Dwinity, a company dedicated to giving power back to users and creating a thriving data economy, has announced its mission to address the growing concerns surrounding personal data privacy.
With the increasing amounts of personal data being collected on a daily basis, the impact of data breaches has become more costly than ever. To combat this issue, Dwinity aims to empower users and allow them to reclaim control over their personal data. By doing so, Dwinity hopes to unlock the potential of this data to enhance various industries such as healthcare, insurance, and finance.
At the core of Dwinity’s mission is the creation of a decentralized data economy, which removes information asymmetry and gives users true data sovereignty. This is made possible through the three components of Dwinity: data control, data gold, and data cash.
The first component, data control, involves the use of decentralized data spaces for data storage. This allows users to decide with whom they share their data, giving them full control over their personal information. The second component, data gold, utilizes decentralized AI tools to unlock the full potential of data through sophisticated analysis. Finally, data cash is a fair marketplace where data owners can monetize their data at a lower cost and completely anonymously.
Dwinity is currently closing its initial seed round at USD 3 million, which will be used for the development of the initial prototypes that are set to hit the market in 2024.
In partnership with Dwinity, Nillion, a company known as humanity’s first Blind Computer, is working towards creating a new internet base layer for private data. Nillion is powered by a decentralized network of nodes that enable “Blind Computation” through the coordination and orchestration of privacy-enhancing technologies (PETs) such as multi-party computation (MPC), fully homomorphic encryption (FHE), and zero-knowledge proofs (ZKP). Nillion has attracted a notable initial cohort of Blind Computation builders across various industries, including AI, DeFi, medical data, custody, wallets, global identity, messaging, and more.
The development company behind Nillion, Nilogy, was incubated by CoinList’s seed program and has a team with impressive backgrounds in tech and business. This includes the Founding CTO of Uber (Conrad Whelan), the Founding CMO of Hedera Hashgraph (Andrew Masanto), the Founder of Indiegogo (Slava Rubin), the Associate General Counsel of Coinbase (Lindsay Danas Cohen), and builders from Consensys, LayerZero, Polygon, and Google.
“We are thrilled to be partnering with one of the top players in the market for handling sensitive data. This is a major step towards building the leading ecosystem for sensitive data and we are looking forward to the cooperation, which will add significant trust and competence to both initiatives,” said Peter Koenig, CEO of Dwinity.
For more information about Dwinity and its mission to empower users and create a decentralized data economy, please contact Christian Mangold at cm@dwinity.com.
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.