$ARX AMA March 27, 2020 Recap
A recap of a very informative and amazing AMA session held with Kunihiro Katsuragi COO of ARCS team, organized and moderated by Eljaboom and Jee. This is the second AMA of ARCS $ARX project organized on Eljaboom Telegram group.
Hi everyone. This is Kuni from ARCS.
We are based in Japan!
I’m honored to be here to chat with you all!
I am COO of ARCS team and one of the founders of ARCS.
Through this AMA I hope you can have vague picture of what we are trying to achieve.
ARCS is a platform where people can sell/but their own data.
And also provide companies to get end user’s data with permission.
The project was initiated in Tokyo, Japan 2017 by a group of entrepreneurs, technologists, and philanthropists who believes that blockchain technology can contribute to a better world. Individual ownership of data and identity, along with a network of data banks, will enable multiple business scenarios and solve some of the toughest problems in the world e.g. personal data exchange, data monetization, financial inclusion, lending/funding, scoring and reputation, and privacy.
@Jee_at, Thank you for giving me the time to introduce myself and our vision!
Question 1 by: @marimar99
A. What is your project’s competitive advantage over existing or potential future solutions?
B. Does ARCS have its own roadmap and what future plans will the ARCS team develop?
A: We believe that we are not only focusing on blockchain and crypto but to implement those technologies to the society by combining with existing technology such as marketing automation tool. So we think our platform will be ready to implement as soon as developed.
B: We have our roadmap but at the moment we are renewing our whitepaper and will be done by next month. Stay tuned!!
Question 2 by: @john51286
Arcs provides functionality for data banks,Are you taking any precautionary measures to ensure scammers will not be able to mislead investors into sending coins to the wrong address? And what security features does Arcs use so that hackers can not get what they want?
To answer your question, no investors will send tokens regarding data input/output.It will be done with the blockchain technology automatically.
About the data legitimacy, we cannot prevent bad behavior of the end users. but by introducing DID function to our platform, the data that users input can be used for the verification of the legitimacy of the data. Meaning if user A inputs wrong data about himself, he won’t get the information that we really wants. therefore the users will eventually input the right data.
Question 3 by: @bitboyss
B. How does ARCS rate the importance of the user community? What was your plan to build the user community?
A: We think the advantage of possessing ARCS is to be able to give out the virtual money in order to acquire the users rapidly and globally. So the marketing strategy will be the key.
B: We think it is very important. To hold more campaign and build genuine connections with the communities would be the key factor.
Question 4 by: @dustyllanos
A. Only FEW Blockchain COMPANIES ventured into DATA services,
One of them is $LAMBDA.
On the comparative note, WHAT are @ARCS_ARX key ADVANTAGE/s over the existing competitors?
B. With @ARCS_ARX Alre-CHAIN wants to implement DECENTRALIZED IDENTIFICATION or (DID).
Now, How is this Possible?
What is the benefits of Decentralized ID vs a KYC protocol?
A: We don’t see other data service blockchain projects as competitors, rather as potential partners. We believe that multiple public blockchains will exist and make up an ecosystem. However, ARCS has a clear advantage because the team are Japanese and has direct connections and work experience with Japanese companies and governments. With this ARCS can be implemented in real-life business scenarios.
B: We are still doing research for how to implement Decentralized Identifiers (DIDs). The idea is to use this standard for digital identity so e.g. users can get verifiable credentials.
Question 5 by: @malachi456
You are providing functionality for management and storage of various data structures in DATA BANKS
A. WHAT KIND OF DATA IS ALRE FOCUSING ON AT THIS TIME
B. HOW SECURE IS THESE DATA BANKS?
A: In the beginning we are focusing on personal data. We want to enable users to sell their data in a fair way.
B: The network will have several data banks which can be run by different entities. We require ALL the data banks to follow our strict security measures. We use state of the art security.
Trust is very important in business, what makes investors, customers and users feel safe when working with ARCS?
As you can see on our white paper, we all use our real name haha
To be serious, I think you can see the honesty from our community and our detailed marketing and the development.
We take pride to be Japanese project and we will be the top project from Japan.
1. Ethereum is a solid platform that many successful projects use. Why are you planning to reissue ARCS outside Ethereum?
