Through the use of artificial intelligence, the goal of MATRIX project is to enhance blockchain capabilities with self-optimisation and trust. So what are those three key features which entirely will change the landscape of blockchains?
Intelligent Smart Contracts
MATRIX AI network is introducing intelligent smart contracts that will revolutionize the blockchain world. This feature both fits into the current contract workflow and will increase adoption by keeping contracts where they belong — within the business. Today’s smart contract development process follows a typical information technology process: business requests the change, then IT enters information and prioritizes the request, developers code the request, code goes for testing and finally it is deployed. There is no doubt that complex process has created frustration in companies and the need of such process increases cost and time. Intelligent smart contracts eliminate this complexity and keeps the process in the hands of the business, therefore new requests or more modifications can be done more expeditiously. IT also allows the business to be more nimble and react to changing market conditions. And lastly, it frees up valuable team resources to do bigger projects. As an example, the current insurance contract is negotiated after that approved and then signed. Then that contract is executed. Intelligent smart contracts requires no IT intervention. MATRIX’s approach is to use the natural language to automatically convert user’s intent into smart contract code. Not only does MATRIX convert the code but it also runs through its artificial intelligence driven security auditing engine to check for bugs or gaps. This eliminates another step that standard smart contract systems have to account for. Given the amount of bugs found in smart contracts, there are entire companies dedicated to finding these bugs. Having MATRIX’s AI implemented, it will learn over time to eliminate any new bugs.
Reducing Transaction Latency
Fundamental reason leading to the transaction latency in today’s blockchains is that transmission overhead in a P2P (peer-to-peer) network cannot scale with rising number of nodes. The problem is inherent to the P2P based PoW (proof-of-work) consensus since every transaction needs to be broadcasted to the whole network. The latency keeps getting worse while number of nodes is increasing. As a solution to that, MATRIX introduces a hierarchy into the P2P network. The key idea is to contract a network into smaller ones and perform computation in the contracted network with fewer nodes. The hierarchy is created with a distributed random clustering process without centralized control. When the clustering is completed, each node will have a delegate for itself. The selected representatives constitute a new network, coined as delegation network, which has an adjustable number of nodes. Then the transaction is only broadcasted inside the delegation network. The PoW is allocated to the delegate nodes and one such node can further partition its work into smaller jobs and assign these jobs to the nodes voting for it. Note that the clustering is repetitively performed. The probability of a node to be selected as delegate is proportional to its PoS (proof-of-stake) and other factors. MATRIX’s idea of contracting a network by implementing a hierarchy will significantly reduce latency and provide with safety of malicious attacks.
Purposeful Mining
Perhaps the most criticized part of cryptocurrency is the “waste” of energy in the mining process. Although it is essential to attach physical value to the cryptocurrency, the mining process does not make any sense out of the world of digital currency. Bitcoin miners are confirming transactions by solving complex equations. Besides the end goal of confirming transactions, the computing power usage is pointless. The problem is even worse when now over 70% of the total computing power around of world is dedicated to mining Bitcoins and others. But MATRIX introduces a new mining mechanism in which miners perform the Markov Chain Monte Carlo (MCMC) computation, which is an essential tool for Bayesian reasoning. This kind of computing plays a fundamental role in numerous big data applications such as gene regulatory network, clinical diagnosis, video analytics, and structural modeling. As a result, a distributed network of MCMC computing nodes provide the power for solving real-world compute-intensive problems and build a bridge between the values in the physical and virtual worlds. This means banks, research facilities, universities, hospitals and many other institutions could successfully utilize MATRIX’s mining computational power. Mining and providing real value to the world is innovative way to use the power efficiently, and MATRIX’s purposeful mining will have a huge impact on other blockchain projects. This will result in better real world blockchain adoption and recognition.
