Hello RepuX’ers!
William here, and as a part of the new community strategy, I wanted to bring you regular updates about what is going on behind the scenes here at RepuX! It is important for us to include you all so that you can take part of what we are building here. As you know, we concluded the token sale last month in April (thank you to all who participated), and since that time, we have wasted no time getting right to work on the platform.
As many of you know, we have a working demonstration of the RepuX Data Marketplace on the RepuX website. This iteration is inherently centralized in nature, and was to demonstrate some of the key features we intend to build on the platform. So, since the conclusion of the ICO, one of our primary focuses has been on rebuilding the marketplace, but this time, to be completely decentralized. This is the true beauty of blockchain technology, and we want to eliminate any central points of failure that other big data businesses rely upon, so that has been our primary focus. Our two main goals for the marketplace over the next 1–2 months will be to launch our marketplace, allowing SMEs and users to be able to buy and/or sell data in a completely decentralized manner. From beginning to end — decentralized!
Currently, we are using InterPlanetary File System (IPFS) to store data in a decentralized manner. IPFS is a hypermedia protocol that aims to make the web “faster, safer and more open.” IPFS allows users to store their data, reducing friction and the problems that occur in centralized databases (ie security risks, natural disasters, downtime, bottlenecks, bandwidth limitations, etc). One of the benefits to using IPFS is that because of the limitations in storing data on the blockchain (it can be very expensive and cumbersome), we can instead provide a link to the data stored in IPFS directly in the smart contract and put that on the blockchain instead, while still providing immutability from both services. In addition to this, because IPFS is new technology, and it is still being developed, we are always exploring other options as well to stay relevant on all of the latest technological developments moving forward. We intend to remain fluid in the coming years so that we can take advantage of any technology if it has significant advantages over IPFS.
We are looking to have the two main buy and sell functions completed, and the decentralized marketplace ready to deploy, within the next two months. We also are working on other exciting marketing efforts to help bring exposure and notoriety to the project, so please, join us on the Telegram and our other media channels to get all of the latest news!
Thank you!
