Magos AI, the first ever blockchain-based prediction software, has already gathered over $700,000 in its Initial Coin Offering (ICO). In this crowdfunding event users can buy newly-issued MAG tokens, a cryptocurrency asset that will allow project backers to be part of the ecosystem and to benefit from its growing success.
MAG is an Ethereum-based token that allows the community to receive profits generated by the Magos platform and to vote on the project’s constant development, allowing the platform to run on a truly decentralized ethos. So why are investors rushing to participate in the Magos AI token sale?
The Magos AI project is bringing Artificial Intelligence and Neural Networks to the world of blockchain, leveraging the different technologic innovations in a symbiotic manner. Currently aimed at decentralized prediction markets and sportsbooks, the Magos AI software is able to extract information from various sources and to put the data gathered through an A.I-based filter, the core forecasting mechanism.
The result is an extremely efficient system, where the outcome of future events can be predicted with a high level of accuracy and for a very low price. By plugging into third party prediction or sportsbooks platforms and extracting data from it, Magos AI is able to organize and prune the data through various parameters. The blue paper reads:
“The core forecasting mechanism includes advanced data mining, sorting and classification of data, noise reduction, deep layer analysis, weight distribution and auto-tuning. Usage of special add-ons like volatility evaluation ensures that a model will avoid events with high levels of uncertainty, and risk-managing network provides optimal bankroll growth based on model performance.”
Although the concept put forth by Magos AI is a disruptive one, the encouraging success behind the ongoing token sale may be attributed to the results gathered from initial tests in which the software was used on a third-party site with open stats. The results reveal a 28% Return on Investment, overshadowing the competition.
Magos is currently focused on prediction markets and sportsbooks, however, the technology can be applied to other markets such as Digital Asset Management. The Magos AI team stated:
“We are starting with conventional prediction markers and sportsbooks, but our main focus has always been on decentralized asset management and prediction market platforms like Augur, Gnosis, Melonport, and Stox. We expect this technology to fully mature in 2018, adding the extra layer of transparency to our project. This would also be a leading step into the development of Oraculum portal in 2019 – allowing any interested party to use Magos in the forecasting domain of their choice – from sports and politics, to business and finance.”