The number of blockchain projects and decentralized apps is increasing at a tremendous pace; however, few projects are trying to do away with the way the digital works as of now.
Pillar is such a project. It offers a wallet for storing Pillar coins, data and other assets as well. As everyone knows, a huge chunk of your personal data circulates the web without even your knowledge. Therefore, Pillar aims to give you back control over your personal data.
How Pillar Works
The first thing you have to understand about Pillar is that it is not an app. Twenty Thirty AG, the company behind Pillar, is against the idea of apps as they think they are just a means to collect data and get attention.
The Pillar project has the Pillar wallet at the heart of its operation. This will store all your Pillar coins and digital assets in the future. Whenever you get some data because of any one-time process, you will be able to store it in the Pillar wallet. Then, based on your need, you can share this data with the vendors and users you want to share it with.
For example, if you visit a doctor, you get a diagnosis and prescription. You keep this data with you and look at the offers from medical stores and vendors. You can give them your requirements and choose the vendor who offers you the best price and quickest delivery of the prescription medication. This example shows that you will have full control over your data, and you can choose whom to share it with.
Data is the currency of this age, and by owning it, you can get offers from anyone wishing to access it. You can even provide your data for studies and researchers. The use cases are endless, and they all have to do with the fact that you have control over your data.
The company held its ICO in July last year, and the ICO was hosted on the Ethereum network. People were understandably unsure of it since Ethereum is already facing scalability issues, but Pillar managed to raise good money. Since then they have increased the availability of PLR and continued working on the wallet.
Pillar coin (PLR) is the driving token for this model. There isn’t an app to use but an open-source wallet. Any transaction through this wallet and the network, though, requires PLR. You share your data and digital assets with the exchange of PLR. Whatever the kind of service it is and whatever kind of token they use, you can interact with them all. They will all just be one level below the Pillar token since you will deal with anyone wishing access to your data with PLR coins. PLR has currently a daily trading volume of $80k and a global market cap of $46 million.
Buying & Storing PLR
You cannot buy it using fiat, but you can buy it using Bitcoin and Ethereum. Once you have BTC or ETH from a popular exchange like Coinbase, you can exchange it for Pillar coins through one of the many exchanges that list it. The most popular would be Changelly, and depending on your location, you can use alternate exchanges.
Storing Pillar coins is possible through any of the ERC 20 wallets. It’s best that you go for cold storage options like Ledger Nano S since they keep your funds away from the online system and give you more control over your private keys and funds.
The Pillar project is novel in nature. It will definitely take some time to switch the model of data exchange to the one they want, but they are moving in the right direction. Although there isn’t much certainty about their future plans as there is little news about it, you should keep an eye out for Pillar as it is attempting to do something good.