Blockchain technology was pioneered by the most popular cryptocurrency in existence today, Bitcoin. For many years, the technology was only focused on the financial industry. With many individuals fancying the idea of having full control over their funds. The government and financial policies were eliminated through the decentralized system. However, blockchain technology was observed to have numerous potentials outside the finance sector. It has since been incorporated into many industries such as education, healthcare and recently, data management.
Alre is a platform that uses blockchain to solve the problems of personal data and data banking infrastructure. The system encourages users to provide personal information that cannot be mined from the fragmented database on the internet. However, to drive enthusiasm of the users to provide personal data, an incentive based approach is utilized. The incentive is in the form of a token. The native token of the Alre platform is the ARCS token
Descriptive analysis of the ARCS token economy
The Alre token economy is centered around the ARCS token. In essence, the ARCS drives the overall functionality of Alre. The ARCS token is a cryptocurrency that can be held in wallets like other cryptos. However, only wallets that support ERC-20 standard can hold its keys. The token is listed on some exchange platforms, which makes it a tradable stock.
The exchange listing will further lower user resistance to providing personal data. When users are rewarded for providing their personal data, the rewards are paid in ARCS token, which is tradable for fiat currencies and other cryptos. This will drive up the Alre economy activity.
The ARCS token will be subjected to the market conditions and other factors like demand and supply. Therefore, when users feel comfortable and provide personal data, there will be a high demand for the token, the consequent supply will increase the price of ARCS token of the exchange.
Alre will tokenize data security. Users can be rest assured that any provided information is safe within the network. The economy is organized such that, the token will grow the system naturally through an incentivizing approach. Notably, since the big data industry is largely in need of a database with a variety of collections. The Alre idea will be an attractive one, the need to buy data will increase the demand and use of the token on a global scale.
Conclusion
The Alre network decentralized approach will be definitely improve the way data is collected and used. The illegal use of data will be efficiently eliminated. The system will benefit from the tokenized approach. The need for data will boost activity on a large scale. Users can also earn some funds for providing information that many existing platforms try to obtain for free without a headway.
The Alre token flow involves, the provision of relevant information into the Alre data infrastructure with a consequent reward. The reward is paid in the ARCS token. The ARCS token is acquired on the exchange by any company that wishes to acquire data from the Alre data bank. The ARCS token is paid into the network for the required data. Users are subsequently rewarded for the modification of their data.
Alre is positioned to be the largest database for personal data. Notably, users still have control over their even within the network.
USEFUL LINKS
Website: https://www.arcs-chain.com/
Whitepaper: https://www.arcs-chain.com/whitepaper_en.pdf?v=20191122b
Telegram: https://t.me/ARCS_ARX_EN
Twitter: https://twitter.com/ARCS_ARX
Medium: https://medium.com/arcs-arx-official
AUTHOR'S DETAILS
Bitcointalk Username: chuksmy
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2635666