RepuX Vision
RepuX Vision 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 the RepuX Protocol, we hope to bring additional value to data.
RepuX Goals and Objectives
Data monetization will become a major source of revenue for individuals and entities in the future. It is estimated that the world will create 180 zettabytes of data (or 180 trillion gigabytes) in 2025, up from less than 10 zettabytes in 2015. Our goals and objectives for the RepuX Protocol are as follows:
· To develop a high throughput system whereby data can be monetized 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.
In summary, our 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 number of different industries.
What is RepuX?
RepuX will allow for data sharing and value creation opportunities among data collectors, application developers and > data users which do not exist in the current marketplace
RepuX is a protocol level framework (the “RepuX Protocol”) on which various types of immutable data can be commoditized and exchanged among different corporate and individual collectors, developers and users. The RepuX Protocol combines multiple decentralized technologies and offers the potential to upgrade to a custom high-throughput blockchain. By facilitating the transfer of data and value between peers, the RepuX Protocol creates data sharing possibilities among data collectors, application developers and data users which do not exist in the current marketplace. The RepuX Protocol provides 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.
Artificial Intelligence and Machine Learning
Data creation is taking place continuously and at an ever-increasing pace. That data has value. Currently, the collection, use and distribution of this data is dominated by certain large corporate entities.
At the same time, investment in artificial intelligence (or AI) is growing at a very rapid rate. It is estimated that the AI development market more than doubles every 2 years. AI has the potential to significantly change many aspects of the economy. Within the AI field, machine learning capability has increased enormously in the past few years. This machine learning capability combined with decentralized access to data has enabled the industrialization of decentralized data-based applications. Since machine learning builds knowledge upon past data, the models that are created are only as good as the data that is fed into the models.
The RepuX Protocol has the potential to eliminate the ”digital divide” between those who have easy access to machine learning datasets and those who don’t.
Machine learning is a branch of artificial intelligence that allows computer systems to learn directly from examples of data.
Big Data
Big data entails large datasets that are usually collected by a business or organization as a by-product of day-to-day operations. Such a dataset could be, for instance, a medical database of illness diagnoses, along with time and location. Unfortunately, because many Big Data datasets are often not directly related to the immediate operations of a business or organization, they are frequently dismissed and discarded. These datasets could be easily monetized and used by other companies that could potentially benefit from such data. For instance, a list of successful product deliveries within a supermarket chain could be useful to a new supplier looking to enter a specific region. What is missing is:
· an immutable and transparent data market;
· with reputable and useful data;
· allowing for the monetization of data by both individuals and entities;
· marketed and made available to those who really need it; and
· with pricing and value determined by the marketplace.
Trust and Transparency
One of the major challenges to the sharing of datasets is the lack of trust between different parties in a data transaction. It is difficult for a person to determine if a specific dataset is well organized, precise and insightful without first accessing the dataset to evaluate it. In addition, there may be issues related to the lack of a common platform where parties can meet in a data transaction.
If this issue of trust can be resolved adequately, fraud rates may significantly decrease while, at the same time, a whole host of other potential data transactions across various industries may be enabled, such as data transactions in insurance, international trade and micro loans.
By design, blockchains are inherently resistant to the modification of the data involved. A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. A blockchain 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.
RepuX Technology
Overview
The technology of the RepuX Protocol can be broken down into 4 separate layers.
Alternative Blockchains
The blockchain environment is changing constantly, with innovations occurring every day. As a result, RepuX remains open to exploring the incorporation of more effective, efficient and scalable blockchains that may be developed in the future. The current sample logic contracts are built using Ethereum’s solidity programming language. However, Ethereum is still under development. We have considered many different solutions and currently believe a Proof of Authority (or POA) custom blockchain will most likely be the fastest, most secure method of blockchain in the longer term. However, it offers less decentralization than Proof of Stake (or POS) and Proof of work (or POW).10 Ultimately, we will need to strike a balance between speed and security, on the one hand, and decentralization, on the other hand, in selecting among different logic systems in the final RepuX Protocol.
Archival Databases
One potential opportunity for the use of the RepuX Protocol is in connection with data stored in various archival databases. For example, the Smithsonian museum has a large database of archival materials that it has collected over decades. This database contains numerous image data, text data, time data and other potentially useful aggregate meta data information.
Unfortunately, the Smithsonian finds it difficult to find buyers for this data. The Smithsonian could license this data to individual companies that specialize in museums; however, access to a broader market would better monetize this data for the Smithsonian. Currently, there isn’t a dominant interface or platform for the Smithsonian to employ in accessing a broader market for the data.
RepuX could potentially provide a platform to give the Smithsonian access to a broader market for the Smithsonian data. By uploading their aggregated and anonymous data into the storage layer (IPFS) of the RepuX Protocol, the Smithsonian could access a much greater range of potential clients for its data. Both individuals and entities that are looking for aggregate historical data in order to perform research or other types of data analysis could easily pay the museum through the RepuX Protocol. By checking the reputation of the seller, potential buyers have assurance that the data is legitimate. Since the payments are sent in RepuX Tokens on the blockchain, the seller has assurance that they will be paid appropriately and decentrally.
