Review ARCS (ARX)
IFA successfully accomplished the first prototype of ARCS chain
ARCS chain is a proprietary blockchain for data banking infrastructure, developed by IFA.
The blockchain is developed with Parity Substrate in cooperation with Stake Technologies.
In order to realize a data bank powered by blockchain, IFA team is currently conducting technical verification of the following elements.
- When users register their data, they will receive tokens as incentives.
- Data registered by a user can only be changed by the corresponding user.
- Users can always control which authority or corporation that will have access to their data.
- Users can receive tokens as reward for grating companies access to their data.
- Blockchain will provide all these functions without compromising user experience.
To be more precise…
Users / Companies will not have to pay transaction fees.
Users / Companies will be able to use normal web applications.
As of mid-February, IFA succeeded in developing the prototype of ARCS chain, and concluded technological verifications of 1, 2, 5a, and 5b using the prototypes.
ARCS chain has been developed as a public blockchain. Therefore, since anyone can view the data on the blockchain,any fraud can be detected immediately.
About 1: By conducting data registration and token distribution with Parity Substrate’s runtime module (*Something like Ethereum Smart Contract), whenever user’s register, they will receive tokens. This cannot be denied by anyone, and the user’s rights against their personal data will never get compromised.
About 2: The hash value of the registered data is recorded on the blockchain. Therefore, if the user data has been changed, consistency with the hash value of the blockchain cannot be obtained, and the data tampering can be easily detected. Currently, raw user data is stored in IFA’s back-end-server. In the future, we are considering to use distributed storage solutions such as IPFS in order to avoid centralized databases.
(5.a) and (5.b): Transactions sent by users and companies will additionally be signed by IFA. Thus, since the user will not be directly transacting with the blockchain, they do not need to worry about transaction fee and latency.
In the future, we plan to proceed with technical verifications with 3 and 4.
The PoC product will be released to limited users as a beta test around April.
▼Press release
Vision
The philosophy of the AIre project is a desire to improve well-being for people around the world, not only physically, but also mentally and socially. AIre’ s vision is to empower individuals through the rights to their data and the value their data holds. The ecosystem will include participants of many kinds, ranging from individuals to large data corporations. Participants will be able to transact with each other, protected by the “rule of code” enforced with smart contracts deployed onto a blockchain network. This enables businesses to buy and sell data while being compliant with personal data regulations, ultimately improving their data analytics capabilities and deriving meaningful insights. Individuals who provide information to data banks will be protected by a high level of privacy and receive rewards based on inputting data and it being used. Buying and selling data is increasingly becoming a major part of our lives, Aire’ s proposed ecosystem will make buying and selling data an integrated part of our lives whilst ensuring privacy and fair distribution of data trade.
About AIre
AIre is an ecosystem centered around data banks and their users.It provides functionality for data banks so that they can operate effectively and transact with businesses and individuals.This section outlines AIre, its functionality, and its business model. It also includes a description of measures to prevent data tampering through using blockchain technology and interconnected data bank hubs.
Overview
AIre provides functionality for management and storage of various data structures in “data banks”, which are essentially a business to monetize data. Network participants can access and build on AIre via custom-built applications or directly through proprietary APIs. This provides a flexible framework which makes it easy for companies to build their business scenarios and applications with powerful insights from data analytics.
Functionality
AIre comprises of three main functionalities: information input, information storage, and information utilization. Data banks are at the core of the system for storing data, and APIs enable facilitation and orchestration of data flow. AIre can handle different data sources and manage data ownership, for example, fragmented data from different sources can be linked to rightful user identities in the data bank. As a result, users can manage their data in one integrated network.
Token economy
The AIre token economy is centered around the ARCS token. Below is a description of the token, its economy, and its functionality.
ARCS is the native token of AIre. It can be held in wallets that support the ERC-20 token standard and be traded on exchanges which list ARCS. It will fluctuate according to market conditions. ARCS is mainly used for the following purposes:
Incentives for users
Many internet users feel uncomfortable when providing personal data to services due to the recent public knowledge of large corporations misusing personal data. AIre incentivizes users for the information they provide, which is expected to lower resistance to storing personal data.
Rights to use the AIre service
The token economy is designed to expand the ecosystem organically since participants will receive unique benefits from using the ARCS token as opposed to fiat currencies. The core value of AIre is the data which the data banks hold and ARCS is the global network currency which data buyers can use to buy data with.
DETAILS
Issuer: IFA Co., Ltd.
Token Name: ARCS
Token Symbol: ARX
Total issues: 20,000,000,000 (20 Billion)
Decimal places: 18
Blockchain Platform: Ethereum
Token Standard: ERC20
Contract address : 0x20b1a8a9ca1c7302b7f774266c491c7b11622779
Token distribution
50% For third-party organizations(*1) (with lock-up
12.5% Free distribution to AIre startup supporters
2.5% Incentives for core members
2.5% Incentives for partners
20% IFA allocation for development and operations
12.5% Reserve
* 1: About third-party organizations IFA mints the tokens and will initially hold all of them. To discourage centralized governance, IFA will delegate the tokens to third-party organizations which will manage the tokens for the benefit of the AIre ecosystem. These third-party organizations will have to meet KPIs and be subject to long lock-up periods.
Team
Masashi Mizukura: Chief Executive Officer
Kunihiro Katsuragi: Chief Operating Officer
Hiroshi Mizukura: Chief Financial Officer
Yoshikazu Abe: Chief Risk Officer
Ryohei Osaka: Chief Marketing Officer
Yoshinobu Shijo Chief Technology Officer
For More Information Click Link Bellow:
Website: https://www.arcs-chain.com/
Telegram: https://t.me/ARCS_ARX_EN
Twitter: https://twitter.com/ARCS_ARX
Author: Thelagendjz4
Bitointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2577207
Telegram Username: @ Thelagendjz4
ETH Address: 0x45365defCa88A8c888e9A67F57e0c315f2B1e5F2
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