MATRIX AI Network: Getting the attention it deserves!
At the 2018 Consensus conference in New York, Catherine Wood, the highly respected CEO of Ark Investment Management, identified the top five areas for evolving technologies that are shaping the future. Matrix AI Network, a uniquely positioned blockchain from China, checks all the boxes.
Wood identified these five areas:
Increasing Adoption with Intelligent Smart Contracts
Early on, Matrix recognized that programming smart contracts would become a development bottleneck. According to Computer World Magazine, there are approximately 20 million total developers globally, only 20,000 of which are estimated to be Solidity (Ethereum’s smart contract programming language) developers. As Ethereum and other blockchains continue to grow, they will need to address the Solidity developer shortage or suffer slowed adoption.
For example, in today’s insurance industry, if an agent wants to execute a contract, they would simply make a proposal and underwrite it without IT intervention. Smart contracts change this model. If an agent needs to create or modify a contract, the revision will require a programmatic change. This creates an additional bottleneck that did not previously exist, increasing both time and cost.
Matrix is creating intelligent smart contracts. The Matrix team identified between 40 and 60 patterns to which smart contracts adhere. Given this finite dataset, Matrix is able to use artificial intelligence techniques to build smart contracts automatically using only natural language and user intent. This means the business continuity that exists today will remain, leading to higher adoption and will create that coveted network effect.
Massively Increased Transaction Speed
In addition to creating an entirely new method of mining and using artificial intelligence techniques to look for optimal performance, Matrix is building its own performance-based chipsets. Combined with proprietary algorithms, these chipsets will be used to perform complex calculations at a superscalar level.
Matrix has a goal of achieving 1 million transactions per second, but more importantly, they aim to achieve this in an eco-friendly and purposeful way. As the Matrix network grows, it will be able to execute massively parallel computations for statistical modeling, which goes far beyond the typical ‘roll of the dice’ calculations performed with current-day mining.
Eco-Friendly and Purposeful Mining
A recent and startling statistic revealed that the Bitcoin network alone uses more power than all of Austria. Not only is the network hard on the environment, but cities are grappling with the issues associated with inefficient mining. A major criticism of Bitcoin is that it requires a massive amount of energy to mine the currency and secure the network while providing no intrinsic benefits.
Purposeful mining still performs the much needed ‘roll of the dice’ calculations but goes far beyond that. Matrix’s engine can compute the valuable statistical analysis, probability models, and AI calculations which are valued most by scientific and business communities.
Security Where It’s Needed Most
Blockchains are inherently secure. For as long as it has existed, the Bitcoin network has never been successfully hacked. Given the blockchain’s decentralized architecture, hackers would have to hack every node in the network, alter the chain, and then propagate those changes all over again. Blockchains have proven to be as close to hacker-proof as they come.
On the other hand, smart contracts have proven an immature technology, giving way to errors and breaches that have caused millions of dollars to be lost and trust within the industry eroded. These events have even spawned the creation of a company called Quantstamp, which is dedicated to finding security holes in smart contracts through the use of automated and manual methods.
Recognizing this, Matrix utilizes AI and formal methods of security verification to identify exactly these types of security holes. Because it is adaptable, the AI will self-optimize over time and improve at finding additional defects. This will save companies time and money that would otherwise have been spent on consulting fees paid to third parties.
Big Partners Are the Hallmark of Matrix
Matrix has partnered with the largest project in the history of mankind. That project is the One Belt One Road trillion-dollar initiative that China has created to exploit operational, logistical, and financial efficiencies across 65 countries.
Matrix is the sole blockchain and AI partner for the One Belt One Road Development Centre. This is the research center used by OBOR to facilitate and evaluate technologies. Matrix will provide the technology foundation and act as advisors for all incoming technology.
In recent interviews, Steve Deng, Matrix’s Chief AI Scientist, has mentioned additional partnerships with Chinese hospitals to assist in multiple areas including image diagnostics, cancer diagnoses, and genome sequencing as part of the creation of customized medications.
The ‘A’ Team for the Ages
To pull off a project of such scale successfully, you need an elite team. Matrix has that in spades. Deng manages a team of highly experienced and award-winning superstars. Deng, an associate professor at Tsinghua University, holds a Ph.D. from Carnegie Mellon University. He and his team have won numerous AI awards, including prizes at the prestigious PASCAL VOC AND COCO events.
Bill Li is Matrix’s Chief Network Architect. A major contributor to many 4G, 4.5H and 5G standards in China, he was the chief architect of China’s first WIFI transceiver. His work has won numerous national awards. His textbook, Communication IC Design, is a bestseller used in many prestigious universities.
Tim Shi is Matrix’s Chief Chip Scientist and a veteran of the semiconductor industry. Prior to joining Matrix, he was a Principal System Architect of AMD and responsible for its technology partnership with companies and universities in greater China. Prior to his tenure with AMD, he held various position at different leading international IC companies such as Synopsys and ARM. Dr. Shi was also with Samsung Semiconductor as a senior chip design engineer based at Samsung’s headquarters in South Korea. Dr. Shi received his Ph.D. from the Chinese Academy of Sciences in 2005.
Owen Tao is Matrix’s CEO and received a bachelor degree in the double-major physics and economics program of Peking University. Having held CEO positions with several high-tech startup companies, he has rich experience in managing product development. He supervised the development of the first 3D virtual community, China’s embedded game advertising system, and other Internet technology products. He also has strong skills in product operation and promotion. He led the development and operation of China’s first cross-border e-commerce platform, which attracted 20 million users from around the world.
An Investor’s Haven
Projects like Matrix don’t go unnoticed by venture funding, and Matrix has some heavyweights. Some notable contributors are Cybernaut, whose founder is the most influential investor in China, and Torque Ventures, which has invested in ICON, WanChain, CPChain, and Zebi. Ænigma Capital, another investor in Matrix, combines the expertise of veteran investors, venture capitalists, startup founders, and engineers with decades of experience and influence.
Matrix is truly a game changer. There are a lot of great projects out there, but this one has the hallmarks of a world-class blockchain that checks all the boxes.
