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12 Feb 2024

DOP USE CASE 1

In this use case, we cover:

Over-transparency is a bug.
Why do individuals want to encrypt their assets?
Why do individuals want to showcase their assets?
The transparency vs privacy dilemma.
What is DOP?
What is ‘selective transparency’?
How can individual users benefit from DOP?
How do individual users interact with DOP?
Why is DOP the data ownership solution for individual users?

Introduction: Over-transparency is a bug

Transparency is a feature often glorified by blockchain enthusiasts. It is also often called the inherent feature of blockchain, stemming from its very core — decentralization.
Many think that decentralization means that all data on-chain must be transparent and viewable by everyone. But this thinking is an old-fashioned approach to crypto. Over-transparency is a bug that is stopping mainstream individual users from benefiting from the wonders of DeFi.
DOP solved this statement.
Here’s how.

Why do individuals want to encrypt their assets?

In traditional finance, account information is encrypted. It’s kept very secure by centralized institutions such as banks, keeping their customer’s most sensitive financial information safe.
In Web3, this is not the case.
Web3 natives, newbies, and those thinking about joining web3 often worry about who is looking at and analyzing their financial data and why. Those who have yet to enter web3 often see over-transparency as a barrier to entry. They want to benefit from decentralized finance but don’t want to expose all of their on-chain financial information. They want the encryption they receive in traditional finance.
Here are a couple of reasons people might give for keeping their on-chain financial information undisclosed:
Jane says, “I want to invest and transact in crypto. I even have the option to receive part of my salary in crypto and want to opt in. My friends are looking at such solutions as well. What stops me is that if I use one wallet for transactions, others who know my wallet address can see what I hold, how much I hold, and how I spend my money. I am not ready for such exhibitionism. I want to keep my finances private, so I am opting out of crypto for now.”
Mike says: “I am a blockchain marketer, using tools like Etherscan daily. I know that information about assets in one’s wallet can often be used for targeted advertising. Especially if the user has previously used a platform that combines the wallet address with social media accounts. I want to keep my blockchain data private and not receive targeted sales and marketing calls based on my holdings or transactions. I have multiple wallets and change wallets regularly to ensure privacy.”
Alex says: “I am into web3, and I hold some assets, but I am worried about investing serious money. I heard about targeted phishing scams where hackers analyze people’s holdings to target them and exploit people’s gullibility. I don’t know how to protect myself from such practices if all my information is visible. Unless there is a solution, I don’t think I will invest larger sums in crypto.”
While some are worried about their privacy and the lack of ability to keep their information secure, there is more to this issue than finding a solution that allows to keep on-chain data encrypted.

Why do individuals want to showcase their assets?

On the other side of the on-chain privacy spectrum are users who are proud of displaying their wallets.
Users want to showcase their tokens and NFTs to prove support for projects they believe in, show certain communities’ affiliations, and build their brand around their holdings.
Here are a couple of reasons people might give for keeping their assets on show:
Brad, a passionate NFT collector, says: “What’s the point of holding your NFTs if others can’t see them in your wallet? I want everyone to know I own this particular wallet and what an amazing collection I have. This is part of my identity, the personal brand I am building. I like to think of myself as an art collector and call my wallet my private gallery.”
Zoe also prefers for her assets to be visible and says: “I take part in many community quests where I need to prove I hold certain assets to receive a reward. I also feel that proving the ownership of certain assets will become a norm in gaining access to certain platforms and services. I don’t want on-chain privacy to slow down this progress.”

The over-transparency dilemma.

There are benefits to both privacy and transparency. That’s why Web3 users don’t entirely agree on whether they want to keep their assets and transaction data visible or whether they want to keep everything encrypted.
What is more, there is some security and compliance reasoning behind keeping on-chain data visible. Many argue that only total on-chain transparency allows for proving one’s funds’ origins for tax and compliance purposes. Those who oppose privacy on a chain often argue that encrypting transactions could encourage the use of crypto for illicit activity.
Nevertheless, total transparency and total privacy are two extremes, and extremes are never the solution. The answer lies in the middle.
And in the middle is DOP.

What is DOP?

