in the data business.
Questions from everyday people.
Can I make money just by registering?No, simply registering for the service without filling a profile will not result in you making or saving any money.
Does it cost anything to register?No, you register simply by providing a valid email. This email will be used only to send you updates on our crowdfunding efforts and notify you of development milestones and when the app will be available for download. Communications up until the point of our launch will be minimal. We do not spam and we respect your privacy and value of your attention and time.
Do you ever share, rent, or sell my email address?No, your email address is kept confidential and safe and is never shared with anyone. We do employ a cloud based email service provider to minimize our costs.The email service provider we selected is a trusted entity that also respects privacy, has secure operational practices, and maintains secure facilities. Side Note: You should be very wary of sharing your email with any company. Your email has economic value. When you share it with a company that makes no guarantee of confidentiality you are in effect giving them money and putting yourself at risk.
How will I make money?PowerMyData uses the data you supply to help inform all businesses about the marketplace, and also communicate with you effectively though the service. Businesses pay for the information, and also pay to contact you. You get 90% of this money and 10% is retained to pay for the service.
What do I need to do to make money?Minimally you need to fill out a simple startup profile. This will only take a few minutes. As you provide more data you will earn more money and get more offers. Once you provide data your non-identifiable data will start to be sold and you will receive payments. Once you fill out a profile you can make money and do not need to do anything else. However, you will also begin to receive messages in your PowerMyData inbox. This inbox manages offers to make sure the most relevant rise to the top. When you open and rate these messages you will get paid. Finally, if a business asks you to answer a specific question in a poll you also get paid. Providing a more complete profile will result in you receiving more questions and making more money.
How much money will I make?Each persons' economic value is different, so each person will earn a different amount. Our estimate is that the average American consumers in a mature digital economy (in 2016 we're at about 40% maturity) should earn approximately $1000 per year from the sale of their data and attention. This is based on the initial services offered. However, there are more services we envision for consumers as well, so the total earnings will grow in the future. Also, while you will make money, you will also save it. We estimate that each person could save as much as $1.250 a year from discounted offers and promotions on things they need and want.
How much do advertising funded companies make off me today?Below is a table of the average revenue per user (ARPU) of several leading internet service providers whose primary source of income is advertising. This provides a good idea of the income they earn. Using PowerMyData would enable consumers to realize their fair share of the value expressed here. Note: PowerMyData vision is as a platform for personal monetization. In the future there will be additional data services enabled beyond the advertising revenue indicated here. These numbers are provided just to make clear that the $1000/person estimate of value is not unrealistic in the least. Indeed, in the future if consumers rally behind PowerMyData planned suite of service offers the estimate of $1000/person may prove to be a very conservative number.
When will I start to make money?We are currently in the process of hardening our system and in parallel developing a P2P mobile APP. We very earliest we anticipate going to market would be the spring/summer of 2017. How soon we are able to go to market depends on how much money we raise and how broad the support is for our service. If your anxious for the service please donate what you can , tell your friends about our crowdfunding service and this web site, and for gosh sake download a bitcoin wallet 🙂
Do I have to buy something to make money?No. Your attention and data has value regardless whether or not you make a purchase. Simply selling your anonymous data will earn you money. Active members that provide more data will earn more money and receive more relevant discounts than passive members.
What is Bitcoin and why should I care?Bitcoin is a digital currency (not paper or metal.) While still relatively new, it is becoming increasingly popular globally because it provides greater anonymity, accountability, and efficiency than traditional forms of currency. You should care because by using bitcoin PowerMyData can transmit your earnings to you faster, more frequently, and at a lower cost. To learn a bit more about Bitcoin and where you can get more information, visit the bitcoin section of our website.
How frequently will I be paid?Our goal is to pay you immediately, but in reality paying you actually costs money and promotes undesired behavior. We need to find the right balance to maximize your return as well as protect the interests of advertisers. This means the frequency of payment might not be the same for everyone as we have to audit behavior to ensure the integrity of all transactions. (Note: were not desinging a system to make money on the "float") To provide more payment choice, we are pursuing different payment options including electronic checks, Paypal, direct deposit, and the use of the increasingly popular crypto-currency (Bitcoin.) Adoption of bitcoin will dramatically maximize your returns by virtually eliminating the payment processing and transmission fees we normally need to deduct from your earnings when we send you money. We highly suggest all our members adopt a crypto-currency like Bitcoin and we suggest you visit www.coinbase.com to learn more. (Full disclosure: We have no commercial interests in any Bitcoin wallet vendor and receive no payments for our references of any vendor mentioned on our site.)
