Review Arcs-chain Project
Challenges with personal data
In recent years, personal data has become increasingly fragmented across different services and often rests in databases without proper user consent. This leaves users without proper control of their data and, to some extent, their identity. The European General Data Protection Regulation (GDPR) was brought into EU law to address this problem, however, corporations still accumulate large volumes of personal data for analytics and monetization. Data is often described as “the new oil” and users are fast becoming aware of the value it holds. This has given rise to several data banking businesses who strive to buy data and sell for profit, nonetheless always with the interests of large corporations in mind. AIre is built with mechanisms to give a fairer distribution of profits made from personal data by giving users
self-sovereign identities.
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.
- Information input: Users can input basic personal information such as gender and address, answers from questionnaires, text from blogs, and links to social media accounts. In turn, based on the information inputs and frequency of utilization, they will receive tokens as incentives. AIre is designed to handle high throughput and complex data structures from emerging technologies
such as IoT and artificial intelligence with the consent of the user, including location data from smartphones, healthcare data from smartwatches, as well as payments and web browsing history. - Information storage: Information is stored in the data bank system. To preserve the integrity of data, the system will automatically calculate hash values for the data and store it in on a blockchain. This allows anyone with the data to verify whether or not it has been tampered with.
- Information utilization: Proprietary AIre APIs allow companies to integrate their businesses and applications with data banks or even offer their own data bank services. The ecosystem
will allow technologies to handle different business scenarios, such as implementation of W3C DID standards, or reputation and scoring system frameworks. The network keeps an immutable record of which participants have been granted access to which data and subsequently which rewards have been distributed to which data providers.
After successfully deploying ARCS(ARX) on Ethereum and getting it listed on KuCoin, incubator of AIre project, IFA, has initiated proof-of-concept (PoC) of AIre blockchain infrastructure (AIre-chain). The PoC is being developed in collaboration with Stake Technologies and is scheduled to be finalized in Q2 2020. Sota Watanabe, CEO of Stake Technologies commented on this “We are excited to collaborate with IFA and develop a core infrastructure for data banking on Substrate. Our mission is to realize Web3.0, the next generation decentralized Web. This PoC can be one of the use cases of Web3.0 because users control their data and they have the rights to choose whether they can sell and buy the data. Through this PoC, we would like to find a way to make a fair and better data market.”
Token economy
1. ARCS token
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.
2. Token flow
Below is a demonstration of the ARCS token flow:
1.Users input data into the AIre data bank and receive ARCS as a reward;
2.Companies who wish to acquire data from the data bank will first buy ARCS from an exchange;
3.Companies can then buy data from a data bank with ARCS. At the same time, users will be rewarded for their data and IFA will collect a commission fee for delivering the service;
4.Companies can utilize the data for their services and offer it to AIre users in return for ARCS
3. Future development
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.
Business model
This is where AIre creates revenue. Since token holders can participate in a variety of ways, We provide a mechanism for the ecosystem to grow naturally. In AIre, payments are made with tokens. For details, see the chapter on the token economy.
Data bank hub concept
To expand the network beyond data inputs of users to the data bank, AIre will allow other data marketplaces and sellers to participate in the network. They will not have to re-enter data into a data bank, instead they will be able to offer their existing data bank. This is a concept of a “hub” where multiple participants can transact data with each other. The network will exponentially increase its value as more data participants offer their data, since big data is required for data analytics to have meaningful insights.
TECHNOLOGY
Several technological milestones must be met in order to carry out ARCS vision and build an ecosystem which allows businesses and users to transact with personal data in a secure and private manner, and distribute rewards fairly. ARCS team takes a pragmatic approach to the development and breaks down development into components that eventually will make up the ecosystem. The development philosophy is lean and agile, which means that the requirements will continuously be tested with the real users of the ecosystem e.g. users and businesses.
The major pieces of developments in the ecosystem are
- the public blockchain
- the data bank
- clients and dApps
- smart contracts for business logic. Each piece will be broken further into components and go through the software development life cycle.
First version of the blockchain will be able to facilitate data bank transactions with high levels of security. Following versions will implement privacy features, digital identity, scoring, and reputation mechanisms based on research. The data bank will initially be a centralized database under the governance of IFA Corporation. Based on research ARCS team plans to replace this with a decentralized database solution such as IPFS. The first clients and smart contracts will focus on standard operations of the data bank such as register users and deletion of personal data.
Website : https://www.arcs-chain.com/
Twitter : https://twitter.com/ARCS_ARX
Telegram : https://t.me/ARCS_ARX_EN
Medium : https://medium.com/arcs-arx-official
Whitepaper : https://www.arcs-chain.com/whitepaper_en.pdf?v=20191122b
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