Getting to Know Data Ownership Protocol (DOP): A Private Transaction Option on Web3?

Bittime - Data Ownership Protocol (DOP) seeks to change the paradigm by giving users full control over their data and allowing them to selectively disclose on-chain activity.

What is Data Ownership Protocol ($DOP)?

Using ZK-SNARKS and ECDSA technology, DOP empowers users to precisely choose what information they want to share regarding their asset holdings and transactions, while maintaining seamless interoperability with Ethereum DApps and liquidity.

Built on the Ethereum blockchain, DOP enables this new selective transparency. Users can transact freely, controlling how much data and visibility they want. Additionally, DOP allows users to securely interact with decentralized applications on the Ethereum blockchain, providing a better user experience through the interoperability it offers.

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Problems Solved by DOP

Problem

In Web3 and blockchain systems, user data such as account balances, transactions, and on-chain activity are completely transparent and public by default. While this transparency supports censorship resistance and auditability, it comes at the expense of user privacy. 

Users must choose between disclosing all their data publicly or not participating in the blockchain at all, with no more detailed control options.

Solution

DOP offers selective disclosure of on-chain data controlled by users. Users can choose to selectively disclose certain account information and transaction details, while keeping other data private. For example, users can display their NFTs publicly to build their brand, but hide their account balances or transaction patterns. 

Alternatively, users can share transaction data only with certain approved parties, while keeping it hidden from the general public.

With control and flexibility over data exposure, DOP enables wider blockchain adoption by users who value their financial privacy, while maintaining accountability and ethical standards.

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DOP Key Features

Token Standard Support

The DOP protocol initially supports the ERC20 token standard. Support for ERC721 and ERC1155 will come in the future, allowing users to selectively disclose their token holdings and transaction history across major asset types. 

Users can choose to share only the token symbols they own without disclosing balances or transaction details.

Detailed Control over Ownership

Users can reveal part of their holdings, such as sharing that they own more than 2 ETH without revealing the full amount. While providing very granular control, the system maintains accountability by ensuring that false information cannot be shared and any partial disclosures can be verified on DOPscan.

Interaction with Decentralized Applications

DOP allows users to securely interact with decentralized applications on the Ethereum blockchain. This interoperability allows users to leverage their tokens and NFTs in popular DeFi protocols, DEXs, and more. 

Transactions initiated on Ethereum DApps via DOP benefit from DOP privacy features such as selective disclosure.

Internal dApps Development

DOP encourages the development of dApps natively within its internal ecosystem. Developers can leverage DOP’s features to build decentralized exchanges, NFT marketplaces, prediction markets, liquidity pools, and more with selective disclosure controlled by users.

Third Party Wallet Integration

DOP ensures seamless integration with various third-party wallets. Users can use their preferred wallet to interact with DOP and manage their assets, providing greater flexibility, familiarity, and accessibility.

$DOP Token Utility

Payment of Fees

The use of DOP data ownership features is subject to fees paid in DOP tokens or directly transacted assets. Users pay 10 DOP per internal transaction or 0.1% of the encrypted and decrypted transaction amount as native token fees. 

Of the converted DOP, 75% will be burned and 25% distributed to DOP stakers.

Governance

Eligible DOP holders can participate in determining the outcome of new proposals through the UI dashboard. Voting power is calculated based on the user’s share of the total DOP supply at that time, allowing for influence proportional to token holdings.

Tokenomics

The DOP token distribution is designed to support long-term stability and growth. This includes allocations for pre-sale, private sale, team, community, and more. 

Token allocation and planned release schedule ensure support for ongoing operations and development.

Conclusion

Data Ownership Protocol ($DOP) is an Ethereum-based protocol that allows users to have full control over their data using ZK-SNARKS and ECDSA technology. 

DOP enables selective disclosure of on-chain data, providing flexibility and privacy for users when transacting or interacting with DApps. With support for the ERC20 token standard and plans to support ERC721 and ERC1155 in the future, DOP also encourages integration with third-party wallets and the development of internal dApps. 

$DOP utilities include fee payments and participation in governance, with token distributions designed to support long-term stability and growth, such as pre-sale, private sale, team allocation, community, and more. 

Through this approach, DOP aims to increase blockchain adoption by providing greater privacy control to users while maintaining transparency and accountability.

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