Tuesday, July 23, 2024
HomeCryptocurrency coins News TodayVana launches Reddit Information DAO that enables customers management over private information

Vana launches Reddit Information DAO that enables customers management over private information

  • Wana has secured $200 million in funding led by Paradigm, an indication of investor confidence.
  • The newly launched Reddit Information DAO permits customers to manage information and supply rewards.
  • Customers vote on information utilization, difficult conventional fashions of knowledge possession.

San Francisco-based startup, Wana, has launched a groundbreaking initiative, the Reddit Information DAO, or r/DataDAO, empowering Reddit customers to take cost of their private information.

The launched decentralized autonomous group (DAO) has revolutionized information possession on the favored social media platform, providing rewards to customers for contributing to their Reddit information and making use of it.

Reddit Information DAO revolutionizes information possession

Wana’s Reddit Information DAO represents a paradigm shift within the dynamics of knowledge possession, providing customers a direct stake within the management and use of their private data.

By integrating their Reddit accounts and information into the DAO, customers not solely earn rewards but additionally take part in collective decision-making relating to the destiny of their information. This challenges conventional fashions the place platforms like Reddit make earnings from promoting consumer information to AI corporations with out consumer enter or compensation.

Reddit Information DAO gives a platform for customers to query the distribution of revenues generated from their information.

With the potential for Reddit to earn hundreds of thousands yearly by promoting consumer information, The DAO advocates redirecting these earnings to the customers who generate the info. Via collective voting, customers can decide whether or not to begin their very own platform, promote information on to AI companies, or negotiate compensation from Reddit.

Wana has secured a complete funding of $20 million

Coinciding with the Reddit Information DAO launch, Wana revealed it had secured $18 million in beforehand undisclosed funding, bringing its complete funding to $20 million.

Led by Paradigm, the funding spherical symbolizes traders’ confidence in Wana’s imaginative and prescient of empowering customers and revolutionizing information possession. Further assist from traders equivalent to Casey Caruso, Packie McCormick, and Polychain Capital underscores the arrogance in Wana’s mission.

Vana’s Reddit Information DAO not solely reshapes the panorama of knowledge possession but additionally exemplifies the potential of the decentralized mannequin to empower customers and problem established norms.

Because the platform features reputation and assist from each customers and traders, it indicators a shift in direction of a extra equitable and user-centric strategy to information administration on social media platforms like Reddit.

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