The launch of an initial coin offering (ICO) for Truth Data Cloud — a blockchain-based data marketplace which lets consumers be rewarded for the transparent and permission-based sharing of their private internet browsing data — has been announced by Truth Media Ltd.
The Truth ICO is set to run until 15 November, 2018, or to when the maximum targeted amount — between $5m and $50m — has been raised. Truth Media Ltd have reported that initial commitments of over $1m have already been received.
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Truth Data Cloud will reward consumers for the use of their personal data by advertisers. In return for access, consumers will receive TRU Tokens which will be used for a number of different purposes on the platform such as payment for access to data or as collateral for users who want to operate nodes on the distributed network.
"The global data economy is worth a staggering $42bn today and is forecast to grow to $106bn by 2027," said Mary Keane Dawson, CEO and co-founder of Truth Media Ltd. "However, its use in advertising is bedeviled by fraud, inaccurate data and poor targeting, making it inefficient for advertisers and annoying and intrusive for consumers. Truth Data Cloud will help transform this industry into one where all participants can trade in a free market ecosystem built on blockchain, providing fairness and transparency for consumers and advertisers."