RepuX - Building a "Reputation System" like no other
In my previous post, I introduced a new, decentralized marketplace-cum-protocol for the exchange of "data" known as RepuX, that will benefit Small & Medium Businesses, Software Developers, and many other industries. Any marketplace, regardless of it being centralized or decentralized, will have 2 sets of actors - 1) Buyers and 2) Sellers. When you walk into a Brick and Mortar store, an example for an offline/real-world marketplace, you will most likely encounter a salesman who will interact with you promptly, introduce you to the various product(s), explain the pros etc. Ultimately, your buying decision will be influenced by the "Trust" developed between you and the seller. The salesman will play a crucial role in building that trust. This will be particularly true in the case of small sellers or businesses. Now, in an online marketplace, building that "Trust" between the buyer and seller is not that straightforward. However, there is one definitive metric that can significantly help in doing it- Reputation. A reputation system will allow the buyers to check the legitimacy of the seller and his products before making the buying decision. One of the primary design considerations for an online marketplace is building an efficient, unmanipulable Reputation mechanism.
Most practical online reputation systems are built on the principle that every transaction between a buyer and seller shall be accompanied by a Rating and(or) Review mechanism that will allow the "Buyer" to rate and(or) review the "Seller" and vice versa. The average of their accumulated Ratings and(or) Reviews over time form the basis of Reputation in the marketplace. Now let's come back to our RepuX- RepuX is a decentralized online platform where individuals and businesses sell their data to developers, individuals, and other businesses for tokens. Every transaction in this "data marketplace" will be subject to a rating and review step which, over time, contributes to the overall reputation of the concerned parties. With the reputation system in place, buyers can check the legitimacy of the data and its seller before making the buying decision. The Reputation system usage wouldn't be limited to the platform or its transactions- third-party application use cases like Credit Scoring, Micro-loans will make use of this reputation system integrated into the protocol.
In addition to the "usual" rating/reputation step, the RepuX protocol introduces a novel Oracle system to counter fraudulent actions that are used to trick or manipulate the reputation system. The Oracle system is essentially a smart contract integrated into the RepuX protocol.
Why is the Oracle system important?
One of the major issues with existing marketplaces is "artificial boosting of ratings or manipulation". Here is a nice write up on the topic of incentivized reviews on Amazon.com. The article explains how sellers use incentivization tactics to achieve higher ratings, effectively disintegrating the whole reputation system. The problem is that these type of frauds go unnoticed or can easily bypass the protection mechanisms employed by the centralized systems.
However with RepuX protocol, in the event of an unusually high or suspicious rating, each party to the transaction will need to submit relevant proof to the Oracle. This will be followed by a voting process to determine the authenticity of the claims and if the majority voters deem that the transaction is fraudulent, then it will get retracted. This "democratic" way of dealing with frauds will ensure quality in the marketplace.
REPUX Token and its role in the Reputation system
In the RepuX ecosystem, every transaction powered by the REPUX token will be accompanied by a step in which users will be able to give a "reputation”.Further, a REPUX Token will also be used to vote in the Oracle system used to annul fraudulent transactions. During this process, if a REPUX Token holder manages to vote for the correct outcomes as eventually determined by the Oracle system, he/she will be entitled to a small percentage of transaction fee as the reward.
RepuX’s approach to establishing a trust-based, democratic and unmanipulable Reputation system deserves a lot of praise both from a technical as well as ethical point of view and contributes significantly to its ultimate goal of establishing a high-quality data marketplace that will benefit all of its stakeholders.
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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
Check this game out, look close with an open mind with what this new concept is doing with open source Ethereum ERC-20 smart contracts, decentralized exchange and passive income. The game is on it's way to passing the crypto kitties game on the Dapp Radar. The smart contract is coded to tax 10% of the ETH. when users purchase the (P)roof (O)f (W)eak (H)ands tokens and divides the ETH. tax to people who are already holding and also 10% of when users sell “20% total”. The name of the game is to hold as long as you can while you get earnings from the constantly taxed “Strong hand” buys and the taxed “weak hand” sells. If you don’t want to play anymore, you can pull out all your earnings all at once but with a 10% tax fee that gets divided to the stronger hands. This is what the ERC-20 smart contract is programed to do. Doesn’t hurt to look at the contracts open source code at least, don’t let the opportunity pass you by.
https://powh.io/?masternode=0x32c37e7ca38be1f85cd9e85c81ac9b6730f43e3e