THE ARCS CHAIN ECOSYSTEM
Data is basically information and this information may be in the form of text documents, images, audio clips, software programs etc. ‘Data is the new oil’ is a saying that would probably be valid through the next few decades. World market giants (Amazon, Google, Facebook) have all made money through data. There have been concerns on how these companies collect data and how they use them; many have been sued for data privacy violations, and many other companies have been accused of improper usage of the data collected. As we continue to transition to a world where data becomes increasingly in demand, there is a need to establish channels that can effectively take care of data privacy concerns and mitigate data misuse.
AIre is a decentralized next generation data banking platform that enables individuals to have full control of their data and benefit from it. AIre allows users to have a unified data storage system, where fragmented pieces of a user’s data from different sources can be brought together and linked to that user. AIre is created and managed by IFA, a Japanese corporation that was established in 2014 whose mission is to improve people’s wellbeing all around the world. AIre provides a decentralized framework through an API which allows its network participants (Individuals and Companies) to build business applications with useful data insights.
Asides from Data usage and management, AIre platform also allows users to tokenize their assets, thereby adding values to their lives.
AIre performs 3 major functions in regards to data which are
i) Information Input
ii) Information Storage
iii) Information Utilization
Information Input: Users can input their personal information through questionnaires, links of their social media accounts, their CVs, educational qualifications etc on the AIre platform. The frequency of use of this information will determine how much the user is paid through tokens. AIre will also be allowing other data companies to participate in the network. The data input from these companies can now be transacted to create a larger network. All kinds of data are welcome, and AIre essentially acts as a data bank for this information.
Information Storage: All information gathered is stored on a data bank on the blockchain along with the hash values. The hash values will be used to validate the authenticity of the data.
Information Utilization: User Information is utilized by companies integrated to the AIre API who use this information to either improve their services or sell it to other companies after modifying it. Before a data input can be used, the owner of the data must consent to it. Data collected can be used to build a decentralized Digital Identity (DID) for users. The DID can be used for any platform on blockchain and reduces the need for a user to enter his/her information continually on different sites.
AIre Ecosystem Uses
The vision of the Arcs Ecosystem is to build a platform where individuals and businesses can transact data/values in a secure and private manner with a fair distribution of rewards and incentives. Essentially, the platform will implement the following services
DIDs: Digital identifiers that make it easy for users to prove their identity
Cryptocurrency Wallet: A wallet that allows users to not only store cryptocurrencies but also allow them to exchange assets with other users.
Financial Banks Cooperation: AIre will integrate with financial banks to provide better services and ensure a high level of data and risk management.
Scoring: AIre will be building a scoring system that takes different viewpoints into consideration. This scoring can be used to obtain loans or credits.
Assets Tokenization: AIre will be building an interface where tokenized assets can be exchanged. Assets that can be tokenized ranges from houses to social media followers.
THE ARCS TOKEN
The Arcs token is at the center of the AIre Ecosystem and gives the platform fluidity.
The arcs (ARX) token is the native cryptocurrency of the AIre platform. It has a total supply of 20billion, it is an ERC-20 Token and it is already traded on exchanges. The AIre platform will move its infrastructure from Ethereum unto its own blockchain in the nearest future. A token swap will be issued then to migrate ARX from ERC-20 to AIre native chain known as the Arc chain
The Arcs token will majorly serve as
Rights to AIre Services: ARX gives a user the right to use the AIre platform as the token is used to pay for services that the platform offers. The buying of data on the AIre platform is done using ARX.
Incentives: ARX is used to incentivize users for the information they provide, and tokens are also used as incentives for users who spread the word about the AIre platform. A percentage of the total token supply is dedicated to free distribution to users who support the AIre startup Project.
Payment for Services: ARX is used by companies to buy data from AIre platform. Users can also obtain services from these companies on the platform and pay using the ARX tokens.
Here is a visual representation of the ARX token flow
Conclusively, our lives are made up of data that defines us. Having sole control of this data and its usage will give us a strong identity of who we are, and this is AIre vision- to help manage our data and give us sole control of our identity.
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