How does PowerMydata keep my data private?PowerMydata automatically separates any identifiable information from the data you supply. All stored data and transmission of data is highly encrypted when within our facilities and on all mobile devices. Furthermore, new peer-to-peer and block chain technologies are used to record data transactions and encrypt data. Our P2P vision is that there should be no pooled central repository of information that puts large groups of people at risk. No single place where a persons identity and their data coexist. PowerMyData solution is comprehensive spanning employment policies, contractual licensing, security technology, data distribution, data storage, and operational methodologies. PowerMydata protects our member’s privacy from hackers, our business clients, our partners, and even our own employees. We expect that as our service continues to empower our members ownership rights it will become increasingly desirable for companies to deal directly with our members. This should broadly reduce demand for data from other sources because there will be much less financial incentive to take your data.
How will I save money?PowerMyData allows companies to send you highly targeted offers and discounts based on your wish list registry and on the data you supply. Your data enables all companies to send you offers and better compete to win your business. This efficiency in discovering you will reduce the operational expenses of vendors that should result in lower pricing for you. In addition, our road map includes development of Smart Contracts that promise to save our members even more on the purchase of expensive assets and services.
What do I need to do to save money?You will receive offers and promotional discounts based on the data you supply. The nature of the offers and discounts you receive is based upon said data. The more data you supply, the more relevant and targeted the offers you will receive. Your offers will arrive in your PowerMyData inbox. All you need to do to save money is use these discounts.
Do I have to use the PowerMyData inbox?Yes. PowerMyData has a smart inbox which automatically sorts all incoming messages to ensure that the most relevant ones are raised to the top of the inbox and will receive your attention. We also plan to provide notifications to your regular email and phone via text messages if you desire them, to inform you about your earning, potential savings, and your nonprofit contributions.
Will my email inbox get spammed if I am a member?No, PowerMyData does not use your email inbox. The only email you will receive is operational emails and potentially notifications you approve from PowerMyData. PowerMyData has a smart inbox that does not use your email address. Vendors can only send messages to this smart inbox and you will be paid to review any messages sent to your smart inbox.
How does PowerMyData save me time?PowerMyData business clients can be very efficient sending you hyper targeted offers. Fewer, more relevant offers reduce the time you need to spend searching. In addition, PowerMyData's smart inbox ensures that your private email is not cluttered with commercial messages. You should not have to parse commercial solicitations from your business and personal email. Our smart contract efforts will allow you to define the contractual terms of purchase, and automate shopping of expensive assets and services.
How does making money from my data increase my privacy?PowerMyData helps you realize the lion’s share of your data’s value. And if you are realizing the value of your data, it will be very hard for anyone else to do so. People and companies will not take your data if they cannot make money from it. And no one can compete with you because you are the source of your own information - only you decide with whom and where you place your attention.
Why is my data privacy a big deal?Your privacy is the key to unlocking the value of your data in the information economy. The internet data establishment consists of publicly traded companies. They are mandated to maximize revenue for their shareholders. They do this by charging as much for their products as the market will permit. In some cases they hide behind the term "free." In reality, they are profiting from the sale of your data and attention. If a publicly traded company knows your identity and has access to your data, they will use it to maximize their revenue (not yours.) Think of it as playing poker for money. Would you ever play poker where the other players could see your cards but you could not see theirs? No, because you would lose all the time. Data privacy ensures your anonymity. Anonymity results in companies not knowing who you are. Anonymity forces companies to price their products based only on their costs and their competition’s pricing, not on what they think you should or can afford to pay. Virtually all publicly traded companies exist for one reason only: to make money.
Don't I get a lot of free stuff by giving away my data today?Nothing is free. If it were free, then the people that produce "free stuff" would not make money. But their executives are billionaires and many of their employees multi millionaires. They are rich because the value of the data and attention you give them is worth a lot more than the cost to produce the services they provide you. So while it may seem free because you are not pulling money out of your wallet, using your debit card, or writing a check, you're being taken advantage of by the company you think is providing a free service. You are giving them the value of your consumer power in exchange for services that are really not that costly to build or operate.
Don't some vendors give me incentives today?Yes, companies do give incentives, but their incentives are marketing schemes that are misleading, controlling, and not transparent. Here is a quick peek at what is usually going on:
- Bait & Switch:They tell you its free but then require you to signup for trials. They make money from the vendors you have to trial and by selling your contact data as a "qualified" lead.
- Lotteries: This is a very popular incentive scheme. Offering a "chance" to win a large prize. The truth is very few people win, yet a lot of people give away valuable data. They tease you with a grandiose promise, with full knowledge they will only have to pay out a very small amount for a treasure trove of data they can resell.