Big Data
Machine learning based analysis is projected to grow by over US$200 billion over the next few years.11 It is big business rooted in the availability of big data.
We will look at Artiq as an example. Artiq is a natural language based machine learning company with a number of neural deep learning12 models ranging from sentiment analysis to text recognition. Artiq uses these trained models in order cut operating costs for their clients. Unfortunately, Artiq spends almost 80% of its revenue gathering and preparing primary data itself, often sending individuals into the field to scan pictures of documents in order to train Artiq’s machine learning algorithms.
The RepuX Protocol could potentially assist companies such as Artiq in matching data purchasers, such as Artiq, with data collectors, thereby saving such companies significant time and cost. There are many companies, such as Evernote, that collect huge databases of hand written text. After anonymizing this data and offering it for sale on RepuX, Artiq, and other similar machine learning companies, could purchase this data from reputable data collectors in their industries or elds and use it to train machine learning algorithms, thereby significantly reducing operating costs.
Advertising and Online Content
The freemium model, whereby a basic digital product or service is provided free of charge, but money is charged for richer functionality, is fast becoming the de-facto model for consumer software products. Users may access the basic product or service at no cost; however, value is generated for the entity offering the product or service in the form of the data that is collected about the user. Advertisers will generally pay well for this kind of behavioral data.
We provide the following fictional example. Paul is a graphic designer and uses his computer quite frequently. With the use of the RepuX Protocol, third party application developers can create programs that Paul can voluntarily install onto his computer to record his anonymized computer user data. Paul doesn’t mind sharing this anonymized data with other businesses.
Paul can instantly make this data available to potential purchasers using the RepuX Protocol, thereby generating some additional revenue from data sales on the side. If Paul continuously provides legitimate, accurate and well-formatted data, his reputation rises on the RepuX Protocol, likely resulting in additional sales of his data. Advertisers will appreciate the reliability and availability of Paul’s data and Paul is compensated fairly for his data.
Ecommerce and International Trade
HongShan is a fictional E-commerce business located in Shenzhen. HongShan manufactures electronics for companies all over the world. One of HongShan’s biggest concerns is that of trust, speed and reliability in the settlement of the international transactions. International financial settlements often take numerous steps and over three days to receive payments. Delayed shipping and orders also mean that HongShan cannot reliably know whether the customer will pay on time or not. HongShan could use a middleman, such as Alibaba; however, these middlemen often charge significant fees on each sale, as well as an annual membership
( See https://revenuesandprofits.com/alibaba-makes-money-2016-update/)
The RepuX Protocol can address this uncertainty and delay. Building upon the infrastructure of the reputation based system that is already in place, RepuX can add a certain trust and review system behind each transaction. This reputation element of the RepuX Protocol, built on the reviews of companies such as HongShan and other similar manufacturers over time, will allow HongShan to selectively determine which clients are more likely to pay them on time. Similarly, clients of companies such as HongShan will bene t from the reputation element of the RepuX Protocol when choosing an international manufacturer.
RepuX can develop an optional escrow system within the reputation element of the RepuX Protocol built on the Oracle system whereby trades can be placed into a hold period to help ensure proper settlement. If fraud occurs, each party to the transaction will have to submit accessible evidence to the Oracle system, and after a voting period if the majority determines that the transaction is fraudulent, then the transaction will be reversed.
Credit Scoring
Credit scoring is based upon determining the financial reputation of an individual over a long period of time. The RepuX Protocol can assist with this. With the built-in reputation history developed over time through the RepuX Protocol, third parties can assess the trustworthiness of an individual directly from the transactions that this individual has made. Generally, individuals want to build a strong credit history, which will incentivize such individuals to use the RepuX Protocol in daily transactions.
Electronic Point of Sale (or EPOS)
EPOS devices represent another place where the RepuX Protocol could be implemented advantageously. Each sale conducted through an EPOS using the RepuX Protocol would:
be recorded within the blockchain;
be publicly visible; and
act as an immutable accounting registry, thereby eliminating fraud.
Micro Loans
The micro loans industry is worth over US$40 billion and is projected to grow 20–30% per year.
With the credit history that can be established within the RepuX Protocol, third party developers could build an application resembling a micro loans institution using the RepuX Protocol. Such a micro loans institution would have all of the credit evaluation within the reputation element of the RepuX Protocol available to it, fraud-free and publicly auditable on the blockchain.
Using the RepuX Protocol, micro loans could be easily funded between creditors and borrowers. Creditors could, for example, easily purchase a large bundle of RepuX reputation-certified loans and have assurance that there is a certain quality of reputation behind the borrowers.
Medical Records
PhenoPh is a fictional drug manufacturing and development company. PhenoPh has a wide range of products that are frequently used by hospitals. PhenoPh also has many competitors for the drugs that PhenoPh sells. In order to compete effectively with those competitors, PhenoPh must carry out significant market research.
