Hello community, today I'm going to introduce you with a new world called Alre by which assets turned out from human values can be used as social resources.
Functionality is provided by Alre for management and storage of various data structures in “data banks”, which are essentially a business to monetize data. AIre comprises of three main functionalities: information input,
information storage, and information utilization. The AIre token economy is centered around the ARCS token. ARCS is a token issued to make its construction faster. For the issuance of ARCS the company will be responsible and will set up a new ARCS Foundation and lock 50% of all issued ARCS up as foundation assets.
ARCS token
ARCS is native token of Alre. You can hold this token in wallet that supports ERC20. The token economy is designed to expand the ecosystem organically since participants will receive unique benefits from using the ARCS token as opposed to fiat currencies.
Users will be rewarded with ARCS when they input data into the AIre data bank. Companies will have to buy ARCS from an exchange to acquire data from the data bank. Companies can then buy data with ARCS from data bank and at the same time users will be rewarded for their data. Companies can utilize the data for their services and offer it to AIre users in return for ARCS.
AIre will develop a wallet specifically for ARCS, payment tokens, and associated services. This product will enable users
to transact with tokens in the ecosystem and use tokens for meaningful purposes instead of holding them purely for speculation. ARCS is mainly used for the following purposes:
Decentralised digital identities (DIDs)
Blockchain wallets can manage cryptocurrencies such as ARCS, which allow users to transfer and receive digital assets. The rise of digital identity has sparked new standards and applications e.g. decentralized identifiers (DIDs) from the W3C.
Financial assets
It is assumed that the bank API will be used in cooperation with existing banks. It will be possible to integrate financial data of existing banks and personal information with AIre to provide more sound and fair services.
A new credit standard
“Credit” in the financial context has so far been based solely on simple objective data such as nationality, annual income, and employment status. For this reason, trust has heavily relied on the condition in which people are born into and this has never been corrected. Also, the possibilities for a person with a low credit score to win higher credit are limited. In other words: once credit is damaged, it is difficult to recover.
ARCS token details
Overview
ARCS is the native token in the AIre ecosystem. It is issued on the Ethereum network with the ERC-20 token standard.
Token specification
The ARCS token is issued based on the parameters shown in the table below.
Entity to issue tokens - IFA Co., Ltd.
Token name - ARCS
Token symbol - ARX
Total minted tokens- 20,000,000,000 (20 Billion)
Issuing schedule - Issue all tokens at once
Number of decimals - 18
Blockchain platform - Ethereum
Token standard - ERC20
Contract address - 0x20b1a8a9ca1c7302b7f774266c491c7b11622779
Token migration and swap
it will be necessary to build a blockchain that can accommodate scalability, performance, and customization requirements as many users are join and grow the ecosystem. ARCS is initially issued on the Ethereum network to begin development and build the ecosystem. However, Ethereum will not be able to meet the requirements at scale. During the migration, the token holders will have to swap from the ERC-20 token standard to AIre’s new native token standard.
To know more check out the link given below
Website: https://www.arcs-chain.com/
Medium: https://medium.com/arcs-arx-official
Twitter: https://twitter.com/ARCS_ARX
Telegram: https://t.me/ARCS_ARX_EN
About writer:
Bitcointalk username: CryptoAronno
Bitcointalk profile URL: https://bitcointalk.org/index.php?action=profile;u=2690267