Data is becoming commoditized, and blockchain is one of the key technologies that will be involved in that process going forward.
Data – all kinds of data – is becoming a valuable commodity . In fact, it might be the next big commodity. Digital information about user habits, preferences and purchasing trends plus more has frequently been referred to as the “next oil.” But what data exactly are people talking about when they use this phrase?
When seen from a digital and mobile world, this actually means all kinds of data. Further, it is data that today is not easily collected, much less put in a form that can be easily analyzed and used for either personal or business decisions.
When this information is connected to processes that can be put on the blockchain, it suddenly becomes not only available but a source of income.
Both larger enterprises and small and medium businesses can vastly profit from this information, particularly as they integrate into a world where IoT, automation and global coordination and communication between vastly different players becomes the reality of life for even mom and pop enterprises. Blockchain is also enabling a democratization of access.
Further, the tokenized reward ecosystems of blockchained environments create the perfect environment for such data to be authenticated and verified, building sources of trusted providers in the process.
RepuX is combining multiple decentralized technologies including Sia, Ethereum, EOS and the InterPlanetary File System (IPFS) to create a custom, high-throughput and hybrid blockchain. In doing so, the company is well poised to take advantage of the increased use of machine learning, big data and artificial intelligence on a large scale, to both aggregate data and drive innovation. By verifying the data the system collects via an Oracle system, the RepuX team can also ensure integrity via their protocol and provide users with verified and authenticated data.
RepuX is building its own blockchain. Their goals for this protocol?
- To develop a high throughput system where data can be monetized directly between developers and users
- To build a secure reputation infrastructure within RepuX token transactions that allows users to create a semi-permanent record in a mutual transaction
- To develop easy-to-use application interfaces (APIs) that enable third-party developers to build upon the RepuX Protocol to create a variety of different applications
- To maintain scalability and speed as high priorities during RepuX Protocol design
- To integrate the RepuX Protocol with existing blockchain technology while building custom solutions on a case-by-case basis.
How does all of this fit together?
Data creation is taking place continuously and at an ever-increasing pace. That data has huge value, and the majority of it at present is being collected, used and distributed only by large corporations that have the money and infrastructure to currently do it.
At the same time, investment in AI is growing – literally doubling every two years. This machine learning capability, combined with decentralized access to that data, has enabled the industrialization of decentralized data-based applications – and for that reason – widened the opportunities for smaller and medium-sized businesses to now access and use it.
The RepuX Protocol has the potential to eliminate this digital divide between those who have easy access to machine learning datasets and those who do not. Using the protocol, businesses sell anonymized data and earn RepuX tokens. RepuX assigns ratings and a reputation to the data. Developers buy this data and train machine learning algorithms.
Developers can then resell their AI enhanced apps back to these enterprises, leading to better decision making.
The potential opportunities for the protocol are large. They include:
Archival Databases: The protocol could be used to connect large databases of existing information and data (for example museum archives of pictures, text, and other artifacts). This, in turn, could be monetized for revenue to support the museum.
Matching Data Purchasers With Buyers: The system could assist companies in finding purchasers for their data, saving companies on both sides of the equation both time and cost.
Monetizing Freemium Services: Using the basic services of a digital product for free but having to pay for premium options is now the de-facto model of software provision for the consumer marketplace. However, value is generated even when such users interact with the free version of such software. RepuX can also help collect information about such use which creates an additional “revenue stream” that can be monetized by tokenization. This also has implications for online advertising models.
Other applications include credit scoring, international trade and tracking compliance, microloans, electronic point of sale and even medical records are all areas that the company also sees potential in and for with its protocol.
There are five reasons why you should consider buying this token.
- It is a working product already, with three pilot companies on board. The marketplace is actually live, unlike most token sales. This is not just a whitepaper concept. The companies involved also reach millions of small and medium enterprises (or SMEs)
- This is a huge market. According to the World Economic Forum, SMEs represent over 95% of firms, account for 70% of employment and contribute 53% of global GDP
- Solving a real business problem. According to the Harvard Business Review, most SMEs do not have enough data or expertise to take advantage of AI. The RepuX marketplace helps them better compete with their larger competitors
- Strong partnership in China. The Economist has already warned that China is leapfrogging the US in AI because its population is larger and produces more mobile data. RepuX hopes to become for data what Alibaba is to commerce
- Winner Takes Most. Marketplaces like RepuX have advantages for early adopters so founders and early token holders can capture a large chunk of the value created. The RepuX team has a good head start!
The final reason, of course, is that the team will perform a token sale audit in April after the ICO closes.
Here are the details of the upcoming RepuX token sale:
Token name: RPX
Token base: ERC-20
Token supply: 500,000,000 total supply. 50% reserved for crowd sale
Token sale target: USD $1 million (soft cap), $10 million (hard cap)
Token sale start: Presale is live now and running until March 5 or until the hard cap of $10 million is reached. Presale buyers receive a discount of 50%.
Token price: Discounted for early buyers, but prices range between $0.14 and $0.18 per token
Minimum Token Purchase: During the presale, minimum contribution is $30,000. During ICO, minimum contribution is $100 USD