Location data has become essential to marketers, customer service providers, and other entities from the corporate and government spaces, but the market is a bit difficult to control and is facing several major problems today. Fysical, a Singapore-based company, wants to leverage blockchain technology to achieve more transparency in this industry. The startup is currently the first decentralized location data system, and it plans to expand its network by providing a multi-layered infrastructure that will be fueled by FYS tokens.
Understanding the Industry and its Challenges
Location data refers to data that relates to human movement in space. In other words, it focuses on data that relates to where a person or a group of people are at the current moment, where they have been in the past, and where they might be in the future. The future movements are generally anticipated with sophisticated prediction tools especially based on artificial intelligence (AI).
There is no way you haven’t been asked at least once by an online service or site whether you want to share your location. If you agreed to display your location, that data would be available to third parties to better understand consumer behavior or research various aspects and trends. The check-ins on Facebook or other social media sites also produce location data.
Other sources to generate location data are web surveys, Wi-Fi access (IP address is checked), credit card data, location-stamped pictures, mobile app location services, satellite imagery, and more.
Companies and governments use location data for various purposes, ranging from targeted advertising and consumer behavior predictions to augmented reality and driverless cars.
The local data market has grown at a fast pace, and the participants, most of which are centralized services, couldn’t manage to address all the issues and imbalances that showed up amid the unstoppable expansion. Thus, there are a few significant challenges in the industry, such as:
- Low transparency on data origin, which can lead to multiple data purchases and low-quality data analysis.
- Data buyers cannot be sure that the location data was generated with the consent of the consumer and in line with the privacy principles.
- It’s difficult to assess the quality of datasets, a process that requires data buyers much effort and time.
- Given that this is an emerging market, prices are fluctuating without control and sometimes are exaggerated. Data exchanges charge high fees and have become a burden for both data buyers and suppliers.
FysicalOffers a Real-Word Solution for Location Data Market
Fysical, a project backed by Fysical Technologies, is building a location data ecosystem that revolves around a decentralized marketplace with no intermediaries. The team wants to standardize the industry by encouraging a unique location data format and set of practices. Besides, Fysical aims to address all the problems that stagnate the market growth. The blockchain technology will make it sure that there is high transparency in the ecosystem, data is exchanged in line with privacy compliance procedures, it reaches a high degree of reliability, and the costs within the marketplace are acceptable for all parties involved.
At the core, Fysical is a marketplace that connects data suppliers with data buyers. Both parties will operate with FYS tokens, which are based on the ERC-20 standard as the system is built on Ethereum blockchain. The distributed ledger technology used by Fysicalwill allow atomic transactions, which guarantee that transactions between the parties occurred with high accuracy.
The use of tokens will streamline the exchange processes and will encourage potential suppliers to share their local data. The tokens will have three primary functions: decryption of datasets, payments, and rewards or incentives for data suppliers.
The Fysical team has worked on the project for over three years, and currently, the system has over 1,000 suppliers who provide more than 15 billion data points each month from about 10 million smartphones and devices around the world.
Fysical has partnered with several companies to expand its services and create better conditions in the location data market. Some of the partners are Bluzelle, Streamr, Storm, SwipeCrypto, and Airbloc.
FYS Token Sale
Fysical plans a token sale event to raise funds for the infrastructure and release its tokens to the general public. The company aims to raise 21,000 ETH, which currently is the equivalent of $18 million. The total token supply is 1 billion FYS tokens, suggesting that the average price per FYS is $0.045.
When the token sale event launches, investors will be able to buy FYS tokens with Ethereum and Bitcoin. It’s worth mentioning that US and China residents are not allowed to invest because of their local regulations.
Currently, the pre-sale event is live until June 30, 2018, with the public sale event starting on July 16, 2018, and ending on July 21, 2018. If you choose to take part in the pre-sale, you can benefit from a 10% bonus.
Here is the token distribution:
You can find out more info about the token sale event here.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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