2. Why did you create 3 different tokens? Settlement, governance and utility token? How would you manage that user don’t see it complicated?
To make info correct, we haven’t issued three tokens yet but by writing down those themes we are trying to make our community to think about more crypto and give us advise on them. From the perspective of finance, technology and monetary.
I think the project is driven by the company/ organisation but the community and believers will make the project better and bigger!
We are open to everyone!!
Question 06 by: @MTrezor
A. Who are the business partner of ARCS? What are your planing to work with them?
B.After original chain announcements throughout 2020 what are the new features that you are planning to launch?
A: We have several business partners, however, none of them are ready to announce yet. And because of the situation in Japan regarding corona, it’s bit difficult for us to do business only with Japanese. But we are making progress out side of Japan!! Please stay tuned for this!
B: During 2020 we will work hard on launching our first data banking product.
Question 07 by: @Hyderi110
How @ARCS_ARX will become different from other Privacy projects / coins by building a decentralized infrastructure to store personal data verified by trusted agencies as well as retain full control of the data.
We will set ourselves and ARCS apart from the competitors by have a strong connection to the real business world in Japan and Japanese government. Many projects develop good technology and great concepts, but fail to implement in the real-world. We believe that we have the capabilities to do so.
Question 8 by: @VishalBlockchain ·
How information input, information storage, and information utilization is managed on blockchain transparency layer untempered using Arcs’s Alre?
The data banking functionality will all be written into smart contracts that exist on the blockchain. So the business logic won’t be controlled by a centralized entity, but by code on the blockchain.
Question 9 by: @Ikmat10
A. Could you please share with us the major achievements of ARCS team in the past!
B. What is your business development plan for the rest of this year 2020?
A: A recent great achievement is that we successfully completed our PoC with Parity Substrate. With this we demonstrated that we can implement technology!
B: We are targeting several businesses in Japan. Stay tuned for announcements!
Question 10 by: @Kira_kingdome
We look forward to knowing the results of the experimental test in proving the concept PoC in the next April as you mentioned,but will a special wallet application be created for the users to facilitate their control of their data before that time or not?
We are working on confirming the requirements from the PoC. We are excited to share it with the community. Regarding dApps, we are gathering requirements at the moment and will start shape up a products based on that. We hope to build something around wallet and digital ID!
in the future are you plane to have your wallet or exchange to attract more investors to your coin??
Stay tuned for more listing! we will be very active from now on regarding listing and developments announcements!
And luckily infinito wallet supported us!
Q1. Hello! I am a spanish speaker and your name is Aire ( Air in english), Can i know why you choose this name? Which an Japanese team of an company take a spanish Word as name?
Q2. What is exactly the ” rule of the Code” that allows to the users transact Info between them?
Is like the Red envelope Code of Kucoin?
The reason was my experience! I’m Japanese but I was in Seville/Spain for a year and then I spent some time in Cusco/Peru.
Out there I helped children through an NGO. And I felt we need an alternative method to make money not by working tons of time to make tiny amount of money. Children should have opportunities to study and have fun with their friends.
Then I came across token and blockchain and I came up ARCS and AIre.
To answer second question.
Yes it is like this but it would be really long to explain so please search by yourself about this.
It it well known concept of blockchain!!
Question 11 by: @ammarfares
A. in the future are arx plan to burn some of token supply to increase the price?
B. are Arx plan to own its blockchain in the near future?
A: We don’t have any token burn plans in place at this time.
B: We just finalized our PoC which will be the groundwork for further discussions about building our own chain. If our requirements fits another public blockchain we might use that, but in case not we might build our own
Question 12 by: @toann9
SOUTHEAST ASIA is a very vibrant market and most exchanges are competing campaigns here to entice users and grow,
with ARCS you see how SOUTHEAST ASIA is and do you plan to develop & expanding here?
SEA is one of our primary target markets. We have seen tremendous activity from this region and many great community people who’s hungry for success! So yes, we are planning to expand aggressively here!
Question 13 by: @Ledger_S
A. Can you tell us in details about Main Utilities & Real world use-cases of ARCS Coins?
Where we can use ARCS & as investment, can you give some main reasons that why should we purchase ARCS Tokens as long term investments?
