AI×Blockchain ecosystem to be developed by AI Crypto

The proposition addresses ineffective GPU resource usage and corporation oligopoly on research data sets
14 March 2018   301

A startup AI Crypto that deals with the matters of combining AI and blockchain in order to make machine learning more affordable has begun the development of the whole ecosystem for such hybrid concept. AI Crypto team today announced the release of their new technology and a consensus algorithm. Earlier GPU resources were misused as individuals were able to assign specific GPU calculations. With the introduction of Distributed GPU Network technology, requests are, as the name goes - distributed among all GPU pools homogeneously.

A new consensus algorithm Proof-of-Value was designed to verify transactions by means of machine learning calculations. On top of that, an incentive mechanism is proposed to give researchers a broader access to gigantic amounts of data sets: every time a shared data set is used its provider receives AI Crypto token in return. Eventually such approach will also facilitate a more even AI data distribution.

AI Crypto platform assumes that companies will be able to access models developed on the blockchain given that the developers have much less tedious environment of data access and model building. The developer team launches an ICO in May 2018, a beta API - in December 2018 with a full fledged release in june 2019.

AI Crypto aims to revolutionize both the blockchain and ai space. I envision a future where all AI calculations are run in the ai crypto platform.

 

SJ Lee

CEO, AI Crypto

Korea to Hasten Crypto Regulation After Bithumb Hack

As reported, recent Bithumb hack will fasten the process of implementing the country’s first crypto regulatory framework
20 June 2018   84

South Korean authorities have previously announced that they will regulate the exchange of cryptocurrency on a par with banks and tighten the requirements for them. Today's hack of the Bithumb exchange will speed up the process of developing the first fully-fledged legal framework for cryptocurrencies regulating in the country, CCN reports.

On June 11, after several months of discussions, the South Korean government and local financial regulators, including the Financial Intelligence Service, came to the conclusion that it was necessary to properly regulate the crypto-currency market with an eye to protecting investors and preventing large-scale hacker attacks.

Under current regulations, there are clear limitations in preventing money laundering on crypto exchanges because the only way authorities can spot suspicious transactions is through banks. If the bill of lawmaker Jae Yoon-kyung from the Democratic Party of Korea passes, local authorities will be able to impose identical regulations on crypto exchanges that are implemented on commercial banks.
 

Spokesperson from the Korea Financial Intelligence Unit 

 Despite the absurdity of the situation, at present, the crypto exchanges in South Korea is regulated as providers of communication services. In other words, to start the exchange it's enough to have about $ 30. Since exchanges of digital currencies have this status, government agencies and financial regulators do not directly supervise their activities.

On June 18, for the first time in history, local authorities acknowledged that the South Korean government was slow to implement rules to regulate the scope of the cryptocurrency, because it feared that investors would perceive this as a permissive signal for investing in digital assets and a sign of their legitimacy.

An increasing number of officials begin to share the view of a member of the National Assembly Committee Park Yong-kin, who said in late 2017 that the government cannot simply leave cryptocurrency exchanges unregulated because it only worsens the cryptocurrency sector.

We are frustrated as well. We fully understand that the government is reluctant towards regulating the cryptocurrency market because it will inevitably lead investors to consider it as the government’s way of legitimizing the market. But, if the government leaves the cryptocurrency market unregulated, it is simply leaving it vulnerable to variou issues.
 

Park Yong-kin

Member, National Assembly Committee

Local analysts say that officials already planned to speed up the development of measures for control in the cryptocurrency sector after hacking of CoinRail exchange, and the attack on Bithumb, which neither investors nor authorities were ready, will force lawmakers and regulators to present legal acts that will put the crypto exchange on one step with the banks, in even shorter terms.

Once the law is passed, the exchange need to work with local financial authorities and comply with safety standards if they want to continue to operate in South Korea. It is expected that the intervention of the Financial Intelligence Service and the Financial Services Commission will lead to significant improvements in the data processing, security and infrastructure of such sites.