Matrix AI Network
Matrix AI Network Token exists as the main cryptocurrency of the Matrix platform which seeks to deliver the synergy between artificial intelligence and blockchain and utilize both for various real world projects.
|Market Cap||Volume 24h||Circulating Supply||Maximum Supply|
|$3,447,105||$36,301.00||214302042.00000000 MAN||214302042.00000000 MAN|
What is Matrix AI?
Following its mainnet launch in February 2019, the Matrix AI Network has strived to gain traction among the business and tech crowd with its promise of offering them a platform which combines artificial intelligence (AI) and blockchain. The platform is described as an open source distributed computing platform which encompasses an operating system running on a global public network.
In addition to its proclaimed goal of making blockchains more intelligent, faster and more secure, the project will offer its infrastructure to support the operation of the Belt and Road Development Research Center. The Center has been established to provide support to the One Belt One Road project within which the Chinese government launches infrastructure development and investment initiatives on a global scale. As this project can include various contracts which are related to the blockchain, all of these will be forwarded to the Matrix platform with the goal to better prepare them for future cooperation among the project’s stakeholders.
What Is Matrix AI Attempting to Achieve?
Being geared to provide support for the project of this scale means that Matrix AI network had to resolve at least some of the issues which have often been described as obstacles to a wider blockchain adoption:
- Matrix AI hopes to improve transaction speed so as to make itself capable of supporting large scale commercial applications. While the high-performance speed is a desirable feature, modern-day blockchain still faces issues with the transactions whose latency increases in parallel with the rise in the number of nodes that receive them. Instead of this, Matrix AI features a hierarchical approach to working with P2P networks with the introduction of a random clustering algorithm with distributed execution. Selection of delegates is done based on the Proof of Stake (PoS) mechanism, with the selected node being able to assign its Proof of Work to its voters. The ensuing hybrid PoS/PoW consensus mechanism is designated as HPoW. Based on it, the larger network can be broken down into smaller contracted units which should be capable of performing their tasks with fewer nodes and reaching more than 5000 transactions per second from the start.
- Matrix AI wants to make mining efforts both less demanding and wasteful with its concept of “green mining”. In its attempt to bypass the demands for specialized mining hardware and the excessive power consumption, the Matrix team designed the network in which the power spent on mining can be repurposed for the projects launched in the physical world. While the nodes connected to the network which are not engaged in tasks relating to mining or verification, they are free to offer their computing power in exchange for token-based rewards. All of these tasks are managed by AI.
- Matrix AI imbues blockchain security with the power of AI to create a solution described as belonging to blockchain 3.0. Smart contracts were frequently described as the heralds of the blockchain 2.0, yet, in practice, their use has sometimes proved problematic in some publicized cases involving security breaches and financial losses. Matrix AI offers security powered by the AI which manages verification and identifies security vulnerabilities at the same time. Based on this technology’s adaptability, the security engine will be able to continually identify defects and attempt to refine its performance based on the historical data it gathers over time.
What Are the Main Features of the Matrix Network?
The Matrix AI platform was built on the architecture which consists of five main components:
- Matrix Intelligent Contract Engine
- Secure Virtual Machine with AI
- Dynamic Delegation Network
- “Green” Mining Support
- Adaptive Blockchain Architecture
Based on this system, the Matrix AI platform wants to lend itself as a solution for the various systems which can deploy blockchain, such as:
- Logistics and transport tracking systems,
- Credit and financial clearing platforms
- Digital asset tracking
- Video analytics and image recognition
- Decentralized exchanges
Matrix Intelligent Contracts vs. Smart Contracts
The Matrix Intelligent Contract Engine is home to the “intelligent contracts” which the team behind them describes as being “smarter” than smart contracts. This is to be achieved via Natural Language Programming (NLP) and the implementation of adaptive deep learning which allows for the automatic coding. The main idea here is to remove the barriers to easier drafting of intelligent contracts, without requiring the contracting parties to possess much technical expertise.
This is ensured by the elimination of the need to know how to code in programming languages. Instead of this, the users on the Matrix network only need to define the purpose of a contract in one’s natural and native language (with support for English, Chinese, Spanish and other languages) by simply typing it in and providing inputs on the core content such as transaction conditions.
