On 15 September 2017 we held a Q&A session with Anryze founders Anton Gera and Mike Ezhov. The session took place in the Waves platform Telegram channel.
Read the story of the birth of Anryze Speech Recognition.
Q: Do you have any competitors, and if yes, what makes you better than them?
Mikhail: Sure, we have. Foremost is the huge difference in price. Using Google or IBM’s solutions is 3 times more expensive.
Q: When is your project going to launch?
Anton Gera: We now are testing the product and we expect to launch it by the end of this year.
Q: On which exchanges will it be launched?
Mikhail: Tidex, DEX and Kuna. Some bigger exchanges will be announced in October.
Q: How will ICO participants benefit from their investment?
Anton Gera: Token owners will receive 20% from every transaction in the system in proportion to the number of tokens they hold, and will also benefit from the increase in the price of the token.
Q: Do you have working prototype?
Anton Gera: Yes, you can test it here: http://demo.anryze.com
Q: What will happen to the other 80%?
Anton Gera: 70% from each transaction goes to miners - who rent out their computer power for speech-to-text processing - and 10% is our commission.
Q: What is the best thing about your project?
Anton Gera: The best thing about investing in Anryze now is that you can make money from each future transaction from every client.
Mikhail: Our tokens are backed with minutes.
Q: Can you explain this to me? I didn't understand this huge price difference. Anryze is cheaper, but reading the papers and searching for Google’s costs, you said the cost is about a third (which is already a huge economic advantage).
Mikhail: So with each new client the amount of minutes in the system grows, while the overall token supply does not change. So the price of the token grows.
Q: You already have orders? Customers?
Anton Gera: Now we have several customers and are temporarily not accepting more due to the lack of resources to support the system. But we expect to open the platform for everyone at the beginning of next year.
Q: Is there anything brand new in Anryze's tech, as far as improving a deaf person's ability to communicate?
Anton Gera: We want to build not only an accurate and affordable speech recognition service but, what is more important, to provide instruments for lots of niche needs: deaf people’s communication, easy ways to educate neural networks, easy communication between humans and computers as well :)
As a matter of fact - the very first product our team built was an application to use social networks hands and eyes-free - operate with voice commands, listen to the news feed, tweet or post by voice :)
4 years ago it was world's first hands and eyes-free app :)
Q: Do you plan to release a mobile application in the future? Or will everything be done through the site? Who do you focus on - companies or every student who can translate an audio lecture using your services?
Anton Gera: The platform will be available for everyone - for businesses and for private users. We, as a business, are focus on companies with contact centers. This is where we see the gap now.
Q: Can you explain to me please the relation between token and processing time? I read that this ratio is related to token cost. A rise in cost will cause some rise in the ratio of minutes per token. This is right?
Anton Gera: With every new client there are more transcribed minutes in the system. Clients pay for transcription, and with every new incoming minute for transcription, token price grows.
Q: Will you be able to lease your RYZ tokens to miners if you aren't mining yourself, but hold RYZ? Such as LPOS, or will it be POW?
Anton Gera: Yes, we will have token leasing and we do plan on providing resources as well. It's not classic mining, each miner gets its own task.
Q: By the way, will it be safe? Audio and text will not be stolen?
Mikhail: It’s going through a secure protocol.
Q: What would a RYZ holder have to do in order to receive a % of the 70% in fees collected by miners? What are the steps you'd have to do to begin earning this?
Mikhail: I'll give you an example: Imagine we have a transaction with amount of 100 RYZ. 70 RYZ goes to the miner. 20 RYZ divides among all token holders.And 10 RYZ is our commission.
Q: How do I become a miner (or how do I lease to one?)
Mikhail: If you perform this task you will receive 70 tokens.
Q: What is your price predictions about RYZ?
Mikhail: The price will grow. It is logical because tokens are backed by the real needs of businesses.
Q: Ok, I understand the token price will grow, but how can the token process more minutes when its price grows?One way to achieve this is charging clients in dollars and making them pay using RYZ. The price of the token would be driven by market forces, and so the minutes per token ratio changes. The cost of translation would however be decided by the company. That's right?
Anton Gera: Price will change from time to time. If all resources are busy, the program automatically offers a higher price.
Thank you all for participating and for some very interesting questions! Please don't hesitate to ask your questions and share ideas with us in our Telegram, Facebook, Twitter or Slack.
Also you can always email to us team@anryze.com.