On July 21st in Seoul, South Korea, Red Pulse unveiled its PHOENIX open research platform, including an upgraded token smart contract that will see the RPX token deprecated and swapped to the new PHX token. Users will be able to register and use the PHOENIX platform within the coming days.
PHOENIX is a cloud-based knowledge network that connects research consumers with content-producers by utilizing core elements of machine learning, natural language processing, and blockchain technology. Machine learning and natural language processing will be used to implement full and semi-automated matching of insights and industry experts to clients.
Red Pulse have placed an emphasis on regulatory compliance, and seek to incentivize conformity to Markets in Financial Instruments Directive (MiFID) II, which are EU-based regulations aimed at protecting consumers.
As it relates to market research, it requires institutions to be explicit in the costs of trading and investing to their clients. The cost of research services have traditionally been passed along to clients through hidden fees and in a non-auditable manner, often using client commissions. The pressure from MiFID II has seen a shift in trend, from the use of large, expensive, traditional market research firms to the more cost effective “expert network industry”, where experts provide tailored and bespoke investment research reports.
In addition, Red Pulse notes that the delivery of information has traditionally been manual in nature, relying on phone conversations between clients and experts. Not only is this inefficient, but there is often no verifiable record of how information was obtained if faced with insider trading allegations.
PHOENIX aims to address these issues by providing a cost-effective medium of information exchange that will “demonstrate that a specified entity identified by a NEO wallet address, has produced unique content at a specified date and time, and that they are the initial owner of the produced content.”
Research consumers can use PHOENIX to request research on a desired market or topic. Upon being connected with a suitable expert, the research is written and delivered to the requestor. All content created on the PHOENIX platform is recorded to the blockchain, along with a Timestamp, Creator Wallet ID, and Owner Wallet ID. This information is immutable and can be used to prove when a request was made, what information was requested, and what was ultimately delivered. The result is that both parties participating in the exchange are protected, as they are able to verify that information has been obtained legally.
Red Pulse believes the platform will be relatively inexpensive to scale with its automation-based fixed cost structure, passing savings to clients and increasing fees earned by contributors.
New Smart Contract Functionality
PHOENIX’s smart contract upgrade will enable five core elements of the platform’s research and knowledge ecosystem: proof of creation, proof of ownership, regulatory compliance, intellectual property (IP) protection, and accountability.
The first core element, Proof of Creation aims to establish a relationship between content-produced and its creator, by assigning an identifying hash to the producer. This hash is then irrefutably stored on the blockchain and timestamped alongside the creator’s wallet address.
Second, Proof of Ownership is established when the ownership of a piece of content is transferred to another entity. The transaction is signed by the original owner and transferred to a new owner, identified by a new wallet address. The ownership and provenance of the content is then verified, and able to be audited on the blockchain.
The third core functionality, Regulatory Compliance, seeks to provide immutable information-request and response records stored on the blockchain. Red Pulse aims to incentivize compliance of local and international rules and regulations that pertain confidential information and material non-public information (MNPI), while ensuring a publicly verifiable system-of-record.
IP Protection on the PHOENIX platform aims to protect user-created content. When the newly created content is uploaded to the platform it receives a unique hash and is compared to other hashes stored on the blockchain. If a user attempts to store duplicate content on the platform, it will be rejected.
Lastly, the platform will seek to achieve Accountability by associating a distinct wallet address to each piece of content stored on-chain. A corresponding off-chain profile will be maintained on the platform, where credibility is to be earned on a continuous basis to incentivize user-reputation preservation.
PHX Token Swap Information
The total supply of 1.36 billion RPX tokens will be converted to PHX in August of 2018. A snapshot of RPX token balances will be taken between August 12th and 13th at a yet-to-be-confirmed blockheight.
On August 14th, PHX tokens will be airdropped to NEO wallets at a 1:1 ratio with RPX. Users will then have both RPX tokens and PHX tokens in their wallets, however the RPX tokens will have no value and exchanges will no longer offer RPX trading.
Automatic token swaps will take place on the following exchanges, which will suspend trading, withdrawals and deposits on August 11th:
- Switcheo, and
PHX tokens will be airdropped to exchanges on August 14th, with trading, deposits, and withdrawals to commence on August 19th.
Further information about PHOENIX can be found on the “PHOENIX Development Plan” linked below, which includes details regarding business applications and use cases, technical specifications, and key components of the smart contract:
Additionally, a one-page summarization of PHOENIX can be found here:
To register for PHOENIX visit the Red Pulse website at:
For more information about Red Pulse visit the links below.