With the focus on small to medium sized enterprises, Repux offers a completely decentralized data and applications solution with security firmly at the forefront of its mind. They state that they are seeking to resolve a common issue for these enterprises in that they have a tendency to store a vast amount of data, and yet they are unable to access it in an orderly manner that would then help them when it comes to making different business related decisions.
At the same time, the creators have also identified that there is an issue with the developers of solutions in that they are unable to access adequate data that would then allow them to improve existing solutions or, alternatively, to create something completely new. As a result, Repux is looking at becoming a marketplace where both parties can come together in a mutually beneficial manner.
The Basics of the Token.
Due to them seeking to create a marketplace, it does mean that the data which is held by these enterprises can ultimately become monetized with this being seen by many as potentially being a huge industry.
By bringing both parties together, it is hoped that the Repux token will become the currency of choice for the enterprises to offer their data to developers while the developers themselves can then see their solutions, or data stored in a database back to other parties. Rather than using any other currency to complete the transaction, the intention is for both parties to use the Repux token via a secure and transparent decentralized network.
Thanks to the token, one party will place what they have to offer on the blockchain. The second party decides that this is what they are seeking and the exchange is then made via a decentralized platform. The individuals are then able to transfer the token into Ethereum or Bitcoin as well as back to a Fiat currency if they wish to do so.
The Platform and Workings of the Token.
The token itself is built on the Ethereum platform. However, it uses multiple instances of blockchain technology throughout the process including not only Ethereum but also Sia and IPFS. The outcome of this is a token and system which is highly decentralized. They also state that they have formed a protocol framework which ultimately leads to the creation of the marketplace where data can indeed be monetized.
In the process itself, Repux plans on using an API which, in turn, will allow a third party to create their own marketplace for the monetizing of data. They are also planning on incorporating a reputation based system which then looks at previous transactions by the individual to ascertain if things ran smoothly or if there is any cause for concern.
For a developer, there is the option of purchasing access to data that is available from the enterprises. They are then able to take this data and create completely decentralized applications but thanks to the API they can preview and select specific data from certain industries according to their own individual needs.
It can be easier to view the potential workings of the platform in this way.
A data collector would be able to transfer data in their possession to a user that is seeking that specific information. Alternatively, they could sell the data to developers and each transaction is placed on the blockchain and the Repux token acts as the currency. At the same time, a developer would be able to use the data to create products and applications which they are then able to sell to end users with the Repux token once again acting as the currency.
The potential success of the Repux token is clearly going to be dependent on the way in which the data and applications can be used. In this instance, the blockchain could be used by institutions with a significant amount of archival data to be presented to users in exchange for money.
In addition, the concept of big data has also come under scrutiny with the marketplace anticipated to grow substantially over the next 5 years. With more data being collected, the potential uses will also grow and Repux hopes to be at the heart of that growth.
Financials and ICO Stats.
In total, Repux is looking at releasing 500,000,000 tokens. Also, it is an EC20 token with access to the Ethereum wallet. However, they do state that you are unable to use an exchange at this moment in time.
For investors, they do accept not only Ethereum but also Bitcoin as well as the main Fiat currencies. There is a soft cap of $1,000,000 (already met) for the ICO and a hard cap of $33,000,000.
It is also anticipated that during the ICO, the exchange rate will equate to 1 Repux token for $0.20.
Potential Success of the Repux Coin?
Even though this is not the only token that combines the concept of the blockchain with the processing of data, they are different in that they are allowing developers to create applications and take things one step further. Also, there is no doubt that artificial intelligence and the use of data is on the increase with it being viewed as a huge market which is growing at a tremendous rate on a yearly basis.
The fact that it is an EC20 token does help to give it some credence as well as the security and transparency that is available to any token that is built on the Ethereum platform. It will also mean that the transaction times will be fast and there is the opportunity for exponential growth and the creation of new blockchains as and when required.
Overall, the key to the success and future price of the token itself is dependent on their ability to bring developers and users together and on their marketplace. By restricting the monetizing to only allowing their token to be used, it should result in the price climbing although the rate at which this can happen will depend on the success of the ICO.
Check out further details on their website and in their whitepaper.