A lot of new cryptocurrency projects are coming. But the thing is, most of them are not legit. They are most commonly known as ICO scams. But only a few of them are worth investing in. So as the ARCS. Here I’m going to show you everything in this ARCS token review.
I did mention ICOs but, ARCS already tradable in cryptocurrency exchanges. So no doubt it is legit. Additionally, there are some things to look at a new cryptocurrency project.
Researching a cryptocurrency project is not a waste of time. A lot to cover. Let’s begin this ARCS token review. Here’s what I’ll cover.
ARCS – The Company
What is ARCS exactly? Its a project from IFA located in japan. Founded in 2014. The project ecosystem is called the Alre. Alre’s vision is to empower individuals through the rights to their data and the value their data holds.
This system allows users to make businesses to buy and sell data while being compliant with personal data regulations.
The important thing is the individuals who input data to the system, receive rewards. It’s depending on the inputting data and how it is used. However, the data you input, protected with a high level of privacy.
Talking about Alre, it the ecosystem of this project which centered the data banks and its users. it gives functionality to the data banks. So it can help to improve its main functions.
I hope you can understand the above infographic which shows the main functionalities of the Alre network.
In this step, users can input data such as personal information, gender and address, answers from questionnaires, text from blogs, and links to
social media accounts.
Based on the user activity, they will receive a reward with ARCS. AIre is designed to handle high throughput and complex data structures from emerging technologies such as IoT and artificial intelligence with the consent of the user, including location data from smartphones, healthcare
data from smartwatches, as well as payments and web browsing history.
This is the data bank I talk about earlier. Direct contact with the blockchain, allow data banks to store data in the blockchain. This system automatically calculates hash values. This enables users to verify data whether or not it has been tampered with.
In this stage, AIre APIs allow other companies to cooperate with their business applications with data banks or even offer their own data bank services. Pretty good right?
The network keeps records of each participant that has been granted data from the data banks. And distribute rewards among data providers.
Alre Business Model
This is where Alre creates revenue and you get rewards. ARX token holders can participate in various different ways. Your rewards for providing data are paid with tokens. Check out the image below. You will understand what I’m saying.
This whole mechanism is a natural growing system. Still, the mission doesn’t change at all. Provide maximum value for users and business companies.
Token Economy of Alre
The whole Alre ecosystem is powered with ARCS token which was the token you’re looking for. Well, that means, ARCS is the native token of Alre network.
This token is ERC20 based token which means it can be stored in ERC20 supported wallets such as MyEtherWallet, Trust Wallet, etc. Also, it can be tradable in listed exchanges. Keep reading I will cover that point as well.
However, the following purposes are mainly targeted with ARCS token.
1) Incentives for users. You know, providing personal data is a bit risky and also it feels uncomfortable to the user. As a solution, AIre incentivizes users for the information they provide, which is expected to lower resistance to storing personal data.
2) Rights to use the AIre service. The ARCS token economy is developed to expand organically. The core value of AIre is the data that the data banks hold and ARCS is the global network currency that data buyers can use to buy data.
ARCS Token Flow
First of all, what is a token flow? It shows how exactly the token is being used with the system. In this ARCS token review, here how it goes.
- Users input data into the data bank and receive ARCS as a reward.
- Companies who wish to acquire data from the data bank will first buy ARCS from a listed exchange.
- Companies can then buy data from a data bank with ARCS. At the same time, users will be rewarded for their data, and IFA will collect a commission fee for delivering the service.
- Companies can utilize the data for their services and offer it to AIre users in return for ARCS.
A bit chaotic? Check out the image below from the official ARCS whitepaper.
ARCS Token Specification & Distribution
Here are the main Token specifications.
|Entity to issue tokens||IFA Co., Ltd.|
|Token standard||ERC-20 Based|
The ARCS company decided to distribute 20,000,000,000 (20 Billion) tokens as follows,
ARCS Project Roadmap
A project road map shows its future plans and upgrades. Furthermore, it helps to identify what the project exactly stands for. However, in the ARCS road map, they achieved most of the plans.
Conclusion – Is ARX Worth Your Investment?
Now that I covered everything related to the ARCS project. I would say yes it is worth your investment. It has a great vision, mission. Especially with that rewarding system, I expect it will grow more sooner than other cryptocurrency projects.
There’s another thing I need to mention. You ARX initially issued on the Ethereum Network. However, Ethereum will not be able to meet the requirements at scale.
In a situation like that, the team will design and build an AIre proprietary blockchain infrastructure that the ARCS tokens will later migrate to. And probably, there will be a specified wallet to store ARX too.
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Do you like this ARCS token review? Found what you have looked? What do you think of ARCS project? I would like to know your ideas too.. Leave a comment down below. Also make sure to share this article.
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