RepuX ICO
What is Repux?
They’re planning to launch a new decentralized platform that will allow users to monetize their data. The new platform will work by allowing users to transfer their data to those who wish to buy it or to developers and the user will then get rewarded with the new tokens.
They state in their whitepaper that they believe with their Repux protocol they’ll be able to capitalize on machine learning, data and AI.
The Repux Protocol
The features of the new platform can be split into 4 sections:
- Application layers and APIs: The blockchain makes it much harder for fraud to occur. It uses a decentralized ledger that can be fully verified by both parties. The new platform will be designed so that anyone can use their API to help improve it or to build similar applications to target different industries.
- Data: This is the layer that may interest many users. All data will be stored in a decentralized system and users will then have the option of selling it.
- Logic layer: This layer will be used to handle transactions. They state in their whitepaper that this can be built using Ethereum, however they’re also monitoring the progress of EOS.
- Value layer: This layer will be where users are rewarded for their work in the layers above, the rewards will be distributed using the new RepuX token.
Feedback system
The platform will use a feedback system so users can be assured that the data they’re purchasing is worth their money. Each transaction made on the platform will be given a rating.
Use cases
In their whitepaper they state many different markets that may be interested in using the platform:
- Archive databases: Much of the data being purchased currently is related to online sales. This has made it difficult for companies with more traditional data to find buyers. The new platform will offer the opportunity to reach a much larger audience for businesses looking to sell or exchange data.
- Big data: Machine learning is quickly growing with more and more money being invested into the technology. Most of these companies are spending the majority of their budgets to purchase data so that they can train their machines. The new protocol could offer companies such as this a much lower cost and much easier access to the data that they require.
- Advertising: Many software companies now offer products for free with the hope or luring users into purchasing more advanced programs. Users such as freelancers can have the option to install software that will earn them money based on the data that they collect.
- International wholesale: Many international wholesalers have to either charge high transaction fees or absorb the costs themselves. This is due to their being little trust between themselves and new customers. By using a feedback system on the Repux platform it should add a level of trust that can mean both parties can cut down on their costs.
- Credit scores: In the future it may be possible to improve your credit score by using the platform. 3rd party agencies could be granted access to the feedback system which will show that they’ve previously made payments.
Token utility
Many of the recent ICOs seem to be creating a token for the sole purpose of raising funds through an ICO. Repux however seems to be different as their token will be used to make payments and offer rewards on the platform.
Each transaction made on the platform will also add to a users reputation.
Those holding tokens will also be able to create applications by using the new protocol.
Roadmap
July 2017: The project raised $400,000 in seed funding.
September 2017: They recruit professionals from the indsutry.
October 2017: The Repux foundation is established as a not for profit.
December 2017: The Protocol went live.
March 2017: ICO sale.
May 2018: The new protocol is open for developers.
June 2018: The platform will begin to allow decentralized applications.
The RepuX ICO
RepuX’s ICO began with a pre-sale on November 17. The pre-sale is scheduled to last until January 23, 2018.
The main token sale is scheduled for February 6 to March 9, 2018.
There’s a total supply of 100,000,000 REPUX tokens. 20% of tokens are allocated for the pre-sale. 30% are reserved for the ICO. The remaining tokens are split between the rewards pool (10%), founding team (12%, with a 3 year vesting period), ambassadors (3%), and ICO bounties (2%). The final portion will be sold on the platform (23%).
RepuX has set a hard cap of $33.1 million USD for the token sale. All tokens will be distributed to investors on April 10, 2018.
Tokens are priced at a rate of $0.10 during the pre-sale, rising to $0.14 to $20 during the main crowdsale.
Who’s Behind RepuX?
RepuX is being developed by a team of 14+ people who have decades of experience in software development and enterprise software sales. The company has already signed deals with developers who have potential access to millions of SMBs within China.
Key members of the team include Marcin Welner (Management Team), Aleksandra Staszewska (Product Team), and Tomasz Tybon (Management Team).
Conclusion
Repux is a protocol level framework that allows SMEs to share data with developers. Developers can use data to create machine learning and AI algorithms, while companies can monetize existing data in a secure way.
The platform relies on multiple blockchain technologies, including IPFS, Sia, and Ethereum/EOS.
The token sale for RepuX is ongoing until April 2018. To learn more about the project, visit online today at Repux.io