Repux is a new crypto project that aims to create a global marketplace for data, using its own network utility token called Repux. The project combines the fast emerging crypto economy with the steadily exploding data economy of the future. Data marketplaces will become more commonplace as time progresses, since data is becoming central to many of the algorithms that drive the world today, from Google to Facebook but also from supply chain to urban planning. Repux aims to establish a data marketplace platform that will facilitate the trading of this data in a free global marketplace.
The Repux token is part of a larger emerging trend that we’re seeing in the crypto ecosystem. Teams with prior business experience are trying to combine the technology behind crypto/blockchain and tokenization, and applying it to future technologies. After all, blockchains will unleash their real potential in combination with other future emerging technologies, from green energy to autonomous vehicles.
With the Repux project, the team has a background in IT, technology, and big data. This helps them build a reliable network that can attract real players on to the marketplace.
The Market Need
Promising and successful projects in the ‘app token’ space benefit from tailwinds of the industry. So let’s explore some of the need and market growth for this niche.
The Economist recently wrote about how the world’s most valuable resource is data, not oil. If that thesis turns out to be true, then data and the data economy will have a huge impact on the future of this world and how humans live and interact with each other. Think about how much power the oil economy held during the 20th century on our world. Now think about a global, digital asset like data that can have an even bigger impact. Empires will be made on the new data economy as we jump headlong into the 21st century, and the full implications of the data economy are only now becoming clear to everyone.
Think of why it is so hard to compete with the likes of Facebook and Google. They have incredibly valuable data that we all contribute unwittingly and without getting a share of the pie. This makes them effective monopolies of their domain. Together, just these two companies are worth over a trillion dollars. That’s the power of data.
Repux Ecosystem for AI/ML
One of the huge markets that Repux is aiming for is the Artificial Intelligence (AI) and Machine Learning (ML) domains. This is the combination of emerging technologies that will supplement and feed off of each other. Creating AI/ML models need a huge amount of data and its validation. Data is therefore an interesting commodity that is entirely digital but hugely valuable to everyone from startups out of Silicon Valley to the tech behemoths.
There is no really dominant market leader for the buying and selling of data. Several trends in the blockchain space, however, could help with some of the issues around validation, throughput, and mostly trust. If there’s a centralized marketplace, there’s not enough transparency for the big players. With a decentralized marketplace, the players can transact without having to trust a middleman.
The Repux platform will make use of existing decentralized data storage providers like IPFS, Sia, and Storj, thereby helping the entire crypto ecosystem by using its existing technologies. The team will build APIs into the system, which will help in the creation of various applications on top of the underlying protocol. This allows third-party teams and developers to quickly build applications that utilize the underlying tech.
If you’re interested in the Repux token sale, make sure you read their whitepaper.
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