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. AIre provides functionality for management and storage of various data in “data banks”, to essentially monetize them. Network participants can access and build on Data Banks via custom-build applications or directly through proprietary APIs. This provides a flexible framework that makes it easy for companies to build their business scenarios and applications with powerful insights from data analytics.
Today personal data is extremely fragmented across many platforms and is often stored without any user consent.
Users have no proper control over their own data and sometimes on their identity too. European GDPR was brought into to solve this problem but large companies still aggregate and monetize users' personal data.
You may be familiar with the term 'Data is the new oil', well this has led to big corporations to build big data banking businesses that buy and sell users data for a profit with solely their interests in mind.
AIre is built with mechanisms to give a fairer distribution of profits made from personal data by giving users self-sovereign identities.
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.
AIRE token economy is centered around the ARCS token. ARCS token is an ERC20 token with a planned swap to mainnet token in a future date.
The token was formed with the purpose to incentivize the users for the personal information they provide.
Participants will also receive multiple benefits while using ARCS token over fiat currencies in AIre ecosystem.
With the progress of the ecosystem and to realize the non-centralized system they will operate in a unique way. Settlement tokens, governance tokens, and utility tokens will also be issued with further developments.
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.
The total token supply is 20B tokens with 50% of it locked for third party services. Another 20% of tokens will be allocated towards development and operations, a further 12.5% of tokens will be kept as reserves.
This makes effectively 82.5% of the tokens locked up for various periods. ARCS token is currently traded on Kucoin exchange, with a daily trading volume of $43.6K USD.
They are listing on Probit Exchange on 27th March, there are further plans to list on a new exchange every month.
The ARCS token was issued by IFA Co. Ltd. The business model includes the IFA collecting fees from third parties when they access user data from data banks.
To attract more third parties it is necessary that there is a vast data bank, that can be achieved by incentivizing the users for providing personal data.
The third parties get data to drive their analytics and it will be a cheaper alternative to traditional data aggregators and will be fully compliant as the data is collected with the consent of the users.
The users are rewarded based on the type and quality of data they share. Rewards will be distributed each time data is acquired, which will motivate users to input more useful data into the data bank.
The team behind IFA is based in Japan and is highly talented and experienced. Masashi Mizukura is the CEO of the company who noticed the need for financial services with user sovereignty while fusing digital and analog systems.
Kunihiro Katsuragi is the COO and is devoted to blockchain research and has gained a deep knowledge of the subject. Hiroshi Mizukura is the CFO and has been awarded 22 times in seven years for his management capabilities.
Other important members are Yoshikazu Abe (CRO), Ryohei Osaka (CMO) and Yushinobu Shijo (CT
Two central elements of AIre network are data banking mechanisms and digital identity. When it comes to identity verification, trustworthiness and source of data are two important factors.
In real-world it's easy to identify by checking their IDs issued by the government and other trusted agencies. But in the digital world it's difficult to identify if given data is true or not, another issue is that we trust these centralized corporations to safekeep our personal info who in most cases use it for their own interests. Decentralized Identifiers (DID) can solve this by providing digital identities through verifiable claims from trustworthy sources like government, banks, universities, etc.
The credentials will be stored in a digital wallet and are equal to any physical identity, and the control of the wallet solely lies with the user. The user can choose and pick what data or credentials to present and how to present, which is called a proof. This proof can be verified on blockchain. IFA has successfully accomplished its first prototype of ARCS Chain, a Proof-of-Concept (POC) blockchain. ARCS chain is a proprietary blockchain for data banking infrastructure, developed by IFA. It is developed with Parity Substrate in collaboration with Stake Technologies.
ARCS Chain has been developed as a public blockchain so anyone can view it. The PoC product will be released to limited users as a beta test around April.
Apart from this AIre is also involved in incubation business, that will greatly connect technology, society, and business. The incubation business will promote activities such as business matching and policy proposals, but the most important thing is education.
AIre started promoting the incubation business by creating an organization that works as a base, and they launched a study session alongside. The first study session took place in December 2019 with the aim of holding it on a monthly basis throughout 2020.