RepuX - A Decentralized "Data" Marketplace to benefit Small & Medium Businesses, Developers and Many Others

The internet has changed how global businesses work. Today, with modern computers, internet, and sophisticated apps, businesses are able to offer products and services to consumers at their fingertips. E-commerce, a term used to denote the buying and selling of goods and services over the internet, is increasingly becoming mainstream all around the world. In fact, E-commerce giant Shopify estimates Global Retail E-commerce Sales figures to be at $4.5 Trillion by 2021. And yet you don't see smaller conversion rates in these online stores compared to that in traditional brick and mortar stores. There are many reasons for this but most important of them all is "Data" or to put it more precisely- the lack of it. Most experts claim that a data-driven model to target customer behavior will ultimately lead to higher conversion rates. And this is not just applicable to E-commerce - Advertising, Machine Learning, Health, Finance, all these industries depend on data.

“Data!data!data!" he cried impatiently. "I can't make bricks without clay.”

― Sir Arthur Conan Doyle, The Adventure of the Copper Beeches

With Blockchain, the idea of decentralized and peer to peer marketplaces is becoming a reality. A blockchain's qualities such as transparency, auditability, immutability will bolster the marketplace and further, the use of a native token to power the transactions will drive liquidity. RepuX is combining these principles to create a decentralized marketplace-cum-protocol to facilitate the tokenization and exchange of data. Think of RepuX as a platform where individuals and businesses are able to sell their data anonymously and earn tokens as a reward, where Machine Learning Engineers are able to buy this very data to use for "Supervised Learning" of their models and build AI-based applications, where other businesses can thoroughly analyze this data and improve their decision-making process.

At the core, RepuX will make use of public blockchains such as Ethereum, EOS to create its primary layer, consisting of smart contracts that will govern the data transactions between the parties, supervised by an Oracle. Think of the Oracle as an authority that will enforce a reputation system within the marketplace and prevents "rating manipulation" that is a severe problem in existing centralized marketplaces such as Ebay and Amazon. I will explain why this Oracle system of RepuX is unique in my next article (Watch out for that!).

For file/data storage RepuX will make use of the "revolutionary" IPFS protocol. IPFS, being a peer-to-peer protocol, nicely fits into the decentralized setup - for more on this, I recommend that you guys read this Nice article by Consensys. The "file sharing" process will be made cryptographically secure by means of AES-256 encryption.

By combining all the above, you get a decentralized, scalable and secure marketplace that will benefit the likes of machine learning, e-commerce, medical, microlending, advertising and many other industries. Here, it should be noted that RepuX does not intend to solely function as a standalone platform like what their demo currently is. RepuX will be designed as a "low-level protocol" or framework that provides Application Programming Interfaces (APIs) for third-party developers to build applications. Having checked out the demo, I can say that the implementation so far has been neat and currently supports integrations such as Amazon Marketplace Web Service (Amazon MWS). So, I expect one of the early beneficiaries of the platform to be sellers on Amazon.com who have been approved for the MWS program.

_{RepuX Technical Layers Hierarchy}

To top it off, you have the REPUX token that will be the de-facto option to sell or purchase data. The REPUX tokens will also be used in the "voting" process within the Oracle system to weed out fraudulent transactions thus ensuring a foolproof reputation system. These ERC-20 based REPUX tokens are up for sale through a​ token sale event which is running now and set to conclude on April 5, 2018.

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To learn more about RepuX visit the website
Telegram —  https://t.me/repuxicoEN
White Paper-https://repux.io/white-paper.html
BitcoinTalk ANN —  https://bitcointalk.org/index.php?topic=2613666
BitcoinTalk Bounty —https://bitcointalk.org/index.php?topic=2646302.0
My BitcoinTalk Profile —  https://bitcointalk.org/index.php?action=profile;u=1404731

Disclaimer: I am not a financial advisor. This post is intended as a product review and not an investment advice