The PHOENIX Report
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In front of a sold out audience of over 500 finance professionals, journalists, and crypto enthusiasts, Red Pulse unveiled PHOENIX to the world. At it’s core, PHOENIX is a suite of pioneering new features to our infrastructure, platform, and new token (PHX). PHOENIX aims to address recent industry shifts such as the rise of the “gig economy”, commodification of general market information, and more stringent regulatory requirements in the research and knowledge space.
The launch of the Red Pulse (RPX) smart contract and token was a major step in creating the necessary token and infrastructure upon which the Red Pulse ecosystem is built and was a resounding success. The next phase of our platform development now calls for an upgrade to our core infrastructure to support the upcoming Red Pulse PHOENIX open research platform, which will enable several core elements of our research and knowledge ecosystem:
- Proof of Creation is achieved by creating a representative hash of produced content and storing it permanently on the blockchain alongside a creator/owner wallet address and timestamp.
- Proof of Ownership is achieved by creating a transfer function that allows the owner to sign and transfer ownership to another entity, identified by another wallet address. Ownership and provenance is verified and auditable by traversing the public blockchain.
- Regulatory Compliance is improved by providing an immutable record on the blockchain of specific information requests, as well as corresponding responses, to incentivize compliance with local and international laws and regulations related to confidential and material non-public information (MNPI), while ensuring a publicly verifiable system-of-record.
- IP Protection is improved by comparing newly produced and hashed content with existing hashes previously stored on the blockchain and rejecting any attempts at storing identical content.
- Accountability is achieved by associating a distinct wallet address to each research item on-chain, while a corresponding off-chain profile is maintained whereby credibility is established and earned on a continuous basis, with an incentive to preserve reputation.
Why is this important?
In the world of finance and business, information is everything. In the past, investment institutions would often include the cost of research services as a hidden fee that is passed on to clients. That all changed with the introduction of MiFID II, a set of regulations aimed at protecting consumers.
MiFID II went into effect on January 3, 2018, and has put a tremendous amount of pressure and oversight over traditional research institutions. The industry is now shifting towards the use of “expert networks”, where industry experts would provide bespoke research reports and information to clients.
Through these expert networks, clients pay upwards of over $1,300/hour for access to these industry experts, in a process that is very inefficient, opaque, and wrought with insider trading.
PHOENIX aims to leverage machine learning, natural language processing, and blockchain technology to create a more efficient and cost-effective ecosystem of knowledge sharing that will have regulatory compliance and accountability built right in.
For a full list of features and technical specifications for the new PHX token and PHOENIX infrastructure, head on over to: https://phoenix.redpulse.com/
RPX ==> PHX Token Swap
As part of the process for moving over to the new PHOENIX infrastructure and token, we’ll be doing a token swap in August. We’ll be releasing more information on later this week, but below is the tentative schedule:
August 3 — All exchanges will suspend RPX trading, withdrawls, and deposits
August 12–13— A snapshot of RPX balances will be taken at a specified NEO blockchain blockheight
August 14 — We will airdrop the new PHX tokens
August 19 — Trading, deposits, and withdrawals of PHX tokens will resume
August 20 — Users may deposit PHX into the platform and earn “staking” rewards
Keep in mind, these dates may change, and certain exchanges my vary in terms of their swap process, so we’ll make sure to communicate all of that information leading up to the token swap.
Red Pulse Platform Launches Months Ahead of Schedule
Did we also mention that the Red Pulse platform according to our roadmap will be launching this weekend? That’s months ahead of schedule if you’ve been keeping track. For now, you can visit https://www.redpulse.com/ and browse around the new UI. However, registrations won’t be open to the public until 12:00 P.M. CST on Sunday, July 22.
With the release of the platform, many of you are probably wondering about staking. Unfortunately, staking will not be part of this release. When using the platform, you’ll notice that staking is grayed out for the time being. RPX deposits into the platform is also grayed out.
Staking will be opened up on August 20, at which point users may deposit PHX into the platform and earn “staking” rewards.
Claim Your PHOENIX Bounty and Contest Rewards
For those that participated in our PHOENIX bounties and contests, we will be publishing more information about how to claim your rewards soon. The process will require you to sign up for a Red Pulse account using the same email address that was used for your bounty/contest submissions, and your RPX will be deposited directly into your account soon after. Look out for an email about that in the coming week.
TOKYO — Saturday, July 28, 2018
Venue: Nagatacho GRID
Address: 2 Chome-5–3 Hirakawachō, Chiyoda-ku, Tōkyō-to 102–0093, Japan
Date: Saturday, 28 July 2018
Time: 19:00–22:00 (GMT+9)
HONG KONG — Friday, August 3, 2018
Venue: Cocoon — Community For Entrepreneurs
Address: 18號3/F Citicorp Centre Whitfield Road, Causeway Bay, Hong Kong Island, Hong Kong
Date: Friday, 3 August 2018
Time: 19:00–21:00 (GMT+8)