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.
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. DataCreds can be exchanged for giveaways, affiliate offers, loyalty points and more!
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 can I earn more DataCreds?
Sharing more data will earn you more DataCreds! 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:
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