An open social graph where each user owns their own data that would 1) keep that data protected, 2) let the user decide which parts of their data is visible to

An open social graph where each user owns their own data that would 1) keep that data protected, 2) let the user decide which parts of their data is visible to the web applications of their choosing, and 3) not able to be exploited by the likes of Microsoft and Google to better merchandise to users. This type of system will never get built because there's only money in using a user's data against them and users won't pay out of pocket for such a service.