RepuX’ innovative role
“I think you can have a ridiculously enormous and complex data set, but if you have the right tools and methodology then it’s not a problem.”
Aaron Koblin, Entrepreneur in data and digital technologies
A Thrive Medium post about why some ICO projects will succeed and others will not notes that many startups working to implement blockchain solution face 3 types of challenges:
- Lack of a substantial idea
- Choosing the wrong method to execute the idea (not all projects benefit from blockchain integration)
- Lack of means to implement, such as team, funding, time, or experience.
RepuX, the blockchain-based platform designed for small and medium enterprises (SMEs) to optimise their data by sharing it with developers, meets none of them. The project is almost ready and lead by devoted team of experts and founders working on this innovative and highly wanted solution for the future. And this is how we won’t commit any of the 3 mistakes of those mentioned above.
The RepuX solution is already underway. It will launch its platform for SMEs in a while to begin uploading data with accompanying potential use cases to be explored by developers… But how does RepuX fit into the economy as a whole?
“Data is a precious thing and will last longer than the systems themselves.”
Tim Berners-Lee, inventor of the World Wide Web
The RepuX ultimate goal is to build a secure, reliable, high-performance data transfer protocol that can be integrated with a wide variety of different applications developed by third parties for use by a variety of industries. Why is that so? The report created by World Economic Forum (WEF) in 2011 suggests that “the data economy[…] will consist of thriving markets for bits and bytes. The main problem is that “it stands, it is mostly a collection of independent silos.” Also, according to one the main authorities in the financial field, The Economist, data is the fuel of the future. RepuX wants to change status-quo and both create and implement the innovative product which could be integrated with other disrupting solutions and companies and could be used as a tool by companies and third parties in the most efficient and productive way. Because data will be the catalyst of the economic engine of the future. We, RepuX, even call data “The New Oil”, although we remember that unlike oil, which is finite and whose properties are well known in terms of what it can produce (and pollute), data is for all practical purposes limitless.
Ok. But… how will it work?
The main vision and aim of RepuX is to create a Protocol which facilitates the monetization of data through efficient transfers between collectors, developers and users that will also allow the evaluation of data reliability and reputation over time. Through our RepuX Protocol, data collectors could transfer data to data users or to application developers in exchange for REPUX Tokens. Developers could build upon the RepuX Protocol, and use data transferred by collectors to generate products and services which could then be transferred to end users in various industries, in exchange for REPUX Tokens. With that all, we hope to bring additional value to data. It is the first such project in the World, so taking part in it’s innovative process is both demanding and exciting!
We have chosen to back our technology with the Ethereum blockchain because of the tokenization and encryption it enables. It’s undeniable that businesses would benefit from dApps based on data insights, but most businesses are reluctant to share proprietary information because of privacy concerns. RepuX addresses businesses’ privacy concerns by encrypting data so that the source is unrecognizable to those receiving it. Going a step further, RepuX uses the tokenization enabled by the Ethereum blockchain to reward businesses for sharing their data in cryptocurrency, REPUX tokens, that can be used to buy other services within the network.
Technology of blockchain used by RepuX itself can serve as an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Blockchain technology allows for the reduction of fraud rates thereby enabling a whole host of potential applications. This makes blockchains ideal for use as the foundation for the RepuX Protocol where security and transactional integrity are paramount.
The place where blockchain, the technology implemented by RepuX, differs from other decentralised peer-to-peer systems is that it gives its users financial and economic incentives to get some work done. Following words of Novamining, with any solid economic system, there should be incentives and rewards for people to get work done, similarly, there should be a punishment system for miners who do not act ethically or do not do a good job. We think that in the near future we will see how the blockchain incorporates all these basic economic fundamentals.
In the more detailed technical way, The RepuX Protocol combines multiple decentralised technologies such as InterPlanetary File System (or IPFS)2 , Sia3 , Ethereum4 , EOS5 , and offers the potential to upgrade to a custom high throughput blockchain. It also creates data sharing possibilities among data collectors, application developers and data users which do not exist in the current marketplace. With the development of the RepuX Protocol, RepuX is well poised to take advantage of the reliance of machine learning, big data and artificial intelligence on large-scale aggregate data and to drive innovation in these respective fields.
The RepuX Protocol would also provide the opportunity to data producers to create value in their data through facilitating the provision of this data to users in multiple industries, while eliminating the need for intermediaries in this process. With the development of the RepuX Protocol, RepuX is well poised to take advantage of the reliance of machine learning, big data and artificial intelligence on large-scale aggregate data and to drive innovation in these respective fields. By evaluating the reliability of each entity and each transaction with respect to the data, and with verification by an oracle system, we can ensure integrity within the RepuX Protocol and provide data users with greater confidence in the content and quality of the data they are purchasing.
In a nutshell, main goals and objectives for the RepuX Protocol are then as follows:
• To develop a high throughput system whereby data can be monetised directly between collectors, developers and users;
• To build a secure reputation infrastructure within REPUX Token transactions that allows users to apply a semi-permanent record in a mutual transaction;
• To develop easy-to-use application programming interfaces (or APIs) that enable third-party developers to build upon our RepuX Protocol to create a variety of different applications;
• To maintain scalability and speed as high priorities during RepuX Protocol design and development; and
• To integrate the RepuX Protocol with existing blockchain technology while building custom solutions in certain cases.
So… what’s the very next step?
Cryptocurrencies itself have value because of the same reason that money, in general, has value, trust. When people trust a commodity and give it value, it becomes a currency, that’s the same reason why fiat has value and why gold had value in the first place. So when a given commodity is given value, the value changes in accordance with one of the oldest rules in economics: supply and demand. The same is with a Data, the new oil or even a new kind of resource in general. The Data Marketplace is where technology and economy meets and it seems then a perfect to use all of RepuX resolutions mentioned above: Blockchain-Backed, Data Sharing and Rewards Platform which is coming soon. It’s already opened for everyone to participate right here and right now as REPUX token pre-sale is ongoing.
About RepuX:
RepuX is a blockchain-backed protocol and platform for SMEs to earn rewards for sharing data on a secure, decentralised network. The RepuX platform encrypts data and maintains quality through reputation scores determined by purchasers. Industries that stand to benefit from the RepuX platform include ecommerce, healthcare, accounting, micro lending, and advertising, among others.
More about REPUX token pre-sale and RepuX itself can be read here:
https://repux.io/
https://www.facebook.com/RepuX-415260768888793/
https://twitter.com/repu_x
