BlockTalks x ARCS AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Bluzelle, on 15th April 11AM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Kunihiro Katsuragi, COO at ARCS. So here we are up with AMA transcript, for those who missed the live session, this blog post will be saver & feeder of knowledge for them.
Introduction Question Asked By BlockTalks
Q1. Can you introduce yourself to the community? What’s your position on ARCS?
Ans — Hi I’m Kuni from ARCS. We are based in Japan!
And I’m one of the founders and currentry I’m COO of the company which pushes ARCS!
Q2. What was your motivation for starting this project? and what is your vision for ARCS?
Ans — The project takes it root in a vision of bringing well-being to individuals around the world. Well-being is essentially a better life, both physically, mentally and socially. It aims to empower individuals with ownership of their own data and identity so they can harvest the value it holds, instead of giving it away for free. This is not a declaration of war against the big corporations and centralized authorities who traditionally have been collecting data on their terms, but a system for a fairer balance between rightful data owners and the ones who want to acquire — this is the next generation of data banking.
Q3. What are the major milestones ARCS achieved so far & what’s are in future pipeline?
Ans — We have done PoC recently! Please read through our medium!
The purpose of the PoC is twofold 1) confirm requirements gathered during initial project development such as performance, security, privacy, availability, flexibility, and identity implementations 2) test if protocols can accommodate the requirements.
https://medium.com/arcs-arx-official/ifa-successfully-accomplished-the-first-prototype-of-arcs-chain-6b1dcb58155d
Question Asked on Twitter For ARCS!
Q1. Arcs bridge between the companies and user’s now why did you created ARX token, what are the roles play and what are the benefits ?
Ans — ARCS is mainly used for two purposes
1.Incentives for users: Many internet users do not trust big corporations when providing personal data due to many cases of misuse. AIre incentivize users for the information they provide, which is expected to lower resistance of making personal data entries.
2.Rights to use AIre services: Companies who holds ARCS will be able to acquire and utilize data from AIre. Once the data has been purchased, users will be rewarded with ARCS. Companies can also offering their services in AIre ecosystem and ask users to pay ARCS for use.
Q2. By distributing tokens to users as an incentive, users are incentivized to input more information! Are there other ways to incentive people besides distributing tokens?
Ans — Well of course in the future there more ways coming up!
For example, we are developing the DID which enables users to control their data and control their data with one app!!
Stay tuned!
Q3. WHo are the biggest competitors of ARX? And how does the team plans to overtake it’s competitors?
Ans — Well we don’t think there are any competitors!
I’m not being cocky just saying everyone has to cooperate to make better world!!
Q4. Will every country in the world have the opportunity to be part of the ARCS services? How many countries are currently related to?
Ans — Well we are planning to do PoC in certain countries soon.
We will keep you guys posted!
Q5. What are the main role of ARCS tokens? Can you explain in Details about Project’s Work and Mission with work of Token in Entire ecosystem?
Ans — The overall business model of the AIre ecosystem is the mechanics between data provider, data buyer, and the data bank. The provider can be individuals or third parties, and the buyers are typically businesses who needs the data for analytics. The providers data inputs can come in many formats such as social media, questionnaires, feedback, and proprietary data structures. Once the data rest in the data bank, businesses can inquire data access in return for points or payment tokens for users. The users are protected by high level of privacy and options to authorize different buyers to acquire different data.
Question Asked by our BlockTalks Community Members during live Session for Kunihiro Katsuragi.
Q1. ARCS technology was born to solve what problems? Is your market really potential?
Ans — As the value of personal data increases, the markets targeted by information banks are growing year by year. AIre acquires various types of personal data, adds value to the data, and returns it to the user. Looking at a specific use case, this can be applied to the marketing and advertising sectors. The table below shows the average information value per year for the real estate, lifestyle, finance, health, and beauty sectors. For example, if the unit price is 30 to 50 million JPY for buying and selling a detached house or condominium, when a sale is established by providing the customer status, it is common to pay an information provider fee of 300,000 to 500,000 JPY (1% of the sale price) as a contingent fee. If the average purchase cycle of a detached house or apartment is estimated to be around 30 years, the annual information provision fee can be calculated to be between 10,000 and 16,000 JPY. Similarly, if you calculate it for life, finance, health, and beauty, and calculate the total value of the information provision fee per year, it will be between 41,000 and 95,000 JPY. In other words, here it can be assumed that the value of user information is worth 41,000 to 95,000 JPY per year. Since what is mentioned in this table is part of the market, it is considered to be worth at least 100,000 JPY.
Q2. As a COO of the ARCS project, what is the value you receive from the community and how will it help you improve ARCS in the future?
Ans — Communities are one of the most important things in this industry and we take it very serious!!
We want everyone to understand what we are trying to achieve and join us!
Q3. Can my data bank be intentionally deleted? like for example, change wallet?
Ans — Well as we think users must have rights to select to delete/use their data since it’s users’s assets.
And once we launch our own chain ARCS might be the fee but we are also thinking the alternatives!
Q4. As we know, every successful project has a few stories behind the scenes, what’s the story behind ARCS success? What was that vision when it first emerged as an idea? Are there any special prototypes or upcoming ARCS updates that you want to show/share with us?
Ans — The project takes it root in a vision of bringing well-being to individuals around the world. Well-being is essentially a better life, both physically, mentally and socially. It aims to empower individuals with ownership of their own data and identity so they can harvest the value it holds, instead of giving it away for free. This is not a declaration of war against the big corporations and centralized authorities who traditionally have been collecting data on their terms, but a system for a fairer balance between rightful data owners and the ones who want to acquire — this is the next generation of data banking.
Q5. Could you tell me about plans regarding Maximizing the token exposure?
Do you have any plans to list this Token on Another exchanges?
Ans — Yes we are talking with more exchanges!
Stay tuned for update.
We will drop one announcement this month!
Q6. I realize that ARCS is very focused on token issuance and decentralized system building, so what is the core technology of ARCS? And is your goal decentralized finance?
Ans — Well we wanna redifine the finance.
Finance is made to work in capitalism.
And I truly believe that the blockchain and crypto could bring new era after capitalism more like the evolved capitalism or something like that which will have the aspect of decentralisation.
So we are not thinking to do something with current system.
Q7. At this point, do you think you need exchanges as a binance to keep growing? Or is it better to forget those things and focus on other activities?
Ans — Of course exchanges are very important to protect investors.
And it’s an easy marks to show everyone we achieved something as milestone.
Q8. What is the uniqueness of ARCS project that cannot be found in other project that´s been released so far ?
Ans — Of course someone has same idea but the approach might be different and results might be different.
We are trying to act by the norm of next era which is “cooperation” not “competition”
Q9. Let’s become Realistic, What possible use case of ARCS that can be use for daily lives of ordinary people (Non-Crypto) how could ARCS helps them in terms of tech?
Ans — Well first we need to think without ARCS.
ARCS doesn’t have to be the front of everything.
As long as arcs is running behind it, we are happy with it.
Q10. Does Japanese Government Support Blockchain right now?
You said Japanese Regulation is killing your Industry
What are your plans in able to continue your Development in Japan?
Ans — Well the government has to change their attitude regarding tokens but they have neutral attitude toward blockchain.
Only thing we can do is hope for the more flexible environment for token.
Here are some important links of ARCS👇
