Estimated reading time: 3 minutes, 37 seconds
In this episode of ICO or No, Jeremy covers Wolk. Wolk aims to be a blockchain-based, advertising data exchange. It is powered by the WOLK token which Jeremy reviews, and it is built on the Ethereum Network. You might find Wolk interesting if you are tired of having big data profit off of your identity and are into decentralized data and being in control of yours!
What is the Wolk project & what problem does it hope to solve?
In order to achieve this, Wolk is introducing their own protocol, which supports decentralized data exchange among data buyers ad data sellers on the blockchain. The way current advertisers work with the Internet, is that they have identified certain “makers” such as your phone, email, or another form of identification. They tie those to certain preferences in order to bring you targeted advertising.
Currently, Google and Facebook provide very limited access to these consumer data ‘markers,’ leading advertisers to constantly request the same information over and over again. This leads to a very ineffective and expensive advertising system.
Plus, once these websites obtain your data, they won’t let it go without a fight. It’s an one-sided deal, and I don’t like one-sided deals. Unless of course I’m on the good side.
The Wolk Protocol outlines several ways the ecosystem will work. Basically there is three roles:
- Data buyers – spend WOLK in exchange for data
- Data sellers – sells data to buyers
- Data scientist – analyzes data & is rewarded for doing so
Without getting too technical, the Wolk Protocol is planning on using decentralized storage methods based on Swarm. They would streamline processes, reduce costs, and give control back to the consumer.
What are the market conditions facing the project?
There are currently other advertising solutions on the blockchain, like Brave Browser. There are currently other data storage solutions too, like Swarm and Filecoin. However, there really is room for Wolk in the market because they are a hybrid in a sense, straddling both decentralized data storage and decentralized data advertising.
Because of the uniqueness of the protocol, Wolk has seemed to carve out a niche from two markets. Instead of having one project handle storage and one handle advertising, Wolk acts as a one-stop-shop.
While carving out your own niche is important, it’s also important to be aware of the size and scope of your project. What are your goals, and are they realistic? No project wants to bite off more than they can chew, to ultimately not achieve any of their goals.
Who is behind the Wolk project?
The project currently has a team of twelve people, from all across the globe. It’s also really refreshing that they haven’t relied on really traditional advertising methods. For example, their promo video is just them sitting down and talking about the project, and you can tell the passion from the team.
While the project lacks a “heavy hitting” adviser, they make up for it with a multi-national team with many specialties. The team is lead by Sourabh Niyogi, who’s CEO and lead designer of the protocol.
What are the details of the Wolk ICO?
The Wolk ICO will start on August 28th, 2017, and run until September 28th, or until 500 million Wolk Tokens are sold. The crowdsale only accepts ether, and one Wolk Token will initially be priced at one one thousandth of an ether.
The Wolk Protocol specifies that up to ten percent of each transaction will be burned; gone forever. This is done to maintain scarcity. Fighting inflation over long-term and providing a good long-term price for the Wolk Token.
ICO or NO covers some of the hottest tokens sales from the coolest projects! Jeremy, though his patented Four Question System*, dissects each project to help you better understand the token sale! Check out more of our ICO or NO episodes here, and subscribe to our YouTube channel for future ones!
*Patent Maybe Pending