Algebraix Data Corporation builds software that applies Data Algebra to complex software engineering problems. Data Algebra makes unique algorithmic contributions to improve resource efficiency and enhance scalability. The company’s new project has a new focus, based on data privacy.
According to Charlie Silver, Facebook is consistently stealing your personal data to clog your computer screen with advertisements. To challenge this, Algebraix Data is taking on the Internet giants. Silver has created a platform that allows users to decide how much personal data they want to divulge to advertisers and if they do, they will be compensated via cryptocurrency.
The aim is to put control back into the hands of the user. To understand how this will work in practice, Digital Journal spoke with Charlie Silver, the Chairman and CEO Algebraix Data.
Digital Journal: Thanks for the interview. What concerns are there with personal data in the digital age?
Charlie Silver: Most people are not aware just how much information is collected about them when they are browsing the internet in their daily lives. The collection of personally identifiable information by everyone from government agencies to your favorite blog means that your entire life, from your name, birthdate, and address, to your favorite music artists and recipes is stored in a series of databases. How that information is secured and how it can be used is largely out of your hands.
DJ: Why should users of digital services be concerned?
Silver: A quick review of headlines over the last few years prove that not only are these centralized databases often unsecured, but they are routinely targeted. High profile hacks, such as of Equifax, Ashley Madison, and Yahoo show that not enough is being done to protect online users’ sensitive and private information. While attempts to steal private information is bad enough, routine collection and exploitation may be worse. Companies collect information about your online habits with every click on their website or app and use it to aggressively target you for advertising.
DJ: Which platforms or services misuse personal data the most?
Silver:Data collection and exploitation, and even resale, has become the industry standard for marketing. There’s probably no way to know where your data is exploited the most, but Facebook, Google, and even Amazon have had to face some tough questions lately about how they are using personal data and all companies soon will face harder scrutiny as GDPR comes to the United States.
DJ: Can you give some examples?
Silver:Just last month, Netflix faced a firestorm over a cheeky tweet that seemed to indicate that even their social media director had access to viewing habits. While the tweet appears to have been in jest, for entertainment purposes, many people were vocally uncomfortable that their personal information was tracked.
More notably in the news, is that internet giants Facebook, Google, and Twitter have been asked by Congress to reach out to users who may have seen election-related propaganda on their sites. The missed point in these news articles is that those platforms very likely can tell what you have been reading.
DJ: How does Algebraix Data work?
Silver:Algebraix is building a mobile permission marketing platform that allows individuals to own and monetize their personal data. When a user opens the ALX application, they see advertisements based on personal information they have willingly shared while remaining anonymous. When they view those advertisements, they are paid in ALX cryptocurrency.
Consumers are incentivized to view ads because they are earning money, and marketers are gaining superior return on investment by reaching individuals who want to see their ads.
DJ: How does the cryptocurrency aspect work? What is the benefit to users?
Silver:The ALX token is a cryptocurrency for use on the Algebraix platform. By earning cryptocurrency for doing things they already do, like watching movie trailers, they are accumulating cryptocurrency without the learning curve that currently confuses many people who are curious about cryptocurrency. Customers already own all of this information, but with the Algebraix platform they are getting paid for allowing users to market to them, without sacrificing privacy.
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