ARCS-CHAIN: Making Your Data Valuable
The internet is filled with millions if not billions of people today and I am sure it will bring so much to every internet user if they get paid for the amount of time they spend on the internet every day. That said, every time we sign up to a website, we give up our data to complete our profile for free of charge and it gives me great pleasure to introduce a platform that pays me for my DATA. Allow me to introduce ALRE, an ecosystem that is centered around data banks and its users. Alre is a project that will empower individuals (data owners) by helping them attach value to their data rather than allowing them give it away for free of charge.
BRIEF HISTORY OF ALRE
Alre is a project that originated in Japan by an organisation called IFA CO., Ltd in the year 2007, the company was founded by Masashi Mizukura who is also the CEO and he is also a graduate of the faculty of law from Chuo University. The aim of the project is to introduce the next generation of banking which involves data to help solve challenges like data monetization, financial inclusion, scoring, reputation, data privacy, data analysis etc.
TECHNOLOGY
IFA CO., Ltd in cooperation with Stake Technologies developed a proprietary blockchain for data banking known as ARCS Chain. ARCS chain is a public blockchain and therefore prevent data falsification. To get things started, a Proof-of-concept (PoC) is developed with a parity substrate framework. The PoC verify technological feasibility of following:
· ARCS token can be issued as base currency in proprietary public blockchain network
· Zero control of data or manipulation by anyone
· No user transaction fees
ARCS
Alre’s token economy is centered around ARCS. Arcs is a token that is issued on Erc-20 token standard and just any other kind of token it is can be exchanged on exchanges where ARCS is being listed. The token symbol is known as ARX. On the 22nd of November 2019, 20,000,000,000 was minted on Ethereum with contract address 0x20b1a8a9ca1c7302b7f774266c491c7b11622779. ARX was listed on Kucoin with a listing price 0.01$ on the 3rd of December, 2019 but at the time of writing this article one ARX has a value 0.3$ which proves the usefulness of the project and the hard work put in by its developers. ARCS is used for two major purpose:
· Incentives to Alre users: To encourage people to provide their information on the platform, Alre users will be rewarded with ARX when they share their information on the ecosystem. Additionally, the volume, type, quality of the information provide will determine the reward received by the users as this will propel users to give useful information to the data bank.
Another reason why Alre rewards its users is to lower their resistance when inputting their data.
· Right to Use Alre Services: The data collected by Alre in its data bank can be accessed by organisations or data buyers using ARCS. When these data buyers buy data, data providers (users) will be rewarded with ARCS. Also, organisations can also receive ARCS when they receive payment for services offered on the platform.
Website: https://www.arcs-chain.com
Twitter: https://twitter.com/ARCS_ARX
Telegram: https://t.me/ARCS_ARX_EN
Medium: https://medium.com/arcs-arx-official
Whitepaper: https://www.arcs-chain.com/whitepaper_en.pdf?v=20191122b
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