Creating a wallet goes hand in hand with becoming a member of SHOP Co-op. Only Co-op members can buy, earn, and exchange the SHOP Tokens on the SHOP Protocol. The membership process aligns with US Know Your Customer (KYC) regulations created in 2001.
Data in your SHOP Wallet will be encrypted and stored locally on your device, with the ability to be verified by the blockchain. All permissioned sharing of the data and transaction histories will be recorded on the blockchain for verification. This way, we limit sensitive data from leaving your control.
You will share your data with the secure SHOP Wallet, not necessarily with apps that are powered by SHOP (like Kanga). When you shop on Kanga, only key transactional data that is required to complete a transaction (like shipping address) will be shared with the app. Brands who are compensating Shoppers to view other personal data will be the only party able to view that personal data.
There are many different types of crypto wallets. Metamask focuses solely on payment at the point of purchase by creating a crypto transaction between two parties. The SHOP wallet will fundamentally be a retail wallet. For this reason SHOP isn’t just concerned with the movement of money, but also with the data involved in getting a product from the Brand to the Shopper.
No. The SHOP Wallet is included with your membership and Once you pay $4.99 to join the Co-op for life, you will become a co-op member with voting rights and also gain access to the SHOP wallet for life.
Personal financial information will be encrypted and stored locally; it will only viewable from the shopper’s wallet. This information is never shared with an untrusted or unverified party without securing permission from the user first. When a Shopper chooses to share data with a 3rd party ,the data transmission will occur over an encrypted channel.
The SHOP Wallet will store your SHOP token balances, provide you a way to earn rewards from the SHOP Co-cop, and will allow you to purchase products on participating marketplaces like Kanga. When you purchase a product that you find on a marketplace like Kanga, the SHOP wallet will facilitate your transaction with Kanga whether you’re paying with traditional fiat payment or SHOP Tokens). Each individual marketplace will decide how SHOP tokens can be applied to final payment (i.e. Tokens could be worth 2x in value on certain days, or only be used to purchase products from certain categories or brands).
Other platforms tend to focus on specific use-cases (i.e. mailing rebates, and shipping discounts) and often run on a private blockchain.
SHOP will be agnostic to the type of retail data it wants brands to permission. We are also working to have a partially public blockchain for payments. The reason being that we eventually plan on running a side exchange for brand-level custom tokens.
The blockchain is an integral component that allows us to build the trustless accountability and data accuracy that will allow Shopper and Brands to participate in a fair exchange. The blockchain is only one component of the decentralized software stack that composes the SHOP protocol--an example of another non-blockchain component is distributed data storage.
Consumer data is the most valuable data that we can get, yet it’s the most ambiguous asset in any company. We are tokenizing that data, providing a fair price of that data to shoppers, and creating an ecosystem that allows for that value to be exercised.
The SHOP wallet is different from other cypto wallets because it empowers shoppers to capture and control their personal data. Shopper-controlled settings in the wallet determine how much personal data is shared during transactions with brands.
GDPR has been at the top of our minds! One important piece of GDPR is the consumer right to be forgotten. By itself, the blockchain doesn't solve for that need, because the blockchain is an immutable ledger.
The best practice in the field so far, is to keep identity information off the chain and use the blockchain to verify information accuracy (through mechanisms like zero knowledge proofs). In addition, the protocol will have to account for capabilities like data revocation.
We're still working through our concrete approach to these concerns and will have more details in the near future.