The advertiser can then purchase reliable, time-stamped, consent-based information directly from the customer.
The customer gets a monetary reward for his or her data. The advertiser benefits from access to data from some user-validated sources including online retailers, social media, and search engines. Additionally, a decentralized advertising platform is vastly more difficult to hack than its centralized counterparts, including banks and large corporations.
People are tired of being forced to give their data away. It is a ridiculous state of affairs where individuals have to purchase VPN’s, install ad blockers and customize their computers instead of being able to browse online in peace. This is the norm, though there is no real reason it should be like this. A consent-based system is a way forward and hopefully, Liberdy can dethrone the centralized data harvesters so once again users have rightful control over their data.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.