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In the digital world of today, each and every action an individual or an organization takes generates data. From the amount of raw materials consumed in an industry to something as simple as a person spending time on a social media platform on his or her mobile, each action reflects particular raw information.
Data today is like oil. The similarities are uncanny. In its refined state, it has great value to those who know how to use it, yet it is difficult to obtain the data in the first place, let alone extracting useful information out of it.
Connecting Data Generators & Refineries
RepuX is a Blockchain platform that aims to connect small and medium enterprises (SMEs) that generate a lot of data, but lack the necessary knowledge and resources to utilize it. With developers of machine learning algorithms popping up the world over, it is important to empower SMES with the power to crunch numbers to enable their softwares learn and evolve in a truly intelligent manner.
By facilitating the transfer of data between parties, the platform plans to create an industry where immutable and anonymous data can be easily sold to data collectors, application developers and data users and later on the refined state can be monetized back to the original (or with consent, to other parties) for an effective utilization in the business.
A major challenge in the sharing of data within a corporation is trust. The data may reveal certain information that the supplier does not want shared with other parties. This is where Blockchain technology comes in handy. The data shared through the Blockchain is encrypted, allowing only the intended party to receive it, yet the transactional information uploaded on the Blockchain is transparent and, by design, permanent and very resistant to manipulation.This makes RepuX a perfect solution where security and transactional integrity are paramount. Along with this, the elimination of any intermediary in transferring of data closes the doors to any eavesdropper who might attempt to access the data.
The trust between parties is further enhanced by implementation of a ranking system, in which the data seller will know of the reputation of the buyer’s integrity and at the same time the buyer will know if the data being provided will be of value to its programme and AI development or not.
Managing More Than Data: The RepuX Token
RepuX enables the sale of data on its platform through a native ERC20-compliant RepuX token. It is the only method of monetary transaction on the platform. The token can be acquired by backers through its TGE which will go live on 6th March, 2018 and will run for a month. The rate of generation is 1 RepuX = 0.20 USD. accepted forms of payment to the platform are ETH, BTC and USD. A total supply of 500,000,000 RepuX is available and there is a 30% discount for early birds, which will decrease by 5% every week.
For further information, visit the RepuX website: https://repux.io
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