Large-scale data breaches and data abuse by cybercriminals have become a daily reality. Data is used to drive huge profits in big tech and beyond. In 2018, a breach in Marriott hotels resulted in the theft of 500 million records, and just earlier this year Facebook took a huge hiatus where details of 533 million users were gathered.
Cirus opens up new financial opportunities for individuals by monetizing data using the power of Web 3.0. With more than 4000 Cirus devices currently deployed in real homes, the Cirus team aims to propel a new ownership economy. By leveraging the contribution of two seasoned experts, former Apple CEO Gil Amelio and Seagate technology founder Finis Conner, Cirus is leveraging tech titans to deliver a platform that turns data into cryptocurrency. .
Offering both a platform and a device, Cirus builds an ecosystem that will take full ownership of the data.
What is the economics of property?
A concept of property economy is a system in which all individuals have a financial interest or value of participation in an ecosystem. It’s been on the rise for some time now. Companies regularly offer stock options to employees, and even some companies like the John Lewis Department Store in the UK are wholly owned by its employees.
However, centralized platforms such as social media sites that people use on a daily basis still maintain a level of ownership when it comes to how one deals with and interacts with their platforms. The decentralization that emerged with Web 3.0 changed all that. Users now have more freedom and choice when it comes to sharing information and what that information is used for.
Brand data management versus individual data management
“Big Data is broken. Users are not paid for an asset they create. Data is now the world’s largest digital asset, and Cirus puts control back in the hands of the user. By turning data into cryptocurrency, Cirus unlocks data as an asset for the user, opening the doors to Web 3.0 and unlocking its long-term potential as a new bankable asset, ”says the Cirus team. .
Today, brands are encouraged to manage their data and design appropriate responses to data breaches in the workplace. But what about the individual? The Cirus Foundation plans to create a property-driven economy, giving individuals control over their data and use, allowing anyone with a Cirus device in their home to transact with cryptocurrencies and decentralized assets. .
On the other hand, people are more aware that their data is available and that the devices they use automatically extract their data. This awareness brings new potential revenue streams, and Cirus provides a way for all users to mine their own data for economic rewards in the form of cryptocurrencies.
Why is it important to own your data?
There is no end to the incidents of data capture, usage and fraud that seem to happen too often these days. From privacy concerns that surfaced with the Cambridge Analytica scandal to a cyberattack on the Central Bank of New Zealand earlier this year, data has become a burning property. Cirus turns the negative connotations associated with data breaches into a positive opportunity to use data as an entry point into the new digital economy.
With crypto connections, the Cirus device can be connected to a system that will automatically give access to new income potential. Via home devices authorized to collect user data, Cirus Appliance allows its users to control and choose what data they want to use and how they want to use it.
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