Cryptos might be the pioneers of blockchain technology, but they are not the only beneficiaries of this phenomenon. The blockchain is nothing short of a sensation, as numerous enterprises leverage its unique capabilities to achieve objectives that were previously inconceivable.
Recently, Algorithmia utilized blockchain technology to generate contracts that offer rewards in exchange for a skilled machine learning model for a particular data set. Consequently, developers of the models as mentioned above will get rewarded without the presence of intermediaries.
Since the blockchain automatically authenticates all smart contracts, transactions conducted over the Algorithmia platform will be irrefutable. Furthermore, embers who are selling their innovations will have an assurance of getting their payment in full. Initiating the contracts will be an easy task, with the only requirement being a valid dataset. Software agents will also be able to programmatically create the contracts.
Ultimately, Algorithmia intends to become a universal platform where machine learning experts can freely interact and transact with organizations that have problems that require the input of artificial intelligence systems. As a result, developers will manufacture better machine learning models, making the service more accessible to prospective clients.
Once Algorithmia achieves its goals, there will be ensuing gravitation towards machine learning training. Investors will acquire more GPUS in a bid to get acquainted with this lucrative business. Since cryptocurrency mining also uses GPUs, the traders will now an alternative; machine learning. They will, therefore, have to choose the more profitable of the two.
How Algorithmia Works
Algorithmia will utilize a five-step protocol to successfully execute the smart contracts.
The first steps involve the initiation of a blockchain-based smart contact. Typically, it is the buyer who creates the contract and sets the terms. After the successful creation of the contract, it is then published on the Ethereum blockchain.
If a qualified machine learning expert lands the contract, they download the requester's dataset and immediately start working on the project as per the requirements stipulated in the contract at hand. Once the work is done, the professional then submits the project to the buyer via the Algorithmia platform. During this process, the model is thoroughly tested to ascertain if it meets the buyer’s demands.
Lastly, if the requester is satisfied with the model's performance, the buyer gets the project while the experts receive their payments.
Advantages Of This Platform
- A byproduct of two revolutionary technologies, Algorithmia utilizes the anonymity and decentralization features of smart contracts as well as the problem-solving aptitude of machine learning. Additionally, it opens up a new method of crowdsourcing resources to fund computational research.
- It creates a trustless platform where users can quickly solicit machine learning models
- The success of this project will create new opportunities such as GPU machine learning training.
- According to projections, this project will spur the proliferation of open-source machine learning models.
- This platform will eliminate intermediaries from the marketplace. By decentralizing machine learning models, this project will make the sector more efficient in addition to promoting the adoption of smart contracts.