The data-driven economy excludes the biggest contributor, i.e. users, from the equation. This unethical practice is unsustainable and get's data buyers in trouble for data laundering. We need to rebalance the equation and give back the power to the users.
What it does
Each-Dyme allows users to monetize their money management data through a budgeting dApp. It allows users to control how much information is shared on the data marketplace and split revenues (70%) from data sales. The users are paid in through our Dym Token
How we built it
We built the interface of the app on Mtax React. We aimed to build the Data union on Streamr Network.
Challenges we ran into
- Identifying which chain to build on that is economical and works with the Streamr network.
- Understanding the young super consumers and their spending patterns.
- Some of our team members couldn't connect to the network for multiple hours and had issues downloading the required software to build.
Accomplishments that we're proud of
- We are proud of the front-end dashboard we have built, this will allow everyone to visualize what the end product will look like.
- Identifying Binance Smart Chain and creating a token on it to allow staking for Each-Dyme users.
- Discovering that this not only levels the playing field for users but also helps organizations that resort to data laundering (due to a lack of legitimate data sources) with ethically sourced accurate data.
What we learned
- We learnt that this system can be applied across other verticals. Especially in verticals like healthcare and transportation. Systems like google maps, Uber, fitness apps & health apps devour massive amounts of personal information daily. This not only puts users at a financial disadvantage, but it also puts them at risk of privacy violation. But this system alone wouldn't suffice to support Each-Dyme's growth because this system can be easily replicated. While we want other companies to learn and replicate our system to create an equitable data market, we want to maintain our edge and continue serving customers. This persuades us to look forward and question- what next?
What's next for Each-Dyme
During this Hackathon, we weren't able to focus a lot on building the backend. Hence our immediate goals for Each-Dyme would be to:
- Build the Data Union DAO and connect it to the Each-Dyme Dapp.
- Distill the details of our staking program,
- Build the front end that lets users select how much information they want to share with data marketplaces.
Our Long term goal is to:
- Provide virtual access to financial advisors who can help young users navigate their expenses, maintain financial hygiene and navigate big monetary decisions.
- Most budgetary apps on the market, do very little to actually support individuals. Building a strong notification system and a "Tips & Tricks" Section to help users is on the list.
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