What Is ARCS (ARX)?
Arcs is a token based on the Ethereum platform and is issued to seek to make the construction of Alre fast. Alre is an atmosphere where human values are converted into assets and used as social resources. As the whitepaper states, Alre aims to work on the vision to improve well-being worldwide, both physically and mentally.
Alre seeks to empower individuals through the rights to their data and the value their data holds. The participants can trade on this ecosystem, protected by the "rule of code" enforced with smart contracts deployed onto a blockchain network. Rule of code seeks to allow businesses to trade data while keeping the personal data regulations, thus improving their analytics capabilities. Alre's ecosystem aims to make trading of data an integrated part of our lives while ensuring privacy and equal distribution of data trade.
According to the whitepaper, data is nowadays considered as the new oil as it has given rise to the data banking businesses to trade the data for profits. Alre's mechanism seeks to give a fairer distribution of profits by providing self-sovereign identities to the users. Herein, Alre aims to allow unified user data management where the data to be used is with consent and data rights are protected. The whole idea of Alre revolves around data banks and their users.
Arcs team helps achieve the vision by breaking down development into components that gradually make up the ecosystem. The significant components of development in the ecosystem seek to be 1) the public blockchain, 2) the data bank, 3) clients and DApps, and 4) smart contracts for business logic.
The Alre ecosystem's native token is ARCS (ARX). It follows the ERC-20 token standard and is issued on the Ethereum network.
ARCS token flow aims to be as follows:
Users input data into the AIre data bank and are rewarded with ARCS.
Companies who wish to receive data from the data bank will have to buy ARCS first from an exchange.
After this, companies can purchase data from a data bank with ARCS. Users are rewarded for their data at the same time.
Companies can use the data for their services and offer it to AIre users in return for ARCS.
History of ARCS (ARX)
The Alre concept was born in July 2017, and the whitepaper was released in November 2019.
The maximum total supply of ARCS tokens is 400,000,000.
