A major cryptocurrency exchange says the world is on the brink of a data crisis, and is launching a digital cooperative designed to give users total control over their personal information.

CoinBene has announced it is listing the Internet of People (IoP) — a digital cooperative community which aims to allow users to build “a new generation of DApps” with full control of personal information, eliminating censorship and obstruction by governments and large companies.

IoP says its protocols and “people first” principle are essential in a world where data breaches occur daily, with large corporations harvesting far more information than they need. As well as attacking the state of the internet — and arguing the online world has failed to stay true to the web’s original goal of connecting people — IoP says that cryptocurrencies have so far worsened this particular problem instead of resolving it, with ICO funding models “trumping the values which crypto was built on.”

“More than a cryptocurrency”

CoinBene says IoP is more than a cryptocurrency, enabling peer-to-peer operations to be performed without middlemen, censorship and obstruction. The first version of a new communications protocol called Mercury has just been released, and it says that DApps that use IoP’s protocols are inherently more private and secure and, at the same time, will be able to offer all of the services that centralized companies provide.

IoP has stressed that one key difference with Mercury will be how data is treated — with DApp owners only receiving the information that is essential for them to offer their goods and services. Where possible, IoP says the personal data of its users never leaves their device — and if it does, it is encrypted to a high standard.

Describing itself as a decentralized digital cooperative (DDC), IoP says it already has members based in nearly 40 countries — and IoP says it has no need to conduct an Initial Coin Offering because their cryptocurrency “is held by people who actively support our project’s values.”

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