For hundreds of years, banks have paid us interest in return for holding our money and extracting profits from it. In the process, they became the richest institutions in the world.
Now companies like Google and Facebook have become the world's richest institutions -- by extracting profits from our data rather than our money. But, this time we are getting zero interest in return.
21 July, Google, Facebook, Microsoft, and Twitter joined to announce the Data Transfer Project, a joint open-source project initiated together whose work is aimed at helping users securely and seamlessly move their data between service providers.