Review ARCS Chain

Alre is a world which various human values can be turned into assets and used as social resources.
ARCS is a token issued to make its construction faster. To realize this non-centralized system, we will operate it in a unique way. Settlement tokens, governance tokens, and utility tokens will also be issued. Please enjoy the new world which is full of fresh values and lighted up by ARCS.

According to a World Bank survey, around 1.7 billion adults worldwide did not have bank accounts as of 2017, with the majority of this population living in developing countries. The top four countries with the largest number of people without bank accounts are China (approximately 230 million), India (approximately 190 million), Pakistan (approximately 100 million), Indonesia (approximately 95 million), Nigeria, Mexico, and Bangladesh. Adding these populations together alone constitutes for around half of the global population without bank
accounts (Figure 1). Looking at gender, 56% of those without bank accounts are women, with several cultural reasons behind this. Furthermore, 30% of those without bank accounts are aged between 15 and 24. Those who do not have bank accounts are often referred to as “the unbanked” . Whether or not you have a bank account is often related to income level, but also education; the unbanked tend to have comparatively low levels of education.
There are two main reasons why the unbanked do not have bank accounts: it is an issue of economic power and creditworthiness. We believe that this issue can be cleared if creditworthiness can be secured on our platform. There are 1.1 billion people around the world who have mobile phones or smartphones, including two-thirds of the unbanked population. This ratio is over 50% in India and Mexico, and over 82% in China. In terms of gender, the ratio is over 70% for males and over 60% for females. The spread of our platform can help address the challenges of financial inclusion. AIre has the potential to provide people who do not have a bank account with an ID/wallet that is much cheaper to access than a bank account. By inputting their personal information, they can visualize their potential through scoring, which is not measured by existing financial institutions, and receive financial services they previously could not. It is safe and secure regardless of how the scoring is used, and we will develop and deliver an environment where people can use credits called “money”.

Digital identity with AIre-chain

We believe that we can implement Decentralized Identifiers (DIDs) to provide digital identity for users to verify accurate information in a way where the users control the personal information. We want to make digital identity controllable, trustworthy, and easy.
Digital identities can hold verifiable claims from trustworthy sources e.g. KYC, governments, banks, universities. This is credentials just like in the physical world, but digital in a digital wallet which users are 100% in control of. When using the digital identity, users can choose and pick what data or credentials to present and how to present it — this is also called a proof. The proof can be verified on the blockchain.

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

1. the public blockchain
2. the data bank
3. clients and dApps
4. 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. To get the development started ARCS team developed a PoC for the data bank.

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.

Financial assets
It is assumed that the bank API will be used in cooperation with existing banks. It will be possible to integrate financial data of existing banks and personal information with AIre to
provide more sound and fair services. As a precedent, banks in the Netherlands (ING), Germany
(Fidor Bank), the United Kingdom (Barclays), Spain (BBVA), and more, have already released bank APIs and encouraged startups in other industries to participate in the financial industry. As banks begin to evolve and the question of how banks should be run is faced, from experience we see the value in them working with companies in other industries to make finance more accessible to others. The push to release banking APIs has had a major impact on the movement in Europe. In Japan, a banking law amendment made in May 2017 included an
obligation to release APIs. Although it is not yet obligatory worldwide, we expect that open APIs will become mainstream in the future. Coexistence with existing banks will ensure a high level of
data and risk management. Also, it will help identify thebehavioral patterns and trends of their users with other services, and solve the problem of limited credit information, which is one of the core reasons why startups and young people find it difficult to obtain loans from banks.

Token specification

Token distribution

Website: https://www.arcs-chain.com/
Whitepaper: https://www.arcs-chain.com/whitepaper_en.pdf?v=20191122b
Twitter: https://twitter.com/ARCS_ARX
Telegram: https://t.me/ARCS_ARX_EN
Medium: https://medium.com/arcs-arx-official

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Forum Profile Link: https://bitcointalk.org/index.php?action=profile;u=2376475