CHNOPS
@chnops
Those who hold data rule the world, but is it possible to democratise data? Can we restore the power, empowering masses? I deep dived into the concept of Data DAOs. They're changing how we collaborate, make decisions and own things. But can they revolutionise data economy?
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CHNOPS
@chnops
The biggest problem with data today is that ownership and control are often centralised in the hands of a few large corporations. This creates issues of privacy, security, and fairness, and limits innovation and competition.
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CHNOPS
@chnops
Web3 gives users control of their data, opening doors to monetisation and insights.
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CHNOPS
@chnops
Protocols like oceanprotocol and itheum allow users to sell data, but selling small data sets isn't very valuable. Pooling data increases its worth, but trusting and coordinating with others can be tough.
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CHNOPS
@chnops
Data DAOs could solve these problems by operating as decentralised entities that allow individuals and organisations to collectively own, control, and manage data assets with high transparency and lighting speed of governance and execution.
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CHNOPS
@chnops
They use a decentralised blockchain-based system, where governance rules are inscribed in software codes that are transparent, verifiable, and enforceable.
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CHNOPS
@chnops
Data DAOs harness better governance & automation to create high-quality data pools for AI solutions that benefit society. They can negotiate prices for data sets & reward their communities fairly & transparently.
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CHNOPS
@chnops
Data DAOs are a perfect fit for digital natives, but they're still growing. A lot of research is going on and there are regulatory challenges as well.
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