Blockchain And AI Tech In Vogue
The seventh episode of the popular TV show known as Silicon Valley was entitled “initial coin offering”. This is not new. Since 2017, Lots of TV shows have featured or referenced cryptocurrencies in one way or the other. “The Big Bang Theory”, “Mr. Robot”, “Billions” and “The Ellen Show” are all a part of this growing list. Kanye West even mentioned Bitcoin in a recent interview. These are signs of cryptocurrencies going mainstream. Another area of technological advancement that is hot is Artificial Intelligence. There are currently lots of investments pouring into developments in this field as well. In fact, the 5th and 6th episodes of Silicon Valley was centered on AI. This article is not a review of TV shows but a look at Cortex, a new cryptocurrency that puts AI on the Blockchain. Let’s see if this token could be a hit.
About The Token
Being ranked 72nd on coinmarketcap.com barely a month after the launch of a project is quite impressive especially when we are not talking about a Bitcoin fork or airdrop. One Cortex (CTXC) token is currently worth $2.1. The current price is more than double the $0.83 price of 17th April. With a circulating supply of $ 149,792,458 CTXC, the market cap of Cortex stands at $ $313,806,212.
Smart AI contracts
Cortex basically wants to build a smart contract enabled blockchain for the purpose of creating machine learning models. Users of this Cortex machine learning platform would be able to create AI decentralized applications or AI DApps.
Now, the need for AI smart contracts stem from the fact that smart contracts, as we have them on Ethereum and similar platforms are too simple, and incapable of handling AI programs. On the Cortex Virtual Machine (CVM), the said AI programs can be supported. The difference between this and the Ethereum Virtual Machine is that the CVM is optimized with added features to be able to support more complex AI DApps.
Why Have AI On A Blockchain
One obvious advantage with a decentralized AI platform is that there is shared models between all users worldwide. Centralized organizations developing AI on the other hand keep their models to themselves.
Sharing of models also leads to faster improvement and development. This is because any problems or malfunctions can be detected by other users and improvements made much quicker than it would be in the case of centralized organizations.
Team and Partnerships
One thing you notice when going through the members of the Cortex team is that most of them have computer science and engineering backgrounds. Various members of the team have experience in the fields of machine learning, deep learning, cryptography, finance and distributed systems.
The partners of Cortex listed on their official website are mainly investment funds. The interest from that many investors of note adds more legitimacy to the project. As a matter of fact, the private round of fundraising for the project was oversubscribed. This meant there was no need for an ICO. CTXC tokens were, however, distributed to encourage community support on various social media platforms.
There are also academic institutions and cryptocurrency exchanges involved with the Cortex project. Out of the listed exchanges on the Cortex website, Huobi, OKex, CoinEx and Coinbene have already listed Cortex. Once again, this is impressive considering the fact that many new cryptocurrencies have difficulties getting listed on major exchanges.
The three top academic institutions working with Cortex on this project are Tsinghua University of Beijing, Shanghai Jiao Tong University and the University of Carlifornia. Behind the project is research done by academics from these and other universities.
The Cortex Project In a Nutshell
With the exception of the not so simple explanation of what it is they are working on, it is difficult to find faults with this project. This can, however, be excused if they deliver on their promises. If the steps taken by the team so far is anything to go by, we can expect them to deliver results eventually.