The underlying AI engine will immediately turn these inputs into creating an appropriate contract based on its deep learning capabilities and the semantic analysis engine. Thanks to them, the AI will be able to define a range of programming patterns and create templates for future smart contracts.
AI-Powered Security Engine
AI has yet another implementation in the smart contract engine featured on the Matrix platform. It will be able to automatically identify errors and security vulnerabilities in these contracts and learn how to self-correct them over time. Based on this goal, the general security framework of the Matrix AI platform is made up of four basic components:
- Rule-based syntactic analysis engine for smart contracts. This system supervises what the members do and makes sure that their work is aligned and performed based on unified standards.
- Verification toolkit for the protection of smart contracts. This segment checks and validates the security of smart contracts and prevents unexpected behaviors. This includes handling potential loopholes and irregular executions.
- AI-based system for identification of transaction models. Unlike its more transparent counterparts, this system goes after the hidden patterns which may endanger the security of a smart contract.
- Dynamic security verification based on deep learning. Finally, the dynamic security system tackles only the loopholes that come to the fore during the execution of a smart contract i.e. when it is put into practice. In addition to the regular work, the system will be able to learn about the threats and bugs by using the generative adversarial network (GAN) for the simulation of multiple attacks.
What Is Adaptive Blockchain on the Matrix?
Putting the focus on delivering high-level interoperability forced the Matrix team to come up with a number of features which are supposed to bring that promise closer to reality. This is to be done by implementing three main technologies:
- Multi-chain architecture on Matrix. The Matrix network is supposed to host multiple data chains in order to support various types of data sources from the likes of Bitcoin or Ethereum. The chains will be able to exchange data and tokens with the help of intelligent contracts existing on the Matrix. At the same time, both public and private chains will be able to collaborate under the same roof.
- Blockchain parameters capable of autonomous evolution. Based on its AI integration, the “adaptive” segment of the Matrix blockchain refers to the ability of its system to fine tune its parameters based on their earlier performance. These parameters include consensus and mining algorithms, block sizes, permission settings and others. With the help of the evolutionary algorithm on Matrix, they can all be adjusted based on the needs of a specific situation or structure on the blockchain without ever resorting to hard forking.
- Dynamic Delegation Network. This segment is supposed to reduce transaction latency, as it is responsible for the elimination of centralized control in favor of establishing network hierarchy with distributed random clustering. Relying on its hybrid PoS and PoW mechanism, the Matrix platform promises higher throughput performance results in the long run.
Green Mining in Practice
Real world applications associated with the “green” mining engine on the Matrix are supported by the network’s implementation of the Markov-Chain Monte Carlo (MCMC) algorithms. Instead of hash algorithms, the Matrix features those dedicated to deep learning, allowing it to improve its performance and dedicate unused resources for the specific real-world projects.
One of them was launched together with the Beijing Cancer Research Hospital. As the project unfolds, the Matrix AI will be linked with the cancer screening and diagnostics infrastructure at the hospital and engaging in learning about electronic medical records, histopathology basics, X-ray checking practices and other fields relevant to making the work of the physician teams easier.
MAN tokens are used to make payments for transactions taking place on the Matrix network. When a transaction has been prepared, there will be a processing fee charged in MAN, similar to what is found in the model of the Ethereum’s GAS.
MAN can be also used to gain access to services and applications offered on the Matrix AI main chain, particularly those using artificial intelligence. The developers promise to eventually turn MAN into a unit of payment similar to Alipay, meaning that the tokens should be prepared to support daily purchases such as coffee or groceries. In total, one billion MAN tokens will be made available as part of the Matrix AI Network platform. As of March 2019, their market cap was valued at more than USD 20 million. In addition to mining, the tokens can be acquired by trading on several crypto trading platforms such as Bitfinex and Huobi.
The Team behind the Matrix
The Matrix project is managed and overseen by the MATRIX Foundation which is headquartered in Hong Kong. The project itself was launched in 2016, with the work on its AI component commencing a year later. The ICO took place in early 2018, with more than USD 54 million worth of tokens being sold.
The key people behind the project include Owen Tao as its CEO and Steve Deng of Tsinghua University as the Chief AI scientist, assisted by Bill Li (Chief Network Architect) and Tim Shi (Chief Chip Scientist).