In his paper, Vitalik Buterrin called for a solution to allow users to encrypt their data while sharing the transaction history and assets held with certain parties for security and compliance purposes.
DOP answers Vitalik’s calling and goes a step further. DOP solves the problems blocking Jane, Mike, and Alex from entering web3 while addressing the needs of Brad and Zoe.
DOP redefines data ownership in the blockchain era. It recognizes that data security is a primary user right and integrates selective transparency. It lets users choose what data to encrypt and share, with whom, and when. DOP pioneers data ownership on-chain. It utilizes zk-SNARKs and ECDSA to validate transactions without revealing the underlying data. DOP advocates that data stewardship is a fundamental right.
DOP is an easy-to-use tool that web3 users can use to encrypt data and decide what they want to leave on show. They will also be able to reveal the data only for specific users, projects, or companies to prove the origins of their funds or affiliation with particular projects or communities.

What is ‘selective transparency’?

Selective transparency means that users fully own their data and can decide what to disclose and keep private. On-chain, selective transparency implies that users can ‘hide’ (encrypt) only certain information, such as assets or transaction amounts. At the same time, users can choose what assets and data they want to leave on display.
Such a solution works for Jane, who doesn’t want others looking into her finances, but it also responds to Brad’s needs, allowing him to show proudly his NFTs to everyone.
Selective transparency on-chain does not only mean selective asset transparency. It also implies selectivity in who can access and view what data. Users can share their data with a third party for compliance or verification purposes without putting it out for everyone to see.
DOP offers full selectiveness in choosing what data to share and with whom. Choosing a third party to share certain data with does not also mean that the party will immediately gain access to all data. The user can still choose what asset and transaction data to share and what should remain encrypted.
This solution addresses Alex’s needs, who is worried about targeted phishing scams, but also gives Zoe peace of mind that she can use her wallet to verify her assets and identity.

How can individual users benefit from DOP?

When using DOP, users gain full data ownership. They are the sole decision-makers regarding how their financial data is shared and how.
Individual Web3 users interact with DOP because:

They have one wallet for everything — DOP puts an end to having multiple wallets for different assets and purposes or changing wallets frequently for privacy and security. Selective transparency allows users to perform encryption, decryption, and selective data sharing from a single account.
They proudly showcase their holdings while securing more sensitive data — building a personal brand while undisclosing one’s financial information has never been this easy.
They are ready to move to decentralized finance fully — DOP users have full control over the disclosure of their financial data. They are ready to move most of their finances to DeFi.
They benefit from faster transactions and lower gas fees — DOP takes transactions off the main chain (Ethereum for now), resulting in more significant throughput and lower transaction fees.
They are part of the revolutionary blockchain data ownership movement.

How do individual users interact with DOP?

DOP has made it seamless for all users to interact with DOP and benefit from data ownership. Encrypting and decrypting assets takes seconds while setting up a DOP wallet takes less than 5 minutes.
Currently, DOP works with Ethereum and MetaMask, but it will become chain-agnostic and will be integrated with most wallets on the market.
Users interact with DOP by:

Setting up a DOP wallet.
Connecting their MetaMask to DOP.
Choosing what assets they want to encrypt (or decrypt).
Sending and receiving encrypted assets.
Choosing who can view what data and when.
Building their Web3 profile and brand showcasing the assets they are proud of while keeping everyday finances private.

Summary: Why is DOP the data ownership solution for individual users?

DOP is the pioneer of data ownership on-chain. It is the first solution available that does not advocate for complete privacy or total transparency. DOP offers a middle ground, where the user becomes the decision maker.
DOP is the only way web3 users can take ownership of their data and decide what to leave on display and what to keep private. Coupled with a simple interface, it creates a solution for Web3 natives, newbies, and those yet to enter Web3.
DOP lays a foundation for taking decentralized finance mainstream.

DOP USE CASE 2
In this use case, we cover:

Over-transparency is a bug.
Why do businesses use crypto?
Why do businesses want to encrypt their assets?
Why do businesses want to showcase their assets?
What is DOP?
What is ‘selective transparency’?
How can business users benefit from DOP?
How do business users interact with DOP?
Why is DOP the data ownership solution for businesses?

Introduction: Over-transparency is a bug

Transparency is a feature often glorified by blockchain enthusiasts. It is also often called the inherent feature of blockchain, stemming from its very core — decentralization.
Many think that decentralization means that all data on-chain must be transparent and viewable by everyone. But this thinking is an old-fashioned approach to crypto. Over-transparency is a bug stopping larger and established businesses from using cryptocurrencies in their day-to-day financial operations. It stops them from hiring tech-savvy talent worldwide, wanting to be fully or partially paid in decentralized assets.
DOP removes one blocker that stops finance departments from using crypto in everyday operations.
Here’s how.

