Ringfence: How Does it Work?
Imagine you’re part of a group project
You and your peers are tasked with creating an epic ad campaign for a new skateboarding company. Everyone pitches in amazing ideas, and together, you craft something truly impressive.
But instead of just grading the project, your teacher takes all your ideas...
...mashes them together, and uses them to create their own version of the ad. This new ad goes viral and your teacher becomes the star of the show, landing a huge job offer from a top marketing firm. But you and your classmates get nothing–no recognition and no reward.
Now, imagine if things worked differently
What if every time someone watched that viral video, you and your classmates got rewarded? Every idea that contributed to the final ad would earn you a share of the success. Instead of just watching your teacher benefit from your creativity, you’d get your fair share of the rewards each time the ad was viewed or shared.
This is what Ringfence does for your data.
WHY?
More Control: Ringfence gives you control over your contributions (your data), ensuring that only you decide how they’re used and who can access them. No one can take that data without your permission.
Keep It Fair: Ringfence gives you control over your contributions (your data), ensuring that only you decide how they’re used and who can access them. No one can take that data without your permission.Your data is valuable, just like your input in that group project. Ringfence makes sure your data is protected, so you don’t get left out when it gets used.
Get Your Fair Share: If someone benefits from the creativity you contributed, you deserve a share of the success. Ringfence ensures you receive your rightful portion whenever your ideas (your data) are used to generate profit.
HOW?
Secure Vault: You get a logbook that securely stores all the creative ideas you contribute, ensuring that only you have the power to decide who gets to use them and how they’re shared.
Trusted Organizers: Ringfence employs a system (nodes) that carefully tracks and organizes your ideas, making sure they’re ready to be used only when you give the green light.
Transparent Registry: Every time your ideas are used, this is logged in a secure, trusted record (NEAR Protocol). This way, you always receive compensation when your contributions are used for group projects (training AI).