Advertising sucks! Well, the current practice is parasitic. Here’s what I mean:
Ads networks collect information of users, create ads based on the collected data, and users are left to hang. Interestingly, users are getting wiser. Little wonder ad blocker apps are getting downloaded more often than ever. Users should never be exploited. Modern-day advertising has to go from ‘winner takes all’ ideology to a win-win situation.
What Is Parami?
Since the potential of blockchain became common knowledge, more projects have keyed into the promise of the digital ledger. Parami is one of the start-ups leveraging blockchain technology for the good of the advertising industry.
The Parami Protocol, a Substrate-based project, has its sights set on creating an advertising economy where all parties are adequately compensated. It’s expected to make advertising more suited for Web 3.0 without leaving users with nothing.
How Parami Creates A Balance
The current advertising practice is archaic. Users are only meal tickets in an economy they’re supposed to be kings. Parami was born out of the need to fix this anomaly. Parami rights these wrongs through its tokenized advertising economy that puts users in charge of all their data.
The parachain will have a DID layer which is expected to be multifunctional. Here, user’s data will be given an identity based on the social media profile of the user and his/her blockchain identity.
Many might wonder if the aggregator of user data – the DID layer – doesn’t end up becoming an unpleasant middleman. Fortunately, that’s where the beauty of the digital ledger becomes palpable.
Parami’s DID operates in a decentralized manner. No specific entity has control over the activities of the DID. This eliminates the possibility of exploitation. The DID also resolves the issue of incentivizing users for their data. Parami uses a unique verification process that taps into the social media profile of users. This prevents duplication of token incentivizing.
There are other chains built on Substrate before Parami came on board. Remember the Polkadot chain is expected to run as an ecosystem with all these parachains bringing things to the table.
Despite the organization of the Polkadot chain, an advertising parachain has been missing for a long time. Parami is expected to fill this void.
The Parami Protocol isn’t just about its DID layer. There’s the Ad privacy layer as well. Here, users get to decide how they want their data used. A user can opt to keep their data private, so no one gets to access it. Or they can monetize that data based on their terms.
On Parami, users call the shots, not the data collectors or ad networks. With users getting smarter with their data, it’s becoming tough for ad networks and businesses to leverage such data for the greater good of the world economy.
Parami restores the balance through tokenization. The parachain has an application layer where user activities are incentivized for their data.
On Parami, events like smartdrops, yield farming, and many more are put in place for users. Through these tokenized events, users are made to share their data. However, such data is not sold to anyone without the consent of the user. Once ready, the Parami Protocol can upset the advertising establishment, putting the user at the top of the food chain, not the bottom.
Social media platforms, apps, and other users are exploited greatly. Parami’s tokenized advertising concept will be a major first. If the Protocol plans are realized, users will go from being ripped off to being pampered. Hopefully, Parami doesn’t get overwhelmed by expectations.
Keep in touch with Parami Protocol by following their websites below: