Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with ARCS on Februari 17, 2020. This guest star is Founder & COO at ARCS(ARX) Kunihiro Katsuragi. If you were unable to join the live AMA, no worries, here comes our 1st AMA recap!
We are glad to meet here:
Kunihiro Katsuragi (@kuni_95), Founder & COO at ARCS(ARX)
For taking your time out from busy schedule for the AMA!
Q1: Can you introduce yourself to the community? What is your background and how did you join ARCS(ARX)?
So I was in University when I meet our CEO.
Around that time I came back from Spain/Peru to Japan and I was looking for something I can be involved in.
In Peru, I saw lots of people who worked hard but not paid enough. And then I started to do the research on blockchain and crypto to create new platform to realise the fair world. Then we came up AIre and ARCS
Q2: Can you briefly describe what is ARCS (ARX) in 3-5 sentences? What technology stands behind ARCS(ARX) and why it’s better than the existing one?
ARCS is a token currently on ERC20 and which will be used for data store platform. The platform called AIre, which is platform where people can use mainly as data platform.
You can learn about it deeper on our medium and our website.
Questions Form Google
Q1: Hi,How would you attract Users ? And Biggest challenges challenges is USE CASE — How to apply ARCS in real life?
That’s a great question. We are currently building our blockchain infrastructure and first product. The product is a personal data bank which will help users manage and sell their personal data on a data marketplace in return for rewards. Combine this with our strong community and marketing team, and you will see how we attract users and solve a real world challenge.
Q2 : Why do you think companies will use the public chain instead of the private chain when creating their own pay solution using ARX? If they use a private chain, aren’t normal user’s ARX tokens useless? In some cases, companies use custom Ethereum platform but not the public chains and use RippleNet but not public chains. Tell me more about ARX token’s value.
We believe that companies will use private and public chain in the future – it’s not either or. As well, we don’t see a future with only one public chain, but multiple comprising a greater ecosystem. Our strength is that we are building strong solutions for a data marketplace where companies and users can do commerce with data while being protected with privacy and security. Companies will utilize ARX because it’s the native token in the AIre-chain and it gives discounts and convenient compared to FIAT.
Q3: Data is highly priced and at the threat of security and privacy threats, how secure is the ALRE with data stored in settlement banks 2. Presently Ethereum chain has got major limitations which include scalability and interoperability, I know ALRE would build her own chain, how would ALRE deal with these issues?
First, no personal data will be stored on the blockchain. The blockchain will facilitate the transactions and ARX token. The data banks associated with AIre-chain will have their own security systems and the ones managed by AIre team will have highest level of security – just the like security you find in centralized databases. We are building our blockchain to accommodate scalability and interoperability with different consensus algorithms and chain networks.
Q4: Next phase of blockchain adoption will be coming from the Defi space. What is your views on this? What are Arcs/ARX ..plans for Blockchain’s mass adoption?
We think DeFi will play an essential role in the blockchain going ahead. In addition to the governance token, ARCS, we are considering the possibilities of a payment token which would be available based on collateral debt positions (CDP). The payment token will equal a stable coin and only exist within the network, which means that it won’t be listed on any exchanges or public traded. The purpose is to ensure that individuals and businesses can do commerce without extreme price fluctuations. The payment token is operated by a CDP similar to MakerDao’s design for DAI. Users can deposit ARCS into a smart contract which creates payment tokens based on the amount and collateral. Once the user pay back the payment tokens they will receive back the ARCS, and hence the payment token will be destroyed.
Q5: If I present myself as an investor and ask the CEO, what expansion plans does your company have and why invest in ARCS (ARX) , what advantages does it offer compared to other companies?
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.
Live AMA Segment
Q1: Can you introduce the DIDs released by ARCS with us? How will this expand ARCS’s ecosystem development?
We are developing DIDs. But we are sure that DIDs are essential for us to implement/ realise our vision. DIDs are the key to introduce blockchain tech and crypto concept.
Q2: Beginning in January, the AIre team began developing the AIre PoC chain with Parity Substrate in collaboration with Stake Technologies. What are the benefits for ARCS with this collaboration?
The benefit of working with Parity Substrate is that they are the ultimate experts on the framework we initially want to adopt because they developed the code. We work with Stake Technologies because they are amongst the top engineering team developing with Parity Technologies. Both Parity and Stake complement our inhouse Engineering very good!
Q3: Which programming languages are you using in your project? And why? What are another big MILESTONES you have planned for 2020 roadmap and how are they supposed to benefit your costumers? Will it be an exciting year?
We are using Rust and WebAssembly (Wasm). Because it is the native language of the Parity Substrate. We are working hard to release the official announcements with Japanese big companies such as airport. You can hear from us very soon!
Q4: How would you introduce the concept to people who have not heard of ARCS before?
I wanna keep it simple so I would say
“The market where people can know their true value of their data and get benefits out of it.
Q5: Currently, there are many strong developing projects, so why should we choose ARCS and not others? What in ARCS makes you more confident than other projects?
We believe one of our major value propositions is our experience and connections with businesses who monetize data. We already have a pipeline of partners who’s ready to get onboarded once the infrastructure is in place. As the ecosystem grows we will be able to onboard more businesses and users, which will result in a great expansion of ARCS use cases.
Thank you for trusting NanoNews as the organizer of the event today, hopefully everyone can understand about ARCS
Join our Telegram group and you can talk directly with other Communities and enjoy some of the events that we created for Nano Gang, We are always here to support the current adoption of cryptocurrency in Indonesia.