How Polypoly wants to reinvent the data economy - VentureBeat | The Marteq Alert |
To overcome these obstacles, a new German startup called Polypoly (in contrast to “monopoly”) has launched a multi-pronged scheme that aims to reset the relationship between data-hungry enterprises and consumers by creating a new set of economic and technological incentives. The plan mixes elements of distributed computing, a data exchange platform, and a nonprofit association to create a system that motivates enterprises and users to act as partners in managing privacy and data ownership.

Polypoly is trying to take a more comprehensive approach in order to attract users and enterprises. The goal is to make respecting privacy a cheaper and more economically effective option for companies, one that outweighs the economic drive to hoover up as much data as possible and lock it away from consumers. To do that, Polypoly has created three structures: a foundation, a data cooperative, and a for-profit company.

These three pillars are designed to offer a new data deal. Enterprises can harness the unused computing power on edge devices as a way to lower the capital costs involved in constantly expanding and maintaining data centers. On the other side, users would effectively rent their computing power while also keeping all of their personal data locally on their devices.