Why do businesses use crypto?

Accepting payments in crypto
Accepting payments in crypto is the first thing that comes to mind when talking about traditional businesses operating within the Web3 realm. As cryptocurrencies and decentralized finance rise in popularity, offering crypto payments can be a USP that attracts and retains tech-savvy customers who already hold and use crypto.
For more insights, check out this Forbes Advisor article on why a business may use crypto payments and how to implement them.
Paying employees in crypto
In 2021, Nasdaq released a report showing that a third of millennials and genZ would be interested in receiving 50% of their salary in crypto. With the increasing adoption of Web3, those numbers are likely to rise. Employers wanting to stay competitive and hire top tech talent might need to open up to using cryptocurrencies for employee compensation.
Launching and using own token
Businesses already navigating the Web3 landscape may be prompted to launch their own token to complement their operations, raise capital, and receive support from their community, consumers, or users. Attaching governance rights to a token further allows the people most invested in the business to have a say in how operations are conducted and what that business provides. A business might want to compensate its employees further in its native token to show appreciation and motivate its teams to work towards that business’s success. As organizations move away from traditional hierarchical models, more companies may consider launching a token to govern their operations and reward employees.
Liquidity and capital access
Businesses from highly regulated industries struggle to access a level of capital or institutional investment broadly available to more traditional types of business. Crypto offers new growth financing and investment methods for companies that find raising capital and achieving liquidity more challenging via the conventional route.
Seamless cross-border transactions
Many of the world’s banking systems are outdated and incompatible. An international wire transfer may take days to reach the recipient’s account. For new, global businesses, where things happen promptly, traditional banking is simply too slow and poses risks of delaying or compromising some business operations. Crypto and its infrastructure offer a lucrative alternative for businesses that trade globally and don’t want to rely on outdated systems that are incompatible with one another. Companies may want to move to cryptocurrencies for faster, global, interoperable transactions.
Financial security for businesses in developing countries
Businesses within developing countries that struggle with corruption, inflation, or political instability may resort to crypto to safeguard their finances. Self-custody of assets offers businesses operating in financially or politically unstable regions peace of mind when planning operations and budgeting without the threat that political turmoil will affect business operations.

For further insights, check out this report by Deloitte covering cryptocurrency benefits for businesses.

Why do businesses want to encrypt their assets?

In traditional finance, account information is encrypted. It’s kept very secure by centralized institutions such as banks, keeping their customer’s most sensitive financial information safe. When it comes to business cash inflow, outflow, or how much certain clients are paying for services, most companies keep this information secure and accessible only to C-level executives and finance departments. Employee compensation is often subject to HR confidentiality law, and many businesses are legally required not to disclose it. In traditional banking, transaction details and amounts are only seen by:

The bank.
The sender.
The receiver.
In some cases — governments and legislatures.

In Web3, this is not the case.
Blockchain transparency means that security and financial data confidentiality are non-existent. Anyone who knows a business wallet address can see what and how many assets that wallet holds, the amounts, and the regularity of incoming and outgoing transactions. Clients paying consulting retainers in crypto can analyze that wallet data to gauge how much they pay versus other businesses their consultant serves. The same goes for employees, who, with blockchain’s transparency, can make a pretty accurate guesstimate on how much they are being paid compared to their colleagues.
Businesses considering using cryptocurrencies for their operations might be reluctant to do so because of the risks blockchain’s total transparency poses.
Businesses already operating in Web3 often resort to having multiple wallets to transact with various stakeholders. Yet, this requires a lot of planning, resources, and operations, which may create chaos and additional workload and increase potential errors, affecting the business.
Encryption can be the best option for businesses transacting in crypto. The main reasons for wanting to encrypt transaction and wallet data by businesses are:

Client confidentiality
Businesses want to keep the details of their transactions with clients confidential to avoid disputes and queries from various customers. They want to keep their own and the client’s information secure away from the eyes of third parties such as competitors.
Employee confidentiality
Businesses want to provide financial confidentiality regarding how much employees are compensated for their work. In many businesses, compensation confidentiality is written into company policies.
Operational confidentiality
Many businesses want to keep the state of their finances, investments, and incoming transactions confidential and accessible only to key decision-makers. Total transparency might result in unnecessary questions from various stakeholders. For example, when financial difficulties occur, employees might get worried about their careers and become demotivated or start looking for new jobs, causing a downward spiral and further disadvantaging the business.

