How Parami Protocol Structures Digital Identity And Privacy
The advertising industry is like a sinking ship. Yet, the rats haven’t jumped ship. Perhaps they aren’t aware of the ship’s condition. When was the last time an ad convinced you to buy a product? Possibly, never! Despite advertisers doing the most. They sought user information from different applications, then use that data to their advantage. The ‘all is fair’ approach by advertisers regarding user data has got government agencies involved. Recently, the EU changed its user data protection law to check-mate how virtual platforms use the data of its people.
Yes, that ‘click to accept’ terms on websites seeking your permission for some background ads targeting is a fallout of these laws. More countries around the world will follow suit. So what will happen to advertising after that?
Introducing Parami Protocol
Maximizing the potential of the substrate chain is Parami. The protocol hopes to curate the advertising practice, leading the industry out of its current predicament. Parami’s structure tells the full story. A virtual registry termed the DID can be found in the protocol. On the DID, every user gets a digital identity. The virtual registry is about to do so through its web2.0 compatibility.
By having its PDID bring user social identities aboard the Parami protocol, smart contracts can get to work.
And they do get to work considering Parami relies on blockchain technology to disrupt a highly intrusive advertising space. The PDID doesn’t work in isolation. An AD Privacy Layer compliments the work of the PDID. The privacy layer ensures users are protected from the advertiser’s antics.
Benefits Of Parami DID
One of the benefits of the AD Privacy Layer is connected to the attributes of the PCAP. Through this document, user data is handled discreetly. So there’s no chance for third parties to leverage such data without the permission of users. The AD Privacy Layer leverages blind signature technology to verify the claims of advertisers regarding how users access their and content.
Parami’s AD Privacy Layer purpose isn’t surprising. Some users can be mischievous. These are the folks the Parami layer sees to scrutinize their activities. You can’t talk about the AD Privacy Layer (APL) without mentioning its algorithm. The APL relies on the Zero Knowledge Proof (ZKP) to tackle fraudulent activities on-chain.
With the ZKP handling the rewards process, user complaints are relatively few.
Parami Protocol — Is The Application Layer.
Here, data from existing sources online are utilized. This helps in matching users with the ads most suitable.
The template for tokenized ads dApps for the advert privacy framework is decided by the application layer. Parami is built to connect seamlessly with IM apps. Your favorite social media apps — Twitter, Facebook, Linkedin, and others — belong here. So Parami isn’t founded on some abstract idea. The protocol is certainly workable. With Parami’s SDK in the picture, users participation in ad interactions is made possible. Though an IM explorer or similar is needed for that.
Parami intends to cater to all the different crypto communities. The protocol is community-governed, so collaborations are not out of the ordinary. With lots of existing DAO communities, the protocol’s virtual registry should get a boost. More users can enjoy the dividends of Parami — incentives and data security — without giving up their social identity.
Conclusion
Once the Parami Protocol goes live, advertising gets a lifeline. The rats aboard the currently sinking ship will either evolve or die. No middle ground, that’s certain. From a user’s perspective, Parami is a lot of things. The protocol will restore faith in advertising, making the industry as competitive as it should be.
Useful Links
These are places where you can learn a lot about Parami, and talk to Parami communities
Medium: https://paramiprotocol.medium.com
Github: https://github.com/parami-protocol
Twitter: https://twitter.com/paramiprotocol
Telegram: https://t.me/ParamiProtocolEN
Official: https://parami.io/
Discord: https://discord.gg/bxFuekgvYJ