Decentralized Form of DATA with the help of ARCS

Decentralized Form of DATA with the help of ARCS

By insidetrader | HODL the Universe | 16 May 2020


Most of us (humans) always have a doubt about whether some or all of our individual information in the form of data has been stolen or used against our wish without any form of compensation. And we think that the reason behind the data leakage is the desire to make profit from the companies we work with, even if they may sell our personal data to third party organizations. We wonder if those third parties are true or false. This issue is set to be addressed by ARCS chain with a token that you can take profit by providing your personal data. With the leadership of CEO Masashi Mizukura, the ARCS team proceeded to create the right platform two years ago by creating the infrastructure that uses the personal data of individuals according to their consent while also rewarding them for such consent. Also they gained the ‘’Top 10 Most Creative Media Community’’ in 2019. This is just one single reward for their hard work. 

 

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Data leakage and misuse of individual data is one of the biggest problems faced in the digital age, but Alre is aiming to redefine how data is being collected, stored and used in a secure and trusted way which has seen the Alre platform getting the needed acceptance from all parties involved in the data industry. The AIre infrastructure is mostly designed as a platform which stores the data of individuals for future utilization in the most secure way. And the team offers users the opportunity to get profits on their data supplied to the platform when used. To reach the goals, the team created a token on the Ethereum blockchain named as ARCS. The token is created to act as dividends for users who provide his/her personal data to the platform while allowing such data to be utilized in the best of such contributors' interest without going against any legal framework in data usage. The information gathering process is carried out through online surveys or interviews, after this process the person who provides data gets some ARCS as reward which can be converted into other forms of digital currencies and fiat for such owners' personal usage. The total supply of ARCS is 20 billions but half of the total supply will be locked for future utility needs under the control of ARCS Foundation. Even though ARCS is initially created on Ethereum blockchain, the team plans to migrate to a native mainnet for ARCS. The main reason for this migration is to create a bigger space for a huge dataset which is not completely available on the ERC20 blockchain. Also the Ethereum blockchain is known for security problems plaguing it over the years. In order to secure the data on its platform, ARCS mainnet chain will be created as soon as possible as shown in the recent Medium article, showing the prototype of the new mainnet platform.

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IFA foundation is in charge of getting the information or data, storage and its utilization as a tokenized form with its main goal being to ''bridge the gap between users and companies''. The simple breakdown of the system is quite easy with one person providing his/her data into the IFA and getting some ARCS in return. Companies in need of such data will then have to go through the exchange where ARCS is traded to purchase some ARCS before collecting such data from IFA. The collected ARCS will then be used to pay others who have interest in the projects and also to those who stake ARCS on the platform. And all this processes will be carried out on the Alre ecosystem. The infrastructure will act as a bridge between users and data banks, while utilizing the stored data according to laws and regulations that guides data collection, storage and usage.

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The Alre ecosystem can be summed up into 3 different parts: Information(data) gathering, Storage and data Usage. The platforms provide a wide variety of data collected from individuals to organizations. AIre allows its users to gain more ARCS every time the information is used. The word ‘’AIre’’ means ‘’air’’ in Spanish language so we can easily understand the main purpose of AIre as creating a space without any obstacle between user-data-company. The data collected from users is not set aside separately. Everyone who uses the platform will gain a DID/ Decentralized Digitized Identity. Thus, you will manage it everywhere and anytime you want. Also this identity will let users to tokenize any type of personal data such as age, gender, job etc... But this is not limited to that information. You can also tokenize your feelings, ideas, dreams, mental status or whatever you think about. Users have access to update their identities anytime which in turn allows users to gain more while still being in charge of their data. The team has mentioned according to statistics that almost 2 billion people have no access to banks but 2/3 of this population has a smartphone which brings them into the digital world. So even the people with no access to bank accounts could gain some ARCS via their phone by completing some interviews or short surveys or by giving access to the platform to utilize the submitted datas.

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The expected number of ARCS users in 10 years is projected as 400 million with 50 million expected to be from Japan while others are from other parts of the world in the related part of WhitePaper. You can get more information from Telegram Community, also from the official Website. And for the latest news about ARCS, you can follow Twitter account. The token, ARCS, is currently being trading on Kucoin with the name of ARX. 

 

 

 

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