EF Hutton will on 1st October launch its private utility token MeggaCoin, which can be mined by users of the MeggaLife family of social apps. The MeggaCoin rewards users for their data and their online social activity, the firm explains in a press release.

“Users can ‘Bank their Coin’ in an EF Hutton account,” reads the press release. “Users that accumulate 20 million MeggaCoin can redeem MeggaCoin for cash held by MeggaTrust, an independent trust that is overseen by independent third-party trustees.”

EF Hutton, a subsidiary of HUTN, a 114-year old US brokerage firm, says the MeggaTrust backs the MeggaCoin and that it receives 100% of the advertising revenue generated by MeggaLife apps, net only of the cost to operate the apps and a nominal redemption fee.

Easy, safe and inexpensive

The MeggaLife app, according to the brokerage firm, makes it easy for newbies to begin mining the coin.

“It’s safe, low-cost and setup is fast. First, there is no need for users to have a digital wallet. EF Hutton allows users to bank their MeggaCoin in an EF Hutton account that is designed to allow users to accumulate value in a tax-deferred account,” it says.

Users can set up an EF Hutton account within five minutes. Unlike other similar platforms, the company claims, EF Hutton account holders do not require a digital wallet.

“This saves users the hassle of setting up a digital wallet to hold MeggaCoin,” it states. “And EF Hutton’s digital account relieves concerns over security issues that vex many digital wallets because MeggaCoin is held in a secure custody account monitored by EF Hutton rather than a personal wallet.”

Your data is worth $100,000

EF Hutton says user data is valuable. “Most people do not realise how valuable their data is and the giant social networks avoid revealing the true value because user ignorance benefits them.”

The lifetime value of an individual’s data and social activity can be as high as $100,000 and, in some cases, even more.

EF Hutton’s Suzie Orman explains that people often have no chance to save more money and that mining for MeggaCoin “is an easy way to accumulate an asset to supplement savings”.

“MeggaCoin has the potential to transform lives,” says EF Hutton CEO Chris Daniels. “Everyone now has a choice. Either give your data to the giant social media companies for free or use MeggaLife to mine MeggaCoin and bank the full value of your social data and online social activity.”