- Cashback/ kickbacks: Virtually always, this is a company that is giving you a small piece of the commission they receive from a purchase you make. More recently some are giving back a small portion of the value of your data and attention. We're giving back 90% across all our services. Most do not tell you what percentage they return to you. Note: with credit card companies they just charge you too high an interest rate then return your money at the end of the month. Basically, you are giving them a free loan.
- Trojan horses: Increasingly there are products being promoted as "smart" home devices or "digital assistants." These hardware and software agents are really Trojan horses designed to collect your data. The data collected is marketed as providing a beneficial service. However, that is only half the story. The data taken gives valuable information to the vendor. This data would normally have to be purchased - but instead they get you to give it to them at virtually no cost. The data collected is then used to maximize their profits - not yours.
- "Free:" It is very, very rare anything is really free. When you see "free" you should immediately be wary. Remember that all your data is of value. Giving your email, clicking on a web page, or giving access to your location is giving away money. PowerMyData is designed to help you, and not someone else make money from your data.
If I provide a lot of data, won't I get spammed?No. PowerMyData has its own inbox that is separate from your personal and work email. Every message you receive in your PowerMyData Inbox has to be paid for by a vendor. There is also a minimal bid amount to send you a message. Because there is a real tangible cost to send a message, your PowerMyData inbox will not be abused like traditional email where there is little to no cost for a vendor to send a message. Companies will only send messages that they truly believe are of value to highly qualified members. Companies that send messages that are poorly targeted, or that do not provide enough value, will soon stop using the system because thy will not get a good return on their marketing investment.
What companies make money off my data and attention today?Some of the worlds most highly regarded brands collect, use, and profit from your data. These companies dominate the credit card industry, entertainment & media, wireless communications, operating systems, online services (search, social networking), and online retail. The collection and use of data is largely unregulated. Even the regulations that do exist are thwarted by the fact that the internet is a global network that spans jurisdictional domains. Global companies can leverage their multinational presence to take advantage of discrepancies in data policy and enforcement.
Why is PowerMyData Charging a 10% Fee?PowerMyData does not earn revenue unless you make money first. Our fee is designed to cover our projected operational expenses and support services innovation. Any future reduction in fees would likely take the form of a "data dividend." This payment would be based on an individual's service activity and the quality and volume of data supplied.
How can I stop the data establishment from collecting my data?Your time and attention are worth money, stop giving it away. Politely decline all requests to participate in free surveys and other requests for your time and information. Do not use applications or devices that ask for data not relevant to the purpose of the application. Never click on any advertisements that your not paid to engage. By constraining the amount of data you supply, and refusing to let other companies make money from advertising, you increase the value of the data and attention you provide through PowerMyData. If PowerMyData is the only channel you will respond to then all companies will have no choice but to start paying for your data and attention. In time companies will stop collecting your data and investing in other online channels and will just use PowerMyData. This will take time but not as much time as you may think. Your the customer, you have the power. You just need to use it.
Can I only make money through data sales and responding to ads?PowerMyData is focused on helping our members make money from their data and attention. With our growth, our services road map will expand to include other services. It is our goal to use peer-to-peer technologies to deliver new business models that maximize the end consumers' realization of value. If we can remake a business using technology and take out the middle men so that the end consumer realizes a lot more value for themselves, we will. Some businesses actually benefit from intermediaries; they provide real value, but many others do not. We're only going to focus on large opportunities where we believe the current model is very inefficient or the value exchange is grossly inequitable.
How can I make money with my home appliances?New home appliances are increasingly outfitted with sensors and internet connections. The data they will generate will be highly valued. Some examples follow:
• Television: What you watch on TV and when you watch it is highly valued by entertainment companies as well as advertisers. • Thermostat: The energy you consume and when you consume it is highly valued by companies that manufacture HVAC equipment, utilities, construction and real estate firms. • Refrigerator: What you have in your refrigerator is of interest to grocery stores, food companies, waste management companies, restaurants, and more. • Stove/Oven/Microwave: The frequency of food preparation is of interest to food companies, restaurants, utility companies, insurance companies, and more. • Alarm systems: How and when you alarm your home is of interest to law enforcement, real estate, insurance companies, and more. • Automobile: What you drive, when you drive, where you dive, how you drive is of interest to insurance companies, auto manufacturers, city planners, transit authorities, automobile repair and services shops, oil companies, environmental planners and more. In the near future the appliances and things you own will generate valued data. Data that companies wanting to improve their products, competitiveness, and service are willing to pay for. The question is who are they going to pay? Are they going to pay you? or are they going to pay someone else? Most of the vendors that sell you these products would rather you make them the beneficiary of this data. In fact today none give you an option to profit from your data. At PowerMyData we see a future focused on you. Our platform enables you to profit from this data. Some manufacturers will support our platform and others will not. You can then decide which kind of products you would rather own.