The RepuX Protocol could potentially provide valuable assistance in this market research for such drug companies. Hospitals collect a lot of data related to the drugs they sell, as well as patient incidents and treatments. This data is often not useful to individual hospitals; however, when such data is anonymized and aggregated by companies such as PhenoPh, it can become highly valuable for market research purposes.
By accessing this data, PhenoPh would not only get a better understanding of the market for its products as well as those of its competitors, but may also have the potential to predict trends in medical information that it would not have been able to do previously, thereby greatly increasing its competitive advantage.
RepuX Token Uses
Data Sales and Purchases
RepuX will allow RepuX Token holders to purchase data from sellers on the RepuX Protocol. The RepuX Protocol will also allow data sellers to receive payment in Repux Tokens from the individuals or entities that purchase their data. Raw data from data collectors and/or various value-added content developed by third party application developers may be bought and sold using Repux Tokens either via marketplaces or in bilateral transactions and data collectors will develop methods for valuing their data.
Apply Reputation
Each transaction, whether it is data related or otherwise, allows users of the Repux Protocol to give each other a ”reputation”. This is a key feature of the RepuX Protocol, as it enables users to evaluate and determine who is a trustworthy counterparty and who is not, and will facilitate the filtering out of spam and other faulty datasets being offered on the RepuX Protocol.
In cases where transactions between parties are disputed or the reputation is claimed to be incorrect, users of the Repux Protocol would be required to submit evidence onto the Oracle system for further verification.
Run the Oracle Network
In cases where transactions or reputation ratings would need to be approved by the Oracles, RepuX Token holders could voluntarily put up RepuX Tokens and vote in the Oracle system. If the RepuX Token holder votes on the correct judgments, then they would be awarded a nominal fee of, for instance, 0.5%, payable in Repux Tokens. This decentralized judgment system would not only provide a reward for RepuX Token holders, but also help the RepuX Protocol eliminate fraudulent transactions and reputation boosting which might otherwise harm the overall reputation and use of the RepuX Protocol.
Build on Top of the Network
Having RepuX Tokens will enable a holder to develop third party applications on top of the RepuX Protocol. For instance, third party developers could create an application that allows users to sell their behavioral data and be paid in RepuX Tokens. By having more RepuX Tokens, this application would be able to aggregate a larger volume of data for business, research or otherwise.
RepuX Token Sale
Pre-Sale and Token Sale
RepuX Tokens are an integral part of the function of the RepuX Protocol.
RepuX will have a pre-sale of rights to receive RepuX Tokens at a future date which is being made available solely to “accredited investors” through a Simple Agreement for Future Tokens (the “Pre-Sale”). The pre-sale will go on through December at a 50% discount to the base rate of $0.20 (the “Base Rate”). Any interested accredited investors can learn more by contacting RepuX directly at support@repux.io and download the blank SAFT at repux.io/saft.html .
RepuX is scheduled to launch the Pre-Sale in December, 2017 and the Token Sale in March, 2018 once the RepuX Protocol is operational. The Pre-Sale will be open until the Token Sale commences in March, 2018. The Token Sale will be offered in 5 tranches, with the first at a 30% discount to the Base Rate, the second at a 25% discount to the Base Rate, the third at a 20% discount to the Base Rate, the fourth at a 15% discount to the Base Rate and the final at a 10% discount to the Base Rate. We will be launching RepuX Tokens with a supply of 500 million tokens to be allocated as set forth below in Table 2 under the heading “RepuX Token Rates and Allocation”. The market exchange rate between RepuX Tokens and Ether for the Token Sale will be based on an equivalence of one RepuX Token being equal to $0.20.
In order to engage in data transactions on the RepuX Protocol, a data collector, data purchaser or third-party developer must acquire RepuX Tokens.
Token Standard
The ERC20 standard provides a common interface for digital assets on the Ethereum blockchain. The RepuX Token adheres to the ERC20 token standard, which means that RepuX Token holders can easily manage and transfer their RepuX Tokens using existing Ethereum wallet applications (e.g. Parity, Mist, MyEtherWallet, etc.).
RepuX Token Rates and Allocation
As the goal of the RepuX Protocol is to have users be as in control of their data as possible, RepuX has designed the Token Sale in a decentralized fashion. This allocation is subject to change depending on the amount of Repux Tokens sold in the Pre-Sale and will be finalized at the conclusion of the Pre-Sale.
Use of Proceeds
RepuX expects that a substantial amount of the proceeds of the Pre-Sale will be used to progress the development of the RepuX Protocol and the RepuX Token ecosystem.
All outstanding RepuX Tokens will be managed by the RepuX Foundation. The RepuX Foundation is a Panama non-profit organization established in October 2017 with offices in New Horizon Building, Ground Floor, 3½ Miles Philip S.W. Goldson Highway, Belize City, Belize. The RepuX Foundation was formed to safeguard the RepuX Tokens and funds raised through the Pre-Sale and the Token Sale on behalf of RepuX. RepuX is committed to community engagement and sponsoring user participation within a world of decentralized data. The RepuX Token and associated network and marketplace all use trade secrets and intellectual property either created, owned or licensed by the RepuX Foundation.
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