A blockchain based AI competition sets a new use case for the data science industry

Companies in need of a data scientist can publish their problem on a blockchain to get it solved in perspective
27 February 2018   168

Algorithmia today launched a very interesting competition on Ethereum platform - an AI competition. The task is to design the best predictor for voters preference in the last US presidential election classified by longitude and latitude. The bounty for the creator of such a model is 3 ETH (~ $2,500 at the time of publication). The task has a form of a smart contract of a special type called DanKu - Algorithmia's own creation.

DanKu allows a task creator to code a smart contract with a problem that deals with machine learning, publish a hidden dataset made available once the model creator wishes to evaluate the performance of the designed model. Then, through the smart contract, the task creator establishes randomized training sets made publicly available. All of the computation to test the model are performed on Ethereum blockchain. Because it is a smart contract, both parties don't need to trust each other: once the conditions of the problem are satisfied, the task creator gets the designed model, and the model creator gets his reward.

Apart from the novelty of such use case, it is also a proof-of-concept of a unique service useful for the industry. Say, a company needs a machine learning solution to its problem, but doesn't have the resources to hire a data scientist. Then, with Algorithmia and its DanKu smart contract that company can create a smart contract and request a specific machine learning approach to solve the problem. This is the first time neural network inference is run on top of Ethereum.

If a machine knew how to define a contract automatically, and put it on some system that other systems could solve, there is a potential for machine learning systems solving problems autonomously at a certain level.


Diego Oppenheimer

Co-founder and CEO, Algorithmia

Monetha is about to release first version of its wallet app

Monetha's MVP to be released on March 21 exclusively for MTH holders in order to make a significant step towards fully working decentralized trust and reputation system
23 March 2018   71

Starting from March 31 all of MTH token holders will gain exclusive access to Monetha wallet app - the MVP of the project. The release is considered to be Beta release, and approximately 10,500 of the users of the platform will become the first to test out the product. The app will be available on both iOS and Android.

The wallet itself is based on smart contracts and features

  • making/solving claims;
  • rating merchants;
  • writing reviews;
  • review of purchase history;
  • see clients' and merchants' trust ratings

The integration with Monetha through the app will allow merchants to accept Ethereum based tokens as a payment and then easily convert cryptocurrency into fiat currency. Monetha's mission is 'to develop and deploy the best transaction system that would be based on enforceable contracts without third party between consumer and merchants and a strong decentralised reputation management system'. Its solution is going to be universal, transparent, self-executing and transferable.

To the moment of the publication, Monetha's market parameters are as follows:

Average price: $0.102597

Market cap: $22,274,083

Volume (24): $435,208