The following projects provide examples of how these elements may operate to form key pieces of a Web3 enabled internet that empowers sovereignty for users:

Filecoin — Monetization of data resources & incentive mechanisms

Filecoin is an example of one of the more basic Web3 concepts, which is leveraging blockchain and distributed technology to create peer-to-peer systems and services that openly rewards participants for supplying resources.

Filecoin miners get paid ‘Filecoins’ for fulfilling storage requests and hosting files on the Filecoin global market. That is, any internet user with spare data storage capacity on their devices can monetize their capacity. This creates a marketplace for storage that is cost effective and competitive as it utilizes resources that would have previously been underutilized or unused.

Such coordination in a fully peer-to-peer model is only possible through the use of cryptocurrencies and cryptographic proofs, ultimately creating more efficient markets and services for these web/cloud based services and products.

Basic Attention Token (BAT) — User empowerment and control of data interaction

Basic Attention Token and Brave browser are a new approach to digital advertising that is focused on serving sovereignty to the user with blockchain based features. Basic Attention Token has created a new token that can be exchanged between publishers, advertisers, and users, that is used to obtain a variety of advertising and attention-based services on the BAT platform.

Using the BAT platform within the Brave browser drastically changes the relationship a user has with the web. By default, Brave blocks all web ads as well as privacy invasive tools such as web trackers. All advertising is opt-in, with users paid in BAT for their attention consuming the advertisement content. This significantly changes the dynamic that advertisers and internet users have, as due to the reward incentive mechanisms, advertisers need to aim to encourage participation and interaction more so than just to farm vast quantities of personal data.

Ultimately BAT shows how Web3 users will likely have far more discretion over their data and how they choose to interact with their web environment.

Ocean Protocol — Sovereign and open data exchange

Ocean Protocol, is a protocol that defines standards for data exchange and trading, aimed specifically at AI data utilization. It is an expansion on the elements and ideas that are shared with Filecoin and BAT, with the goal being to tie services together to create a holistic data ecosystem for exchanging, accessing and utilizing data.

By allowing data to be freely available and exchanged in a marketplace, those willing to buy datasets can do so at more effective prices. This allows for real world increases in efficiency, which in the case of Ocean Protocol means younger, less funded AI companies will be able to acquire training datasets needed as well as largely used IOT data becoming cheaper to collect, use and manage.

Band Protocol provides solutions in all of these areas to provide sovereignty to user data and form building blocks for Web3 in the form of decentralized data governance. A framework for data tokenization, management and liquidity/issuance management for exchange liquidity through bonding curves are all available with extensive documentation and examples. Implementations will soon be live on mainnet in Q3, reach out to us if you have any questions and get started here!