Waev Data, a pioneering composable and trustless consumer data protocol, is transforming the management and connectivity of consumer data within the Web3 space. CEO Phil McMannis recently discussed the company’s mission and vision with host Zack Guzman from Roundtable on TheStreet Crypto.
McMannis initiated the conversation by underscoring the critical role of consumer consent and encryption in data management. He emphasized that there is a need for systems that ensure data is connected and managed based on consumer consent, with robust encryption as data is transferred and utilized.
Empowering Consumers with Data Control in Web3
Guzman highlighted the potential of Web3, a landscape where individuals gain control over their data, contrasting it with traditional models like those of Facebook and Google. McMannis elaborated on Waev Data’s approach, explaining that their protocol is designed for Web3 projects and businesses, ensuring that consumer data is utilized with consent, safeguarded, and kept secure.
He further explained that Waev Data can interface with any identity provider and store encrypted data in various locations, including decentralized protocols like the interplanetary file system (IPFS) or across nodes within a validator network.
Addressing Web3 Challenges and Data Security
When discussing the challenges associated with Web3 elements, McMannis highlighted the importance of not placing raw consumer data directly on the blockchain. Instead, Waev Data’s approach involves putting a representation of the data record on-chain while keeping the actual data encrypted off-chain, with access regulated by on-chain conditions.
Bridging the Gap Between Web2 and Web3
In response to questions about explaining Waev Data’s importance to those familiar with Web2, McMannis focused on the users’ perspective. He noted that users appreciate how the protocol addresses issues related to data encryption and ownership. Unlike Web2, where data ownership is determined by who possesses a copy, Waev Data’s protocol ensures that no one has a copy of the data until it is needed at the endpoint.
Enhancing Security with the SDK
McMannis detailed the capabilities of Waev Data’s software development kit (SDK), which captures and encrypts consumer data on the client-side, ensuring its protection throughout its journey. The SDK ensures that data remains encrypted and is only usable at the endpoint. This secure method opens up possibilities for autonomous agents and artificial intelligence (AI) applications, maintaining consumer control over their data.
Anticipating Significant Developments in 2024
Guzman inquired about bold predictions for 2024, to which McMannis expressed optimism regarding developments in the bear market. He mentioned the adoption of bitcoin and ethereum ETFs and significant policy changes as drivers that will boost the space’s momentum. McMannis predicted a breakout year for data and identity in Web3, with emerging use cases extending beyond decentralized finance.
Conclusion
Waev Data’s innovative protocol is setting new standards in consumer data management within the Web3 ecosystem. By emphasizing consumer consent, encryption, and secure data usage, Waev Data aims to empower individuals while providing robust solutions for businesses and developers. As the Web3 landscape continues to evolve, Waev Data’s contributions are poised to play a pivotal role in shaping the future of data connectivity and management.