RepuX - Data Marketplace for SME
The trade of data seems to be a lucrative new business avenue nowadays, and blockchain provides a good technical foundation for building such data trading platforms. It's not a surprise that there is already a number of startups, hurrying to fill this niche, that utilize blockchain technology to create online decentralized data marketplaces.
Among such startups I would like to distinguish RepuX for two reasons: First, it has already created a fully functioning prototype, and the second, it has signed a contract with WorkHQ - a China-based inventory management company. RepuX is building a platform that would serve as a data marketplace for small and medium-sized businesses (SME), interested in selling their data on open market. The buyers can be software developers, working on algorithms, processing that data and extracting valuable statistics. Also, a likely category of potential buyers are AI researchers, who need data to train their models. Those developers can then, in turn, sell their software or analytics on the same marketplace. The cooperation of RepuX with WorkHQ is remarkable because it gives the former access to millions of potential customers. WorkHQ is a service, helping small and medium-sized businesses (SME) to manage their sales. For example, businesses ,conducting their sales on the online platforms like Amazon or TaoBao, sometimes have hard time, keeping track of the purchases and orders. WorkHQ organizes and automates this process. For RepuX this partnership means both a huge potential client base and, at the same time, the vouch of confidence, regarding project's potential future success.
RepuX platform consists of several layers. The lowest layer in this hierarchy or data layer uses blockchain ledger to keep sensitive meta-information related to data, for example, data owner signatures, and decentralized database and file systems technologies such as IPFS, Sia, or Storj for storing actual data. The company uses Ethereum as its blockchain platform, although, it is also considering alternatives with better performance such as EOS. On the top of the data layer built platform APIs and Application Layer. The Application Layer is open for the third-party developers, who are interested in creating applications, operating with thedata stored on the platform. RepuX's APIs, in turn, allow developers to build external applications, closely integrated with the platform. Such architecture potentially can lead to an emergence of the whole ecosystem of services, surrounding the data marketplace. To ensure the quality of data Repux has a system of ratings and reputations. The datasets are rated by buyers, and those ratings also reflect on the reputations of data sellers. Due to the transparency of blockchain, where this rating process is taking place, it's impossible for anybody, including the platform administration, to manipulate those rating numbers.
Speaking in general of possible applications of this business concept, it can be highly useful for marketers, data scientists, and AI researchers. In short, the platform will likely meet demand of both companies, possessing big amounts of data and interested in quality analysis, and developers, who need data for training and enhancing their algorithms and models. All the sales on RepuX platform are going to be conducted using RepuX Ethereum based utility token.
From March 6, 2018, until April 5, 2018, RepuX will conduct a token sale with an aim to distribute 250,000,000 RepuX tokens.
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