RepuX is a blockchain-backed protocol and platform for SMEs to earn rewards for sharing data on a secure, decentralized network. RepuX is a protocol level framework upon which various types of corporate and user data can be monetized and exchanged between different parties. Combining multiple decentralized technologies such as IPFS, Sia, and Ethereum, along with a possible upgrade to a custom high-throughput block-chain, RepuX allows the creation of a decentralized marketplace for data and information.
RepuX's purpose is to monetize data through transfer, analysis and restructuring in a manner that is useful to the data provider. RepuX intends to bring the generators and the developers on a single platform where they can contact each other and trade data and services.
RepuX allows businesses to sell their data anonymously. Developers can buy the data and then apply their analysis to develop statistics and information pertinent to a potential client and sell it.
RepuX solves the issue of anonymity with a two-punch method.
1. The first is a reputation system. In this, every buyer and seller has a rating. A good rated developer will have more trust and a high reputed seller means its data is valid.
2. The second step is the core of the platform. It runs on blockchain technology. That means when the buyer and seller trade data, it is done in a decentralized and a direct manner. There are no intermediaries to intercept the information.
By facilitating the transfer of data and value between peers, the RepuX Protocol creates data sharing possibilities among data collectors, application developers, and data users which do not exist in the current marketplace.
The RepuX Protocol provides the opportunity to data producers to create value in their data through facilitating the provision of this data to users in multiple industries while eliminating the need for intermediaries in this process.
RepuX is well poised to take advantage of the reliance on machine learning, big data and artificial intelligence on large-scale aggregate data and to drive innovation in these respective fields.
By evaluating the reliability of each entity and each transaction with respect to the data, and with verification by an Oracle system, they can ensure integrity within the RepuX Protocol and provide data users with greater confidence in the content and quality of the data they are purchasing.
The purpose of the project with examples
RepuX platform will allow the small and medium businesses to sell and purchase data from the developers.
It will allow the developer to use the brought data in training machine learning algorithms.
It will allow the enterprises to use the newly developed applications by purchasing these from the developers for the betterment of their business decision.
The protocol will be an alive and usable platform, unlike other token sales. The holders of the token will be able to sale and purchase data. The holders will get the payment in the form of RPX tokens. Value-added contents and raw data can also be sold and purchase using RPX tokens.
The RepuX protocol will allow the users to give a reputation to each other after any type of transaction. This will help in knowing who is trustworthy. And if there is any dispute or reputation is found incorrect, the users will have to provide proper evidence for verification of the Oracle system.
RepuX will allow the holders to develop their own application on top of the RepuX protocol. This application can be used for large storage of data for business, research, etc.
To develop a high throughput system whereby data can be monetized directly between collectors, developers, and users.
To build a secure reputation infrastructure within RepuX Token transactions that allows users to apply a semi-permanent record in a mutual transaction.
To develop easy-to-use application programming interfaces (or APIs) that enable third-party developers to build upon our RepuX Protocol to create a variety of different applications.
To maintain scalability and speed as high priorities during RepuX Protocol design and development.
To integrate the RepuX Protocol with existing blockchain technology while building custom solutions in certain cases.
The RepuX protocol technology has four different layers,
1. Application Layer
2. Data Layer
3. Decentralized Logic Layer
4. Value Layer
Application Layer: It consists of various decentralized applications so that the third party developers can build their own application over the existing RepuX API application.
Data Layer: It comprises of all the data that can be purchased and sold in the protocol. The data layer ensures the security of the data stored and transferred in the RepuX.
Decentralized Logic Layer: This layer allows the transactions to have effect in the data layer.
Value Layer: This layer provides support to the above layers and keeps the details of the values of the token and the payments made by the users. This layer helps in the transaction of the tokens fairly.
This is an independent report generated by a Coinschedule partner company. Coinschedule has no influence over its content and the views expressed may not reflect the views of Coinschedule. This is not investment advice, you are encouraged to do your own research and reach your own independent conclusions.