RepuX Overview | Data Monetisation from Millions of Small Enterprises

luisramalho (29)in #blockchain • 6 years ago (edited)

A vast amount of data is being created by small and medium enterprises. However, most of this data is not used. Additionally, developers are requiring data to train AI Machine Learning algorithms. So, that is the problem that RepuX is trying to tackle, make the data available for developers to use them. In order to do that they will create the RepuX marketplace that lets businesses sell data to developers so that they can create make good use of it.

How does RepuX work?

Firstly, the data is sold anonymously by businesses and they earn RepuX tokens in return for this data;

Secondly, the data is rated and it’s reputation evaluated on the blockchain. Then, this data can be used by developers to train machine learning algorithms.

Finally, the newly created AI enhanced apps can be sold back to organisations in order for them to make better business decisions.

RepuX Technology

In terms of their technology, the RepuX Protocol can be divided into 4 layers:

(1) The application layer. In this layer there will be multiple Dapps, or decentralized applications, that will be built by third-party developers on top of the RepuX API infrastructure.

(2) The data layer. In essence, this layer will have the information, the data. Here, businesses can sell the data, and developers can buy it. Importantly, the data in this layer will be stored within a decentralized infrastructure that will ensure that the data is secure and anonymous.

(3) Then there is the logic layer that will handle the transactions that happen on the data layer. Here they are still deciding if they should use the Ethereum infrastructure, EOS or even their own infrastructure.

(4) Finally, there is the value layer. The function of this layer is to guarantee that the participants in the ecosystem get compensated for the activities they perform within the RepuX Protocol.

They go in more detail in their whitepaper, so if you are interested in reading further I do recommend that you have a look at it.

The RepuX Token

The way this data will be exchanged is with the REPUX token, which is compliant to the ERC-20 standards.

Uses of the RepuX Token:

(1) Buy and sell data. One of the main uses of the RepuX Token is to buy data from businesses on the RepuX Protocol.

(2) Apply Reputation. Basically, in the Repux Protocol each transaction will allow users to give one another reputation. In fact, this is one of the main features of the Repux Protocol, as it builds trust within the ecosystem. Not only in terms of the entities participating in the transaction, but also the data itself. For example, if there is a dispute the users of the Repux Protocol will be obligated to submit evidence to the Oracle system for additional checks. So that’s another use for the tokens, to run the Oracle Network. RepuX Token holders can put up RepuX Tokens and vote in the Oracle system.

(4) Finally, by possessing RepuX Tokens, you will be allowed to develop third party applications on top of the RepuX Protocol. In essence, the more tokens you have the larger volume of data.

That’s all about RepuX. Their vision is to build a protocol that assists the progress of monetising data through efficient transfers between collectors, developers and users. This data will be evaluated and rated. So, for this exchange of data, RepuX Tokens will be used. Basically, RepuX Protocol, is hoping to bring additional value to data.