Introducing the Haven for Data Users – REPUX

RepuX - Part1: Project Introduction, Problem, Solution and How It Works

DATA!!! Data can be described as information, facts and statistics that has been collected and translated into a form that is useful for processing and analysis. The impact of Data in the growth of organizations and companies cannot be overemphasized as it is the basis for developmental and innovative planning. 

Access and utilization of good and timely data varies within organizations. Some companies may have access to a large database, but without the necessary knowledge of how to utilize it then it becomes useless like a baseball stick is to footballer. In the other hand some developers with the skill of utilizing Data find it burdensome to acquire it.

Photo by rawpixel.com on Unsplash 

What is Repux?

Repux is a blockchain protocol that seeks solve the problem of data collection and utility by creating a platform where the people with access to data can easily sell it to the developers for Repux tokens and the developers can also sell the applications created with the data to those in need of it for Repux token, thereby creating a win-win situation for everyone. 

Different parties confronted with data problem

Small and medium scale enterprise (SMEs): SMEs place of SMEs in a nation’s economy cannot be overlooked. SMEs contribute to 58.5 percent of China GDP and provide 75percent of new jobs every year. 

In order for these businesses to develop, they need to make innovative business operations, which demands good and quality data. While Acquisition of such data may be puzzling due to cost, the ideal utilization of the data is missing due to lack of technological know-how. 

Developers: The developers are those who make use of data to create applications that will provide solution to problems. With the right set of data, developers can create wonderful applications, but most of these developers do not have the access to data necessary data.

Machine learning: This is an aspect of AI (artificial intelligence) that gives systems the dexterity to learn and improve its performance, with the use of data. Machine learning uses the knowledge of past data to improve itself. For machine learning to work properly, there has to be access to the essential data. 

Other institutions: Some institutions (e.g. research and development centers, national library, colleges etc.) may have a large database which they don't monetize properly.

How Repux provides a lasting solution to these problems

Repux is a decentralized blockchain protocol that allows the monetization of corporate and user data between different parties. Repux is data market place built on the Ethereum blockchain where parties can easily trade data. 

On the Repux platform, SMEs/enterprises can acquire that data and upload data to the Repux IPFS (interplanetary file system) where developers can buy develop unique and wonderful applications which they can sell back to the enterprises. Also, institutions with large database can easily upload their data on the Repux platform where it can be fully monetized.

The Lingering question is; how can buyers verify the authenticity of the data purchased?

Trust is a very key issue in every transaction (especially online transactions) due to numerous scams all over the internet. Buyers find it hard to purchase items from sellers without a good feedback review. This therefore triggers new sellers to create false feedbacks about their products, in order to make sales. This has led to deception in the relationship between buyers and sellers.

Repux through the use of the blockchain will creates a decentralized feedback mechanism, which will provide solution to the trust issue that may arise between parties trading data on the Repux platform. With the use of smart contracts Repux will ensure that the rating of transactions are accurate and depicts the real value.

In my next article about this project I will be doing a SWOT analysis of REPUX highlighting the external and internal factors that may have an effect on the potential success of this platform.

Official Contacts

Website: https://repux.io/ 

Ann thread: https://bitcointalk.org/index.php?topic=2613666.0 

Telegram group: https://t.me/repuxicoEN 

White paper: https://repux.io/white-paper.html 

Facebook: https://www.facebook.com/RepuX-415260768888793/ 

My Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1633818