Masa Finance will start a new way for people to share and trade information in early 2024. They see themselves as a decentralized Google for the age of artificial intelligence.
Masa is helping AvaCloud create a new type of blockchain network called Avalanche. They’re making it so it doesn’t need gas to run. The special blockchain will be created to process a lot of private information quickly and inexpensively.
In May 2022, Masa received 3 dollars. 5 million dollars to create its decentralized credit data protocol.
The subnet is like a larger version of Masa’s current data system. The project aims to help people better protect their personal information and get paid for it. “We began using credit data in early 2022, and then in August 2022, we started using the technology for all user data. ” “A Masa representative said that this data analytics subnet is like a bigger expansion. ”
“We checked out a variety of options in the market for setting up the infrastructure to create a unique Masa blockchain,” explained Brendan Playford, one of the co-founders of Masa. Masa can make a chain that doesn’t need gas and can handle many transactions using AvaCloud on Avalanche. This chain can keep a lot of secret information and can be used for many things without costing a lot of money.
Masa is getting support from the Avalanche Foundation and investment from Avalanche’s Blizzard Fund to make the platform better. The exact amount of money invested was not disclosed. NodeKit just got $1 more raised. 2 million dollars is given to create a network for rollups using Avalanche.
How Masa works
Masa’s system uses a special token called a zero-knowledge soulbound token (zkSBT). Simple: Masa’s system uses a special token called zkSBT. This token is like a safe digital storage for personal data. It helps people keep their personal information safe and in their control. It protects your online activity and friends list by encrypting them, so others can’t see what you do on the internet, like in online communities or decentralized apps.
The team says that more than 890,000 users have allowed over 8 million data events on Masa in the past year. With the new zk-data marketplace, you can view your information in your zkSBT locker and share it in the marketplace to make money by betting on it. For instance, people can allow banks to verify their age using their Masa zkSBT without showing their birth date.
Calanthia Mei, who helped start Masa, said, “This design will really help our zk-data network and marketplace. ” “Large banks, new AI companies, and popular technology apps can use secure and expandable user data without paying fees by joining a specific Avalanche network. ” Please simplify this text.
Masa thinks that big tech companies are taking people’s personal information without asking and not giving them any money for it. This gets even worse because AI technology needs more of your personal data to work well.