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The RepuX Tokens as defined in the White Paper are not intended to constitute securities in any jurisdiction. This White Paper does not constitute a prospectus or offer document of any sort and is not intended to constitute an offer of securities or a solicitation for investment in securities in any jurisdiction.
This White Paper does not constitute or form part of any opinion on any advice to sell, or any solicitation of any offer by RepuX to purchase any RepuX Token. No person is bound to enter into any contract or binding legal commitment in relation to the sale and purchase of the RepuX Tokens and no cryptocurrency or other form of payment is to be accepted on the basis of this White Paper.
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This White Paper may contain certain forward-looking statements including, but not limited to, statements as to future operating results and plans that involve risks and uncertainties. You should be aware that you may be required to bear the financial risk of any purchase of RepuX Tokens for an indefinite period of time. The distribution or dissemination of this White Paper or any part thereof may be prohibited or restricted by the laws, regulatory requirements and rules of any jurisdiction.
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No person is bound to enter into any contract or binding legal commitment and no cryptocurrency or other form of payment is to be accepted on the basis of this White Paper. In such cases, you may lose all or part of the value of the RepuX Tokens. Our vision is to create a protocol which facilitates the monetization of data through efficient transfers between collectors, developers and users that will also allow the evaluation of data reliability and reputation over time.
Through our RepuX Protocol, data collectors could transfer data to data users or to application developers in exchange for RepuX Tokens. Developers could build upon the RepuX Protocol, and use data transferred by collectors to generate products and services which could then be transferred to end users in various industries, in exchange for RepuX Tokens. With the RepuX Protocol, we hope to bring additional value to data.
We anticipate that data monetization will become a major source of revenue for individuals and entities in the future. It is estimated that the world will create zettabytes of data or trillion gigabytes in , up from less than 10 zettabytes in 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; and. To integrate the RepuX Protocol with existing blockchain technology while building custom solutions in certain cases.
In summary, our ultimate goal is to build a secure, reliable, high-performance data transfer protocol that can be integrated with a wide variety of different applications developed by third parties for use by a number of different industries. 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. With the development of the RepuX Protocol, RepuX is well poised to take advantage of the reliance of 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, we 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. RepuX will carry out certain checks to ensure that we are adhering to our anti-money laundering or AML requirements and procedures. Data creation is taking place continuously and at an ever-increasing pace.
That data has value. Currently, the collection, use and distribution of this data is dominated by certain large corporate entities. At the same time, investment in artificial intelligence or AI is growing at a very rapid rate. It is estimated that the AI development market more than doubles every 2 years.
AI has the potential to significantly change many aspects of the economy. Within the AI field, machine learning capability has increased enormously in the past few years.
This machine learning capability combined with decentralized access to data has enabled the industrialization of decentralized data-based applications. Since machine learning builds knowledge upon past data, the models that are created are only as good as the data that is fed into the models. Machine learning is a branch of artificial intelligence that allows computer systems to learn directly from examples of data.
Big data entails large datasets that are usually collected by a business or organization as a by-product of day-to-day operations.
Such a dataset could be, for instance, a medical database of illness diagnoses, along with time and location. Unfortunately, because many Big Data datasets are often not directly related to the immediate operations of a business or organization, they are frequently dismissed and discarded.
These datasets could be easily monetized and used by other companies that could potentially benefit from such data. For instance, a list of successful product deliveries within a supermarket chain could be useful to a new supplier looking to enter a specific region. What is missing is:. An example of a basic data market is the Brave browser which recently held a sale of their basic attention tokens or BAT.
One of the major challenges to the sharing of datasets is the lack of trust between different parties in a data transaction. It is difficult for a person to determine if a specific dataset is well organized, precise and insightful without first accessing the dataset to evaluate it. In addition, there may be issues related to the lack of a common platform where parties can meet in a data transaction. If this issue of trust can be resolved adequately, fraud rates may significantly decrease while, at the same time, a whole host of other potential data transactions across various industries may be enabled, such as data transactions in insurance, international trade and micro loans.
By design, blockchains are inherently resistant to the modification of the data involved. A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. A blockchain can serve as an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Blockchain technology allows for the reduction of fraud rates thereby enabling a whole host of potential applications.
The application layer is at the top of the RepuX Protocol. This front-facing layer consists of various decentralized applications, or Dapps, that third-party application developers can build on top of the existing RepuX API infrastructure.
An example of this could be a service that allows individuals or entities to sell social media usage data in exchange for accessing a website. The next layer of the RepuX Protocol is the data layer. This layer consists of all the data that can be purchased and sold within RepuX. By storing the data layer within a decentralized infrastructure such as IPFS, StorJ8 or Sia, we not only ensure the existence of the data, but also ensure that the data is stored in a decentralized fashion.
Data ownership, sharing, security and privacy preferences can be actualized using multi-signature cryptographic primitives native to the blockchain, to ensure data be redundantly secured on chain and also seen and utilized only by preferred parties.
In order to handle transactions occurring on the data layer, we employ a decentralized logic layer. This layer could be built on top of the existing Ethereum infrastructure; however, we are also exploring the use of EOS, or a custom blockchain infrastructure that could potentially scale to millions of transactions.
At the base of the RepuX Protocol, we build a value layer, which powers the layers above and ensures that people are compensated appropriately for what they do within the RepuX Protocol. Value of the tokens can be proportional to their demand for their use in data sharing contractual services, whereby different tiers of token holding quantities can enable more advanced and larger scale data sharing capabilities. This acts as a mechanism for fairly distributing available blockchain-based data storage and serves as a demand vehicle for tokens that enables fair data usage.
Blockchain leverages a peer-to-peer network to govern transactions and interactions across a distributed community, and manages this governance through a decentralized ledger that benefits from having a distributed computing infrastructure and a common protocol, making it very difficult to create a fraudulent transaction.
With blockchain and decentralization, every entity is incorporated within the process and no one single entity has control over all of the process. We designed RepuX, from the beginning, to create an application programming interface or API where any application developer can work on the RepuX Protocol. This malleable protocol means that RepuX is not designed for one specific purpose, but rather to permit developers to build upon it for the potential benefit of many different industries.
We intend to use easy-to-use Web3. In order to ensure user data is stored in a decentralized fashion, we will use a number of different technologies. It is a content-addressable, peer-to-peer hypermedia distribution protocol. Nodes in the IPFS network form a distributed file system.
IPFS enables the creation of fully decentralized technologies that can connect all computing devices within the same fiile system. IPFS is similar to how a bit torrent swarm exchanges information, in a decentralized yet organized way.
However, as the infrastructure is still maturing at a rapid pace, we will continue to explore additional data infrastructure options, such as Storj and Sia.
As our RepuX Protocol incorporates reputation evaluation and data purchases and sales, we need to develop an algorithm that handles the transactions on our network.
In this White Paper, we present a way to utilize the smart contract capability of Ethereum to handle the logic in a decentralized and transparent manner.
Due to the long-term speed of Ethereum, we will actively experiment with State channels, EOS, Sharding, and even a custom block chain infrastructure.
Bitcoin introduced the idea of a blockchain, which enabled people to transact without a single organization in control. Building upon this, Ethereum developed the idea of a distributed computer. Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract scripting functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine, which can execute scripts using an international network of public nodes.
In essence, Ethereum is a decentralized world computer that enables decentralized applications or Dapps to be executed within a globally-synchronized state. Since Ethereum enables the transfer of both value and information, we can develop a demo smart program that enables the basic functionality of the RepuX Protocol.