In crypto we all must be diligent as ICO projects may just be scams and this is the risk we all take. The information below is a good example of what a project will say and it is up to you to do your due diligence.
“The Magos project combines the accurate forecasting abilities of Neural Networks with blockchain technology.”
Over the last months, prediction markets have been a recurrent topic in the cryptosphere with several projects leveraging blockchain and smart contract technology to bring the concept of “the wisdom of the crowd” into a decentralized setting where the outcomes are handled in a trustless manner. The aforementioned theory dictates that the collective answer provided by a diverse crowd or group can be more accurate than those provided by a single expert
However, the nascent nature of the cryptocurrency community makes for a pretty small and/or specific sample, which can lead to inaccurate results when applying the aforementioned wisdom of the crowds’ theory. It is, however, worth noting that the execution of this concept can be refined through the use of A.I (Artificial Intelligence) and Neural Networks, which are computer-based simulations of a biological brain. Although these are not suitable for forecasting purposes on their own, they can be used to complement the forecast made by humans.
This symbiosis between human and machine forecasting is being experimented with and developed by Magos, a blockchain-based project. Although these may seem like overly complicated terms, the premise put forward by Magos is simple: To leverage the forecasts made in platforms that are already working on the space, and to put the data gathered through an A.I-based filter, the core forecasting mechanism.
This filter allows the data gathered to be organized and pruned through various parameters. The blue paper reads:
“The core forecasting mechanism includes advanced data mining, sorting and classification of data, noise reduction, deep layer analysis, weight distribution and auto-tuning. Usage of special add-ons like volatility evaluation ensures that a model will avoid events with high levels of uncertainty, and risk-managing network provides optimal bankroll growth based on model performance.”
Although the project deals with an experimental concept, the results gathered from open tests are extremely encouraging, with the software being used on a third-party site with open stats tracking. According to Magos, the results reveal a 28% Return on Investment, overshadowing the competition. Although Magos is currently focused on prediction markets and sportsbooks, the technology can be applied to other markets such as Digital Asset Management.
MAGOS does not feature a network of forecasters. However, the community can still be part of the project by acquiring MAG, an Ethereum-based token that generates dividends from the platform fees to its holders. The MAG token also allows the community to vote on the project’s constant development, allowing the platform to run on a truly decentralized ethos.
The MAG token can be acquired in the ongoing Magos token sale which has already gathered over $500,000 to fund the development and marketing of the project. To participate in the ICO or learn more about the project, visit the official Magos website.
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