You have likely encountered the term “DataCreds” while exploring your new dashboard. DataCreds are unique to FairShare, and are at the core of FairShare’s data marketplace. This article serves as a primer on DataCreds: what they are, how they function in the FairShare platform and the role they play in FairShare’s mission to make data sharing more equitable.
DataCreds: The Currency of FairShare
Your data is inherently valuable and FairShare believes that you should be fairly compensated for the data that you choose to share. DataCreds represent a unit of value that is ascribed to a user’s data. This allows for users like you to earn based on the amount and type of data they share and for businesses to pay only for the access they need. In short, DataCreds are the virtual currency of the FairShare data marketplace and facilitate the exchange of data between businesses and users.
DataCreds Exchange Rate
The value of DataCreds is directly tied to the US Dollar. Dollars can be converted to DataCreds (see: DataCreds for Businesses), and DataCreds can be cashed out for dollars. This means that on the FairShare marketplace, your data has a real, tangible value and you can be directly and fairly compensated for your data.
While FairShare is in beta, the valuation of 1 DataCred is $0.001USD ($1USD = 1000 DataCreds). This rate is subject to change and will be adjusted based on feedback from FairShare beta users.
How DataCreds Work
As a user in the FairShare marketplace, you earn DataCreds when you choose to share your data with businesses. Your DataCreds balance is displayed in the top right of your FairShare dashboard.
Where do my DataCreds come from?
Businesses in the FairShare marketplace spend DataCreds to store and access user data. A portion of those DataCreds are used to compensate you for your data. Currently, the DataCreds are split 70/30 between you and FairShare.
For example, if one business spends 15 DataCreds daily to store and access your data, you will receive 70%, or 10.5 DataCreds daily. This amount will increase depending on your data sharing permissions (see How Can I Earn More DataCreds?).
How do I cash out my DataCreds?
DataCreds can be cashed out by clicking the “Get Paid” button in the top right menu of your FairShare dashboard. FairShare has partnered with Stripe to power secure DataCreds payouts. On your first visit to the Get Paid page, you will be prompted to create a Stripe account linked to the bank account to which you wish to receive your DataCreds payout.
How can I earn more DataCreds?
Sharing more data will earn you more DataCreds (and thus, more money!).
One way you can increase the amount of data you share is by updating your social login permissions to allow activity sharing on more platforms. To do this, click Manage Data Sharing in the top left menu of your FairShare dashboard, then head to Social Permissions in the left hand navigation bar. On this page you can enable activity sharing, update your settings on each social platform or remove all access.
The second way to increase the amount of data you share is by granting access to more businesses. You can do this by navigating to Grant Access in the top left menu in your dashboard. On this page, you'll see a list of businesses you can share your data with. Click on a business' name to manage your sharing settings.
Remember, you can remove access to and/or delete your data at any time. FairShare gives you control of your data, so businesses can only access it with your explicit consent.
Further reading on managing your data sharing permissions:
- Review and update social login permissions
- Delete your information and account
- View your activity list
- Review your shared personal data
- Download your data
- Grant data access to businesses
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