Algebraix plans to change the advertising industry and give power back to the user
It is no secret user data gets exploited by social media and search-engine websites. User data exploitation is a problem. Large corporate entities, such as Google and Facebook, collect data from users and sell it to advertisers. Advertisers pay for private user data. Then, Google and Facebook get paid. Users never get paid when their private data is sold off to the highest bidder. Mostly always, the user is left in the dark. A blockchain project is working to bring power back to the end-user.
Algebraix is building a permission-based advertising platform, fueled by ALX token, which will allow users to seize their data back. ALX connects advertisers to individual users directly without the middle-man. Advertisers pay users for exposing their data in ALX tokens. Algebraix is saying it's time to end data exploitation.
Andy Shah, Chief Technology Officer at Algebraix, states advertisers will see more effectiveness in this process. If a user enjoys an ad and follows through with the call-to-action, advertisers get direct feedback from users.
"One of the issues with advertisers is it's hard to build trust between advertisers and the direct individual user. So we are bridging the gap. We are building the trust between individuals by having a direct communication channel back to the advertisers... You get real feedback from real users that are engaged in the advertisement. They will tell you, whether good or bad, if the advertisement works for them."
Andy Shah, Chief Technology Officer at Algebraix
Shah believes this will completely change how advertisements work. People hate ads. However, things are different if the content is personalized for the viewer. Not to mention users get paid to watch ads.
"97% of our users said the reason why they like our ads and want to be on our platform is that they're earning cryptocurrency. They're providing feedback immediately. Plus, our content is pretty engaging. I feel that is another important aspect the current advertisement industry is lacking. The great content. The ability to pay users for their time and data and then allowing their feedback to be heard immediately."
Algebraix released their beta app on mobile devices and plans to implement their platform on the web. Within two weeks of their launch, they received 11,000 beta sign-ups. Shah is anticipating widespread adoption soon once Algebraix begins adding more features and functionalities.
"One feature we will be adding is the ability share with your friends and family to earn tokens. For example, if you like certain ads and want to share with your friends and family, you get tokens. Plus, the person who is downloading the app or sharing the ad is getting tokens. Creating virality within the ecosystem is the way we think it is going to be widely adopted."
For more info, visit algebraix.io.
Executive editor： JohnMinWu