Social Reality, Inc. (NASDAQ:SRAX) discussed its plans for an initial coin offering with analysts on October 17, 2017. Its stock closed up 70% on the news.
It works something like this:
- A consumer chooses the personal data BIGApp collects
- The consumer is awarded with BIGtokens for opting in
- The consumer decides what data is shared, which data is purchased by third parties for marketing purposes and who buys it
- The consumer is awarded with more BIGtokens when the data is purchased
- The consumer works with a community known as BIGosg to determine how the data is used and who accesses it
- The consumer blocks ads it doesn’t like
- The consumer sees who is using the data
“BIG” stands for Blockchain Identification Graph.
The BIGtoken is described as a “utility token” for the “BIG ecosystem.” The future utility of the token is determined by BIGosg. BIGosg is open source governance that determines the direction, strategy and partnerships of the platform. Every consumer with data on the platform will always have a BIGtoken enabling their participation in BIGosg.