Cryptonews: RepuX Monetizes Data from Millions of Small Enterprises

RepuX (REPUX) , a new blockchain platform that will serve millions of businesses and developers worldwide each year who transact in business data and decentralised data-driven AI business applications/algorithms, has today announced its integration of the Bancor Protocol to provide continuous liquidity for the RepuX platform.

Earlier this week, it was reported that RepuX anticipates more than 30,000 token buyers to participate in the public token sale scheduled for 6th March.

By integrating the Bancor Protocol, RepuX token holders will gain access to continuous liquidity regardless of trade volume or exchange listings, through the Bancor Network, where any integrated token can be automatically converted to any other directly from any Web3 wallet, such as MetaMask. Currently integrated tokens include ETH, BNT (the Bancor Network Token), GNO (Gnosis), BNB (Binance) and a long list of announced projects soon to be activated.

RepuX is a blockchain-backed protocol and platform for SMEs to earn rewards for sharing data on a secure, decentralised network. The RepuX platform encrypts data and maintains quality through reputation scores determined by purchasers. Developers can then use the data to develop machine learning and artificial intelligence-driven applications as well as having enterprise customers to sell back to on RepuX. Industries that will benefit include ecommerce, healthcare, accounting, micro lending, and advertising, among others.

Bancor Protocol is a standard for the creation of Smart Tokens™, cryptocurrencies with built-in convertibility directly through their smart contracts. Bancor utilizes an innovative token “connector” method to enable formulaic price calculation and continuous liquidity for all integrated tokens, without needing to match two parties in an exchange. Smart Tokens interconnect to form token liquidity networks, allowing user-generated cryptocurrencies to thrive.

Introduction

RepuX Data Marketplace consists of four technological layers. First, obviously, we have blockchain layer — smart contracts. Then, we have layer for communication between blockchain and our backend. After that, third layer — RESTful API application — PHP backend (for storing files we use IPFS). The fourth layer is frontend — basically it’s what you see when you browse through RepuX Marketplace — JavaScript single-page-application.

Smart contracts layer

Probably, the most interesting feature of RepuX Data Marketplace is Ethereum layer — smart contracts. Under the hood, they’re written in Solidity. We maintain them using Truffle framework. First contract is token contract — that we’re using for Marketplace. As it stands right now — we use Demo Tokens so users can easily test our application (we give each registered user 1000 free Demo Tokens).

Crucial smart contract for Marketplace is Registry. It keeps a list of products that were created by users. Each product is represented by DataProductcontract.

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You have control over DataProducts you create. All RepuX tokens earned from selling your products go directly to your wallet — no middleman.

Here’s how buying products works:

1. User goes to Marketplace, finds interesting product and clicks BUY.

2. First blockchain call: ERC20 approve(_spender = DataProduct contract, _value = Token Price of Product) method is called by the user — so it’s going to allow DataProduct contract to spend amount from user’s balance required to buy product. When it comes to UX — user needs to just confirm transaction in MetaMask or Mist.

3. User calls purchase() method on DataProduct contract, that he wants to buy — transaction popup will be shown in MetaMask/Mist.

4. After the purchase — Registry.registerUserPurchase function is called — this function will fire PurchaseDataProduct event, which is crucial for application flow.

5. We listen for PurchaseDataProduct events in our application and — when product is bought — we show download link to the user. When encryption is implemented this will be probably the moment when we can either give users password to the file, or — under the hood — we can decrypt it on the fly when user downloads it — depends if finally download will be direct from IPFS or via our servers.

The details of the Repux ICO

Repux’s offering began on November 17. This pre-sale will last until January 23rd and the RPX token will be offered at $0.10 per unit. Analysts believe this is the best moment to get in bed with them because of the low cost of participation.

The official token sale will be offered by February 6th of 2018, and it will last until March 9th of the same year. The token will be offered with a price increase of $0.14. The price hike might not seem like much but is still enough to take notice.

Repux is offering 100 million RPX tokens for sale and the distribution is pretty clear and cut:

• 20% of the tokens will be offered in the pre-sale

• 30% will be offered in the ICO sale

• 10% will go towards a rewards pool

• 12% will be kept by the founding team with three years vesting date

• 5% are going to ambassadors of the ICO

• The remaining 23% of the tokens will be sold through the platform in a crowded sale at a price range of $20 a piece (give or take, depending on the reception of the initiative in the market)

The diversification of data with Repux

Repux has his sight set on the handling of big data for companies, but they are also looking at multiple developments such as digital marketing, by offering developers the chance to create tools for data collection that can be traded in the platform. E-commerce and trade could also benefit from Repux since all transactions receive a public review. Score credits will be made public for traders who wish to earn a good reputation among potential investors. It can also work the other way for loaners who offer credit with good condition terms their customers. Even medical operators can make use of the platform by trading data with laboratories before conducting market research for a new drug.

The projections for the future

Repux has high expectations for the future of their project. They make projections where they see data monetization as the norm between developers of new utilities and big corporations. Their estimated trade levels go upward from the meager 10 trillion gigabytes of data currently generated in a year to 180 zettabytes by 2025. Will their future stick? Let’s hope it does for the sake of their investors.