Reported By: Bitcoinist.com
The Cirus Identification Framework is designed to address the many flaws of current approaches to online identification, data management, data sharing, ad targeting, and data monetization. Here we discuss these flaws and how the Cirus Identification Network overcomes them.
The Evolution of Online Data Tracking Systems
The advertising industry has long sought to create a simple, effective, and seamless user targeting system to better serve targeted ads while dealing with issues such as basic privacy concerns that arise when corporations gather, buy, and sell private user data.
For example, third-party cookies have been used for years to track the digital footprints and online activity of users, but they have a limited lifespan and involve a complex, post-collection cookie-syncing process to effectively identify audiences.
To overcome this issue, third-party solutions such as TradeDesk’s Unified ID 1.0 were developed. Unified ID 1.0 improved on the cookie-based approach by creating unique but centralized identifiers for users on the web. This gave way to Unified 2.0 which works independent of cookies, improves consumer privacy, is open source, and supports single-click login to websites.
Even Unified ID 2.0, however, has issues, because it uses user email addresses for identification and authentication and therefore does not work for users who do not have or do not wish to share their email address with the platform. Unified ID 2.0 also does not work well for small, medium, or startup publishers since it is designed for large enterprises.
This is the context in which the Cirus Identification Framework was developed.
The Cirus Identification Framework
The Cirus Identification Framework uses unique digital identifiers – powered by blockchain and secured by cryptography – to measure the digital presence and online footprints and activity of users. The framework generates unique user private keys that control the data that is shared and monetized while public keys for each user can be shared with content providers and publishers for serving targeted ads.
There are many advantages to this approach, and not just for users themselves. Users can, for the first time, retain control of how their data is shared and how it is monetized, but there are also many benefits for demand and supply-side players.
First of all, users no longer need to explicitly link their digital and real-world identities (for example, by using a verified email address, as is needed to use Unified ID 1.0) but they will still enjoy the benefits of ownership and monetization of their data. Thanks to unique, cryptographically-secured private keys, users also retain complete control over their digital identities and have the right and power to delete their profile and/or any data associated with it. Finally, users need not share personal details with a centralized entity such as TradeDesk.
As for demand-side players, they benefit by having access to better, more relevant user data, not to mention the ability to accurately target users without overstepping the bounds of user privacy or being intrusive to the user in any way thanks to frequency capping.
Finally, supply-side players benefit thanks to better ad relevance, better privacy compliance, and better utilization of ad inventory.
When combined, these benefits lead to better CPM rates, which measure the cost per 1,000 ad impressions. In other words, the Cirus Identification Framework leads to a higher value. This is a critical differentiator for the framework and is only possible because it adds value on top of the four vectors – commonly referred to as the 4 Vs of Big Data – that are critical to the utility of any data-based initiative. These vectors are the use of a wide range of accurate data (data variety and veracity), the use of large data sets (high volume), and the use of relevant data (real-time or near real-time data streams, i.e. fast, high-velocity data). All four-vectors add up to significantly increase value, giving the Cirus Identification Framework the potential to revamp the data space as we know it.
With the Cirus Identification Framework, users maintain control of their data and are compensated directly for sharing it, and the ad-tech world can use it to operate more efficiently and with higher value throughout. This will create a paradigm shift – without even changing any existing infrastructure. The Cirus Identification Framework leverages the power of blockchain and user-controlled IDs and combines them with an open and secure market for data to reimagine and redesign what is possible in the online user identification space. It delivers a new, refined, innovative, cost-effective, private, secure, and performant solution to online data management, sharing, monetization, and ad targeting. It also has the potential to make ad-tech more efficient while providing users with income from their data and ensuring user privacy and control throughout the process.
The mission of the Cirus Foundation is to accelerate the ownership economy by building the on-ramp for individuals to own, manage, and monetize their largest digital commodity – data. You can watch our introductory video to find out more or read our project overview.