When you sign up with TARTLE, you not only get to take control and ownership of your digital data, you have the opportunity to be financially rewarded for sharing it with others. You get the ability to be paid in different ways, including cryptocurrency like Bitcoin. Bitcoin and other currencies are managed with the aid of a digital wallet.
Digital wallet – it’s a term that gets thrown around a lot today. You can’t really swing a digital stick without hitting a random mention of it but you would have a much harder time finding an actual explanation of what it is. Because we at TARTLE don’t want anyone to sign on without knowing what they are signing up for we are going to fix that problem right now.
First, the use of the word ‘wallet’ is a little misleading. Your wallet in your purse or back pocket stores physical, tangible cash. A digital wallet is something different. Rather than storing anything tangible, a digital wallet is more like a ledger, it records transactions. Goods and services exchanged at their agreed upon value are recorded in the wallet. If you sell a certain amount of data to a buyer, what is sold, how much and how much compensation was paid, is all recorded in the digital wallet but no physical assets are actually exchanged or stored anywhere.
If you think about it, paper money is a primitive version of this. The paper money is just a physical representation of an agreed upon value. It acts as a means of exchange so that people can buy and sell things without having to keep in mind how many eggs they should exchange for a new shirt. First there were gold or silver coins that filled that need, moving economies away from a barter system. For a variety of reasons such as limited amounts of precious metals, and the difficulty of transporting large sums of it, the shift was made to paper money. Digital wallets and currencies are simply the next logical step in that evolution.
What about security? After all, there have been a massive number of data breaches in recent years with major companies having their systems compromised and their customer’s data stolen. How can a TARTLE keep its customers’ data and digital wallets secure? The answer to this is something called blockchain.
Blockchain is a piece of digital technology developed back in 2009 and is used to keep digital money and information secure. How is this possible? In a way, the answer is counter-intuitive. Your transactions are kept secure by the information being widespread. Now, don’t take that the wrong way, it is still encrypted and can’t be seen by just anyone. However, when a transaction is made within the blockchain network that transaction is sent to all the other parts of the network. If anyone tries to make a false transaction or falsify an existing one, the rest of the network has a record of it to say that it is in fact a phony. It’s like having fifty people able to verify you’re at a party when there is just one person you were across town littering at the same time. Between the high-end encryption and the natural backup of the blockchain, your digital wallet is virtually hacker proof.
What if it just disappears though? After all, the digital world isn’t tangible. If the right server shuts down or the business I sold my data to disappears, do I lose the contents of my digital wallet? Even physical banks run the risk of getting shut down or robbed and all the assets within simply, disappearing. Blockchain is once again the secret here. Since records of the transactions are stored in all the different nodes of the blockchain, it would take more than just one or two servers going down to make your information disappear. For all intents and purposes, it would require shutting down the entire internet, something that would be nearly impossible.
With all of this security and redundancy built into the system, TARTLE can do more than just help you regain control over your digital identity, it can give you the freedom to be your own bank, trading in universal digital currencies that are as effective in the United States as they are in Taiwan as they are in Germany and Brazil. Being part of a global network that can’t be shut down and trading in currencies that aren’t directly tied to any one government gives you a level of freedom and autonomy that is unprecedented.
What’s your data worth?