ARCS
VISION
The philosophy of the AIre project is a desire to improve well-being for people around 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 value their data holds. The ecosystem will include participants of many kinds, ranging from individuals to large data corporations. Participants will be able to transact with each other, protected by the “rule of code” enforced with smart contracts deployed onto a blockchain network. This enables businesses to buy and sell data while being compliant with personal data regulations, ultimately improving their data analytics capabilities and deriving meaningful insights. Individuals who provide information to data banks will be protected by a high level of privacy and receive rewards based on inputting data and it being used. Buying and selling data is increasingly becoming a major part of our lives, Aire’ s proposed ecosystem will make buying and selling data an integrated part of our lives whilst ensuring privacy and fair distribution of data trade.
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 flow
Below is a demonstration of the ARCS token flow:
1.Users input data into the AIre data bank and receive ARCS as a reward;
2.Companies who wish to acquire data from the data bank will first buy ARCS from an exchange;
3.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;
4.Companies can utilize the data for their services and offer it to AIre users in return for ARCS
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. As a precedent, banks in the Netherlands (ING), Germany (Fidor Bank), the United Kingdom (Barclays), Spain (BBVA), and more, have already released bank APIs and encouraged startups in other industries to participate in the financial industry. As banks begin to evolve and the question of how banks should be run is faced, from experience we see the value in them working with companies in other industries to make finance more
accessible to others. The push to release banking APIs has had a major impact on the movement in Europe. In Japan, a banking law amendment made in May 2017 included an obligation to release APIs. Although it is not yet obligatory worldwide, we expect that open APIs will become mainstream in the future. Coexistence with existing banks will ensure a high level of data and risk management. Also, it will help identify the behavioral patterns and trends of their users with other services, and solve the problem of limited credit information, which is one of the core reasons why startups and young people find it difficult to obtain loans from banks.
TEAM
Masashi Mizukura
Kunihiro Katsuragi
Hiroshi Mizukura
Yoshikazu Abe
Ryohei Osaka
Yoshinobu Shijo
INFORMATION
AUTHOR
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