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   829

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

Fidelity Investments to Launch BTC & ETH Platform

New platform is designed for institutional investors
16 October 2018   216

One of the world's largest asset managers, Fidelity Investments, announced the launch of a unit focused on providing institutional investors with Bitcoin and Ethereum services. The Forbes reports.

The new division received the name Fidelity Digital Assets and, possessing a staff of 100 employees, will provide a platform for trading cryptocurrencies and consulting services 24/7.

The platform already has first customers, but its launch for a wider range of investors is scheduled for the beginning of 2019.

This is a recognition that there is institutional demand for these assets as a class. Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space.
 

Tom Jessop

Founding head, Fidelity Digital Assets

In particular, Fidelity Digital Assets will offer a transaction service that, using internal cross-connect and order routers, will trade through third-party liquidity providers.

One of the most popular offers by the company can also be a service for storing Bitcoin and other cryptocurrencies. It is physical storage, distributed in different geographical locations and offering the so-called "cold" storage of digital assets. This way of storing cryptocurrencies without access to the Internet and with a multi-level control system is considered to be one of the safest and most resistant to hacking today.

As the CEO of Fidelity Investments, Abigail Johnson, said, the goal of the new platform is to make digital assets like Bitcoin more accessible to investors.

Fidelity Investments is considered the fifth largest asset manager in the world, offering investment and custody services to 13,000 consulting firms and brokers. In total, the company manages assets worth $ 7.2 trillion.