B. Can you share that What’s the main Business Model of ARCS project? Also, whats the main purpose behind creation ARCS Tokens?
A: The real world use case is data banking. So we want to enable users and businesses to transact with data in a fair way where everyone gets the rewards. We believe that data is valuable and belongs to the users!
B: The mail business model is data banking. There’s a token economy behind it where users, businesses and the foundation will get rewarded. Please refer to our white paper
Question 14 by: @DIGITALVC
Currently attracting real users and mass Adoption is a problem for Blockchain projects. So how will ARCS solve this problem?
What is your marketing strategy?
In order to get the user onboard on the platform we will give rewards for creating digital ID and register as users. Going ahead we will also give rewards for sharing personal data!
Question 15 by: @rhythms29
A. When ARCS was initiated last 2017, did you foresee that $ARX would blossom this fast? The project still has a long way to go but the potential is clearly visible. What is next for $ARX this 2020 and the years to come?
B. It has been proven over and over, adoption is a vital part towards a projects success. What’s being done by ARCS to drive global adoption amidst the typical crypto regulations and legislation?
A: We didn’t foresee this! This is because we have a great community and our project appeal to a real problem that needs to be solved!
B: We will continuously build strong communities so people feel ownership of the ARCS project. Also, we will give rewards for creating digital ID and register as user
We notice that $ARX price is now lower than the price of listings Do you plan to make the price always greater than the price of listings .. Or will you continue to make the price appropriate for supply and demand ?
From the moment of the listing it’s still high. We started from 0.01$
And we cannot manipulate the market but we will try our best to maintain the price by being active on both marketing and development!
Be listed in different platforms is a great advantage a project can take. How is ARCS planning to grow up and be listed in other wallets and trading platforms?
By being a good project! haha
We are actively having partnerships not only with non-crypto companies but also very crypto driven companies.
You will see more our hard work coming!!!
Question 16 by: @nandhas
Major problems in most of the blockchains are Security, Scalability & Interoperability. Tell us how ARCS works on these problems?
For security, we will use a fairly decentralized network and cryptographic techniques such as ZK. For scalability, this is first a problem once we reach high TPS. We are building with Substrate which is a high-performance protocol that can accommodate our currency requirements for this. For interop. Substrate has great interop features.
Question 17 by: @SunJimSenSi
What is $ARX vision? What is the challenges you Overcome with personal data?and the solutions that $ARX is offering? You already targeted one of big markets #kucoin, what next… #Binance .. #Hubei ??
Our vision is to build a ecosystem where data is fairly distributed and rewarded. There are many challenges with personal data. One way we cope with this is to implement privacy features such as SK. We are ready to take on the big markets! It’s already planned out!
Question 18 by:@Sidonpee
What measures has the ARCS team taken to prevent the theft of customers data and how will you guarantee the safety of collected data ?
We have state of the art security measures that will protect the users. Also, we preserve privacy with advanced cryptography such as ZK. The data transactions will be guaranteed by smart contracts that exist on the blockchain
Question 19 by: @Hemaawed1
A. How can you provide a fairer distribution of the profits made from users ’personal data and how will the data be dealt with on an individual perspective?
B. How can you motivate people and companies to invest or sell their data in exchange for giving them a share of the profits?
A: We do this by setting a price tag on data. So once businesses acquire data, they will pay for it and get rewards gets distributed back to users.
B: We incentivize them with rewards. Byond that, we will develop digital ID where users can create their own comprehensive profile e.g. scoring, reputation, and claims
Question 20 by: @ahmedabdallah12
What are your future maps to spread your coin wider , and what about burning some of supply to improve the price
We will go on global tours to meet the communities and we will recruit managers to be there for the users around the world. Currently, we have no token burn plan in place.
But until then please stay safe everyone!!
Thank you so much, appreciate everyone being here.
Very good questions and great answers
Guys remember to join
Thank you everyone for joining!!
Thank you for having me!!
It’s been amazing AMA!!
Ajoobz team would like to thank Kunihiro Katsuragi and all the participants for joining this AMA. Participants praised the Ajoobz team for organizing the AMA in a professional way.