Poland-based RepuX announced its official launch on December 22nd, 2017. Additionally to this announcement, the company revealed its secure partnership with WorkHQ – a Chinese enterprise, specializing at inventory management software for corporate clients.
The significance of this news for the developing fledgling startup cannot be overestimated, as it opens a good opportunity for RepuX to instantly test the viability of the company’s use-case with a large pool of clients. Indeed, the contract gives the possibility to attract millions of potential users to the platform immediately after its launch.
The team behind RepuX strongly believes, that with the launch of the platform, the contractual agreement “promises a rapid growth in users.”
The purpose of the platform is to incentivize small-to-medium enterprises (SMEs) to share their data with interested parties, such as developers and programmers, who can then employ it to train machine learning algorithms.
Developers can also use the data provided to them by SMEs to create useful products for the businesses, such as decentralized applications, prediction analytics, and algorithms they can then sell back to them.
Hence, this could create a fully-incentivized system circularly reinforcing itself, which, according to the RepuX team, can later become a sustainable breakthrough ecosystem.
The RepuX team was motivated to create the platform by the idea, that SMEs cannot use the data they have as effectively as larger companies like Amazon and Google can. This is because gathering data takes time and costs big sums.
The company is also determined, that while the smaller specialized data can be useful to developers, they simply are not so secure and efficient to monetize data exchanges.
This is where RepuX has found the necessity to enter the market. The company now acts as a blockchain solution to the problem, helping to incentivize small businesses to share their data with developers using their RepuX token.
Industries that could gain the most from the RepuX protocol include e-commerce, healthcare, accounting, and IoT. As an example, an e-commerce merchant could sell its customer data with a developer, who, in his turn, could find patterns in the data to help them make the most cost-effective purchasing, advertising, and marketing decisions.
Additionally, the platform has decided to hold a token generation event (TGE) which begins on the 6th of February, and lasts until the 9th of March. The pre-sale started on the 17th of November and will continue until the 23rd of January 2018.