Before proceeding any further, an introduction to blockchain is important. blockchain is something that is slowly becoming the next big revolution in the technology industry although not many people know what it is or how it works. One of the most famous byproducts of this technology is Bitcoin and other cryptocurrencies. There are other applications that are being developed and one thing is for sure, blockchain is going to affect a lot of what we do. It is important therefore to know what it is and how it is changing so that we are not left behind.
blockchain refers to a global online database that breaks the barriers of time and space. By this, we mean that it is not limited by the different time zones nor territorial borders. Anyone, anywhere has access to the database as long as they have an internet connection. This is compared to traditional databases that are privately owned and store the information in-house. That means, in order to access the database, one has to be allowed to do so by the individual that owns it. A simple way to picture this is your safe at home (a place where you store your valuables). Think of that as your database and your valuables as the data. If your house was to burn down, then you would lose all of your data. Now, imagine that your data was copied and stored securely in other homes around the world and only you had the key to them. If your house was destroyed, you would still have all your data. This is a basic understanding of how block chain works. Instead of having your digital information stored only on your personal database, the data is broken down in smaller bits and shared across many devices but only you can access it. The closest technology example is how torrents work. As you save content to your computer, your computer becomes a database where others can download it without getting access to anything else. With thousands of computers downloading and uploading the data, it becomes easily available and even if your computer crashes, you can get the data back if you have the torrent client and an internet connection.
Matrix: The More Improved Blockchain
Matrix is designed to be the next generation of blockchain as it integrates the lasts Artificial Intelligence (AI) techniques in order to continuously improve blockchain architecture. AI involves machine learning in order to significantly improve performance. By incorporating AI, the system is able to track and improve itself in order to perform better in the areas that it needs to. Therefore, Matrix, while integrating blockchain, deals better with the limitations of blockchain
An Easier Blockchain
With the integration of AI, Matrix does not require special programing expertise for designing smart contracts. This can be done by anyone using natural language. Matrix can automatically generate contracts based on prototyping concepts and historical data.
A Safer Blockchain
The integration of AI allows Matrix to recognize and adapt faster to security threats as compared to conventional blockchain. The AI is able to identify any loopholes in the verification system and also any external threats and then tailor itself to protect the system. This means dealing faster with security threats and reducing the chances of repeat attempts using the same means.
A Faster Blockchain
One of the biggest setbacks of blockchain is the speed of transactions due to the verification process. With AI, the system is able to significantly improve this and has the potential of verifying up to one million transactions a second.
A More Flexible Blockchain
A hard fork is something that happens when programmers can’t agree on the way forward for a particular blockchain application. When they cannot agree, one group can decide to break away with their own approach. This is what is known as a hard fork and causes fragmentation. Matrix is AI driven however, and chances of a hard fork is vastly limited. Also, because of the AI platform, Matrix can interact with other blockchain platforms and execute contracts. This makes it very flexible to use.
What Will the Matrix Token Do?
Recently, Matrix issued and ICO this making it possible for outsiders to purchase tokens. The tokens will be used by those that purchase it as a store of value in the same way that the stock market works. However, unlike the stock market and fiat currency, the user is not purchasing a piece of the company (Matrix) but rather, the token is used for utility purposes. Essentially, Matrix tokens will work in the same way that other cryptocurrencies work.
For the company, the money raised will help in improving the platform so that more people can get to use it and the applications can be made broader. 65% of the money raised will go to research and development of various aspects such as AI, blockchain, applications and mining hardware. The other 35% will go towards deployment of the ecosystem and marketing campaigns.
The Team
A successful campaign is often carried on the shoulders of a competent team. User confidence is not only built on the platform, but the people behind the platform. As such, Matrix has got a leading team of qualified experts leading the reigns.
There is the research and development team that is divided into two teams. The AI team headed by Prof. Yangdong Deng and the blockchain team which includes; Qinghua Li, Ethan Tian, and Dr. Tim Shi. There is also the business team which includes the brilliant minds of Owen Tao (CEO) and John Zhu (Senior VP). In order to ensure success, Matrix also incorporates and advisory team that advises the leadership. This advisory team includes; Dr, Donglin Wang who is an AI expert and Tony Surtess who is the founder and CEO of the cloud-based content management platform known as Hyperlocalizer Pty. Ltd.
All in all, Matrix aims at revolutionizing the tech industry and how things are done, all the while offering a good investment opportunity. It is backed by competent people and offers greater advantages.
