Profila’s privacy solutions get over 500 million ADA worth of votes through Project Catalyst

The EU-based startup gets backed by more than 3,000 Cardano owners for its privacy projects on the Cardano blockchain as part of the decentralized fund “Project Catalyst”

Luzern, December 22nd, 2021 – Profila has received funding from the Cardano community for several blockchain use cases as part of Project Catalyst, the world’s largest decentralized venture fund. The proposals include the integration of Cardano smart contracts, native tokens, decentralized identity and NFTs (non-fungible tokens) into the Profila app. Votes to fund Profila came from more than 3,000 Cardano owners, representing over 500 million ADA (worth approx. 560 million EUR at the time of publication).

Bringing back trust between people and brands

The privacy startup has designed a new-era data, customer engagement and digital marketing platform that empowers consumers to learn about privacy, exercise their privacy rights and get compensated for sharing their data with brands (companies and organizations). In turn, brands will receive more accurate feedback, as well as direct and evergreen insights from every user, which will enable them to provide a more personalized experience to each customer.

Through its mobile app, Profila’s users can securely store their personal data, give brands direct permission to access it, as well as track each request brands make (since each request is recorded on the blockchain). They can also view personalized content in the form of ads, either anonymous or in full transparency, and receive compensation in return (50% of the brand’s advertising spend).

Overview of Profila’s solution

Funded in Catalyst Fund5 and Fund6

Profila's first Catalyst project, submitted through Fund5 in early 2021, was funded by 2,681 Cardano owners with a total of 407 million ADA (worth close to 800 million EUR at the time), The project titled “Control your data – Privacy ledger” was voted in first place.

In Q3 of 2021, Profila submitted additional proposals for Fund6 challenges called “NFT business models”, “dApps and integrations”, and “Atala Prism” - and was funded for all three.

Introducing Zero Knowledge Token in Fund7

Profila created 500.000.000 of its own Cardano-native tokens called ‘Zero Knowledge Tokens’, abbreviated as ZKT (and nicknamed “Zeke”). These tokens will be crucial in Profila’s decentralized data sharing and AdTech system. Under Project Catalyst Fund7, Profila is proposing to integrate the tokens into its app and other Cardano projects previously funded in Fund5 and 6.

ZKT will be used as a reward instrument for incentivizing users to join Profila and learn how to work with key privacy features in the new AdTech ecosystem. It will also be used as a payment instrument to compensate users who opt-in to receive ads from brands through the platform.

Fund7 voting will start in late January 2022. All Cardano owners can register for voting and decide which innovative ideas will receive funding, among which Profila’s “Anonymity and data control with ZKT” project proposal will also be available.

ZKT token sale starting soon

More information about the start of the Profila token sale will be announced soon. Everyone interested can sign up for the ICO through Profila's website, and get notified as soon as it’s launched.