Technology

Birth of the data economy

2 Mins read

Birth of the data economy

Token economy – I am a child of the Margaret Thatcher era. I believe in free, open markets, small state & the power & sovereignty of the individual in a fair democracy. So how does data become the most valuable asset class in fair markets?

I believe we are still at the beginning of the digital or technology revolution. This is the 3rd era after agriculture & industrial. When I started uni in 1982 everything was paper, there were few computers & the interface was punched cards or paper printouts. I think we are building a digital economy to sit ontop of what we have already, just as the industrial revolution automated farm workers & created factories. This time ML/AI automates office workers & creates digital jobs working with data. Everything becomes data driven. Data becomes liquid like a currency. This is just starting to happen but is centralised, hidden & the rewards fall to those who govern huge data lakes. Just like huge factories.  It took the power of unions to democratise the wealth of industrialisation to the individual workers in the 1870s to 1980s period.

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Unions were formed in the 1870s

Since 1995 (web 1.0) to 2022 wealth has been concentrating in the few hands of those benefiting from this 3rd wave. We need digital democracy with SSI & blockchain to fairly democratise this new economy.

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New Digitally Native Data

The idea is that is a collaborative economy. So the thing that is different is that the data is only really valuable if considered with others’ data. Combing data from various owners helps solve problems. This is not the digital dust of what web sites you visited but rather is a new data class, as we instrument the world around us, to better understand the world.

As data becomes a differentiating asset and no one has enough of the (IoT) data on their own to solve all the problems e.g. autonomous driving. So: (1) Data must be shared, (2) In order to maintain control of your data, you may only share analytics and learnings which is monetised in micro/nano payments in real time and (3) Business logic becomes reusable and composable components. This too is monetised. The ML autonomous agents that create this ML are governed (and owned) by the community (so it is audited code, though as this is ML the audit itself is automated.) Hence the new generation of digital jobs to manage all of this and build composable solutions in new App. Stores and the next generation of “middleware” in AI/ML digital factories.

The platform is governed and owned by the community with a shared economic/incentive model. It is this shared economic model that is also new. This same economic model includes incentives for liquidity providers in AMM/liquidity pools to drive liquidity in the token granting access to the data sets (via NFT) and the token used in this shared economic model. Perhaps only learnings/analytics is sold so that data owners maintain control (& monetisation) of their data sets as a differentiating asset.

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The Data Economy

This shared economic model extends up to the app store as a new generation of AI apps. is born. Coopetition exists throughout so competition exists at app “vs.” app or app store “vs.” app store or even DEX “vs.” DEX (buy/sell data) but not at the identity, provenance and payments layer which is shared or at the economic model which is shared. This is at the level of the GDP of the token for the economy. This potentially is at the level of internet.

 

Source: The Token Economy

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