Truth Cloud

Frequently asked questions

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Truth Data Cloud is a blockchain-secured personal data marketplace.

Truth Data Cloud is a blockchain-based platform that gives you back control over your data. It allows you to choose what personal information you share and with who and rewards you in return. If you welcome targeted advertising then Truth Data Cloud is for you.

Truth Data Cloud can be accessed via app or website, where you can link your social media profiles and other data into your very own secure data wallet. You stay in complete control, neither us nor advertisers will have access to your information without your consent. The more your data is requested and accessed by advertisers and third parties, the more you get rewarded and you can revoke access at any time.

During the beta launch of the platform, scheduled for Q4 of 2018, early adopters will be rewarded from a reserve pool of TRU tokens. A percent of the total pool will be distributed at the end of each month to reward users in proportion to the level of data and activity they have taken on the platform. Rewards can be earned for:

  • joining the platform and filling out a basic profile
  • sharing your data with advertisers
  • adding additional data as requested
  • Updating your data periodically

We estimate that your basic data is worth about $1000 - 1500 USD per year and we have designed the Truth Data Cloud to start returning that value to you via the TRU utility token. At the moment you receive nothing for your data. Your data is scraped, combined with other data sets and aggregated before being sold onto advertisers for big money. Such data is often based on assumptions and can be wildly inaccurate. Inputting your basic data and connecting your existing social networks will enable you to earn a passive income in TRU tokens. If you enrich your account periodically with fresh data, let specific brands know that you are interested in them or start to add in ‘intention’ data your TRU rewards will increase. Perhaps you want to book a summer holiday, plan a wedding or buy a new car? - if you let the Truth Data Cloud know, the value of your data will go up and the ads you receive whilst browsing online will become more relevant ads.

Truth Data Cloud runs on the TRU utility token. The token is an ERC20 token, meaning that it runs on the Hyperledger blockchain. The TRU token is the sole means of exchange in Truth Data Cloud for the buying and selling of data.

Without TRU we would not be able to facilitate a distributed and decentralised marketplace for your data - blockchain is the invention of hyper-secure (cryptographic) transactions that are tamper-proof, something that regular ‘fiat’ currencies are not, TRU is a blockchain token therefore, we need TRU tokens in combination with the blockchain for the Truth Data Cloud to function.

You will need to input some basic data in order to open a profile on the Truth Data Cloud and start receiving rewards. This will include Name, Gender, Age and some other basics. Further rewards will be available for connecting your social profiles, providing your brand preferences, lifestyle preferences, intentional data (what you are looking for in the future) or providing bespoke data to advertisers on request. The more detail you provide the more likely it is that your data is requested and accessed by advertisers and third parties, this will mean more TRU rewards for you.

Active contributors will have the opportunity to contribute data on a periodic basis as the platform scales but you may wish to earn a passive income by simply connecting your existing social profiles. You can choose how much or how little you contribute and you can revoke permission at any time. Advertisers will then offer you TRU in return for data on your current purchasing and lifestyle preferences so your value will be enhanced by the more data you upload and the ‘freshness’ of your data.

At the moment the advertising supply chain has a net worth of over $500b per year but it completely excludes you, the most valuable part of the supply chain. It is your attention that advertisers want and yet you are treated to a deluge of unwanted and irritating 'targeted' ads based on inaccurate assumptions about your preferences. It is time to give you, the consumer, the value you deserve. Accurate data in return for immediate rewards, direct from the brands you want.

Truth Data Cloud has a timeline for product development that can be viewed on p29 of the whitepaper. The Beta platform is scheduled to go live at the close of the token sale and the full consumer platform launch is slated for release in Q3 2019

Datum, Killi, Bitclave, Data Wallet, Opiria, Varanida, Valid Global and  Wibson.

Blockchain in the advertising industry is not new - Truth Data Cloud has forerunners who over the past year have tried to create peer-to-peer rewards systems for advertisers. However, none have gone about it in quite the same way and none have a team to match. We are seasoned professionals in the advertising and marketing industry. The core team have extensive experience handling advertising campaigns of sizeable budget (Speedo/Nike/GoCompare) and of building companies from the ground up. Our CEO Mary Keane-Dawson is a thought leader in the space and a regular contributor to top tier advertising titles like CityAM and DRUM. No one knows the space like we do.

Secondly, we are addressing the problem differently from our competitors. Our aim is to work with the existing $270m industry to bring our clients the solutions they need in this climate of GDPR compliance. Data scandals seem to be a daily occurrence and the fall out from Cambridge Analytica episode are indicative of the endemic problem with data harvesting that ultimately fuels the ecosystem. We are therefore opting to work with the existing industry to address its pain points rather than by promoting ad blockers as some of our competitors do.

Thirdly, Truth Data Cloud differs from competing projects as it is not only a marketplace for data exchange between consumers and companies but also a protocol where developers can create and deploy dApps.

Earlier this year we ran the first ever fully transparent ad campaign on the blockchain and the findings were astonishing. The digital advertising supply chain is much more wasteful than we anticipated. We were able to track and audit where the money was spent in a typical campaign and discovered that only 7% of the advertising spend made it to the publishers, much lower than the suggested average of 40%, the rest was taken by a range of ‘middlemen’. Truth Data Cloud is designed to combat this, we wanted to create a system that advertisers can plug directly into to cut out the myriad of ‘counterparts’ that sit between advertiser and publisher. The Truth Data Cloud gives direct access to permissioned (GDPR Compliant), accurate and fresh data directly from consumers.

Truth Data Cloud’s value proposition is that it

  • Provides a secure marketplace for consumers to trade their buying intention data.
  • Place the consumer in a position of control.
  • Anonymise that data based on their consent.
  • Deliver brand messaging matching their preferences.
  • Reward consumers directly for sharing their permissioned data.

TRU Token value proposition is that
The ecosystem generates demand for TRU tokens, the central reward system for all transactions between consumers, advertisers, applications and third parties who use the Truth Data Cloud. The supply of TRU is fixed so the value of the token may adjust with user demand.

Blockchain technology and the transactions it permits are uniquely borderless meaning that the Truth Data Cloud can provide rewards to people all over the world in return for their bespoke data. This gives it great potential to scale.

We are fully GDPR compliant meaning that only you will be able to provide access to third parties to view the data you provide and you can revoke or adjust these permissions at any time. Where you choose to share your data all of it will be anonymised to protect your identity and you will be able to select on a granular level who can access it (only your IP address will  be known). Truth Data Cloud will not be have access to data within your wallet which will remain cryptographically secured from us.

In return for its service, Truth Data Cloud leverages a small transaction fee on all data exchanges that take place through the Truth Data Cloud platform.

Mary Keane-Dawson- CEO and founder

Adam Graham- CEO of RYVL

Oliver Southgate- CTO and founding partner

Josiah Amartey-Director of Digital Media

Dan Brown- Global Head of Business Development

Freya Stevens- Marketing Director

We have developed an Alpha where tokens function as a utility in the platform, we are now building out our UX in preparation for the Beta launch slated for release in Q4 this year.

You will maintain control of your data wallet at all times and can choose to make your data available to advertisers or revoke access to it at any time. Only established and trusted advertising companies and brands will be able to request to view that data and you will be able to choose at a granular level whether to grant permission.

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