ARCS Chain Carves a Path to Revolutionize Data Banking & Privacy

About ARCS

ARCS chain is a proprietary blockchain for data banking infrastructure, developed by IFA. ARCS is basiclly a token which relies on the Ethereum platform. However, the operating situation of the Ethereum platform is about to reach its limitation, which has provoked alarm about its future prospects. Of course, there is still a great chance of improving the situation. Nevertheless, we are considering reissuing ARCS by using a potential and highly scaled platform compared to the current platform. All in all, not only issuing settlement tokens which have settlement ability, but also we will issue governance token, which commit to the management of the Alre world, and security tokens that fits regionality. We will do our best to develop ARCS because it will contribute to the new world.

About AIre

AIre is an ecosystem centered around data banks and their users.It provides functionality for data banks so that they can operate effectively and transact with businesses and individuals.This section outlines AIre, its functionality, and its business model. It also includes a description of measures to prevent data tampering through using blockchain technology and interconnected data bank hubs.

AIre provides functionality for management and storage various data structures in "data banks", which are basically businesses for monetizing data. Network participants can access and build AIre through applications created specifically or directly through an exclusive API. This provides a flexible framework that makes it easy for companies to build their business scenarios and applications with strong insights from analytic data.

Vision

The AIre project philosophy is the desire to improve welfare for people throughout the world, not only physically, but also mentally and socially. AIre's vision is to empower individuals through the rights to their data and the values held by their data. The ecosystem will include many participants, ranging from individuals to large data companies. Participants will be able to transact with each other, protected by "code rules" that are enforced by smart contracts that are distributed to the blockchain network. This allows businesses to buy and sell data while complying with personal data regulations, which in turn increases their data analytic capabilities and gain meaningful insights. Individuals who provide information to data banks will be protected by a high level of privacy and receive prizes based on entering data and it's used. Buying and selling data is increasingly becoming a major part of our lives, the proposed Aire ecosystem will make buying and selling data an integrated part of our lives while ensuring privacy and fair distribution of data trade.

Functionality

AIre consists of three main functions: information input, information storage, and information utilization. Data banks are the core of the system for storing data, and the API enables facilitation and orchestration of data flow. Can handle multiple data sources and manage data ownership, for example, fragmented data from different sources can be linked to the identity of a legitimate user in the data bank. As a result, users can manage their data in one integrated network.

The three main functionalities are illustrated below:

Information input

Users can enter basic personal information such as gender and address, answers from questionnaires, text from blogs, and links to social media accounts. In turn, based on input information and frequency of use, they will receive tokens as an incentive. AIre is designed to handle high throughput and complex data structures, emerging technologies such as IoT and artificial intelligence with user agreement, including location data from smartphones, health service data from smart watches, and payment history and web searches.

Information storage

Information is stored in a data bank system. To preserve
data integrity, the system will automatically calculate the hash
value for data and store it on the blockchain. This is possible
anyone with data to verify whether it has been tampered with or not.

Information utilization

AIre Proprietary APIs allow companies to integrate their business and applications with data banks or even offer their own data bank services. Ecosystems will enable technology to handle a variety of business scenarios, such as the implementation of the DID W3C Standard, or the reputation and valuation system framework. The network keeps a timeless record owned by the participants which has been given access to which data and subsequently which rewards have been distributed to which data providers.

The solution

AIre solves the problem of inefficient data usage. At present, each company only stores and uses a portion of the information left by its users. Therefore, complete and accurate user profiles cannot be collected. Users generally have negative feedback about current data usage because the information and / or recommendations they receive because they are often used are not accurate. To overcome this problem, AIre enables integrated user data management which allows data to be used with protected data agreements and rights. We believe that this mechanism can provide various application services for users. We refer to the interface that can offer this service as a "new generation bank". The next generation bank is a comprehensive digital wallet that is needed for the transformation of the coming digital era. One service provider will not provide all services and each service provider will provide services as part of the next generation bank using one token. The next generation bank is a digital wallet that handles this service. AI tokenizes valuable items as security tokens through data banks, such as shares, for real plantations, art, etc., and make payments / transfers using cryptocurrency. Further details are explained in the "future development" section. AIre uses this data to create new evaluation standards. In addition to ensuring compatibility with other companies participating in the AIre platform, AIre will take the initiative in handling new technologies and concepts about data management users to become a truly "sovereign user" platform.

Challenge with personal data

In recent years, personal data has become increasingly fragmented in various services and often located in databases without proper user approval. This leaves users without proper control of their data and, to some extent, their identity. European General Data Protection Regulations (GDPR) are brought into EU law to resolve this issue. However, the company still accumulates large volumes of personal data for analytics and monetization. Data is often described as "new oil" and users quickly realize the value it has. This has led to some data banking businesses that are trying to buy data and sell for profit, but always by thinking of the interests of large companies. AIre was built with a mechanism to provide a distribution that is Fairer profits are made from personal data by giving users a sovereign identity.

Asset tokenization

AIre aims to visualize the value of individuals through tokens. As assets are tokenized, different asset types can be exchanged in real-time. There are many types of assets, such as real estate, art, and securities, but there is currently no platform that can handle them with a single interface. We believe that by tokenizing various forms of assets, the assets can be used as a form of “money”, and economic activities can be further encouraged. For example, you could get insurance by tokenizing a car you own and staking a part of it, or sell art by tokenizing it while it remains on display. Also, since one large asset can be subdivided and owned by multiple people, it is possible to lower the barrier to investment and encourage larger markets.

ARCS token details

ARCS token

ARCS is the native token of AIre. It can be held in wallets that support the ERC-20 token standard and be traded on exchanges which list ARCS. It will fluctuate according to market conditions. ARCS is mainly used for the following purposes:

Incentives for users

Many internet users feel uncomfortable when providing personal data to services due to the recent public knowledge of large corporations misusing personal data. AIre incentivizes users for the information they provide, which is expected to lower resistance to storing personal data.

Rights to use the AIre service

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. The core value of AIre is the data which the data banks hold and ARCS is the global network currency which data buyers can use to buy data with.

Token economy

The AIre token economy is centered around the ARCS token. Below is a description of the token, its economy, and its functionality.

Token flow

Below is a demonstration of the ARCS token flow:

Users input data into the AIre data bank and receive ARCS as a reward;
Companies who wish to acquire data from the data bank will first buy ARCS from an 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

Token specification
The ARCS token is issued based on the parameters shown in the table below:

Token distribution

The 20 billion ARCS tokens are planned to be distributed as follows:

Token migration and swap

As the ecosystem grows with more users and transactions, it will be necessary to build a blockchain that can accommodate scalability, performance, and customization requirements. 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. Going forward, the team will design and build an AIre proprietary blockchain infrastructure which the ARCS tokens will later migrate to. During the migration, the token holders will have to swap from the ERC-20 token standard to AIre’s new native token standard.

Risk factors for the token price

The cryptocurrency market is new to the world and still immature. Regarding the ARCS token that IFA issues, the following case can be considered a risk.