Why do businesses want to showcase their assets?

On the other hand, business finance tends to be much more regulated than individual finance. Therefore, in many cases, business financial transparency is required by governments and regulators. Businesses need to prove the levels of investment received, the company cash flow, and other financial information. In traditional finance, centralized banks provide statements and vouch for the accuracy of the information provided. In Web3, the blockchain architecture makes the information non-tamperable, and transparency allows regulators to access all necessary information.
Proving the legitimacy of funds is another important aspect of why businesses that use crypto for operations might need a certain level of transparency. Total privacy creates leeway for cybercrimes, fraud, and money laundering, which has already caused the US to ban certain blockchain privacy solutions such as Tornado Cash. Global businesses that are serious market players want to be able to leverage blockchain transparency to prove the legitimacy of their funds to avoid potentially costly and reputation-heavy lawsuits or investigations.
How can businesses safeguard their financial operations when using crypto, yet, at the same time, keep the level of transparency for verification, compliance, and legal purposes?
DOP provides a middle ground.

What is DOP?

In his paper, Vitalik Buterin called for a solution to allow crypto holders to encrypt their data while sharing the transaction history and assets held with certain parties for security and compliance purposes.
DOP answers Vitalik’s call.
DOP redefines data ownership in the blockchain era. It recognizes that data security and confidentiality are primary user rights and integrates selective transparency. It lets users choose what data to encrypt and share, with whom, and when. DOP pioneers data ownership on-chain. It utilizes zk-SNARKs and ECDSA to validate transactions without revealing the underlying data. DOP advocates that data stewardship is a fundamental right.
DOP is an easy-to-use tool for businesses running financial operations in crypto. They can encrypt their data and reveal its data only for specific users, projects, or companies to prove the origins of their funds.

What is ‘selective transparency’?

How can business users benefit from DOP?

When using DOP, businesses that run operations in crypto gain full data ownership. They are the sole decision-makers when it comes to how their financial data is shared and with whom. They stay compliant and can provide data to regulators, but at the same time, they can safeguard the business’s most sensitive data from unauthorized persons.
Businesses operating in Web3 interact with DOP because:

They have one wallet for everything.
DOP puts an end to having multiple wallets for different assets and purposes or changing wallets frequently for privacy and security. Selective transparency allows businesses to perform encryption, decryption, and selective data sharing from a single account.
They keep their financial data confidential.
Businesses using DOP incorporate crypto into their financial operation without worrying that confidential information will leak or become accessible to unauthorized persons.
They stay compliant and can prove their funds’ legitimacy.
When asked by legislators and regulators, businesses that safeguard their data with DOP can still prove the origins of their funds and the accuracy of their financial statements.
They benefit from faster transactions and lower gas fees.
DOP takes transactions off the main chain (Ethereum for now), resulting in more significant throughput and lower transaction fees.
They are part of the revolutionary blockchain data ownership movement.

How do business users interact with DOP?

DOP has made it seamless for everyone to benefit from data ownership. Encrypting and decrypting assets take seconds while setting up a DOP wallet takes less than 5 minutes. Non-technical accounting and finance teams can access and use DOP without trouble, easily incorporating crypto payments and selective transparency into their business operations.
Currently, DOP works with Ethereum and MetaMask, but it will become chain-agnostic and integrated with most wallets on the market.
Users interact with DOP by:

Setting up a DOP wallet.
Connecting their MetaMask to DOP.
Choosing what assets they want to encrypt (or decrypt).
Sending and receiving encrypted assets.
Choosing who can view what data and when.
Keeping their finances confidential while staying compliant.

Summary: Why is DOP the data ownership solution for businesses?

DOP is the pioneer of data ownership on-chain. It is the first solution available that does not advocate for complete privacy or total transparency. DOP offers a middle ground where businesses can undisclose their finances yet still prove the authenticity of transactions and fund legitimacy when needed.
Coupled with a simple interface, it creates a solution for Web3 and transitional businesses.
DOP lays a foundation for taking decentralized finance mainstream.

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