Matryx – MTX ICO Nanome Collaboration Bounty System Blockchain?
Matryx is a decentralized collaboration platform that aims to change the way STEM companies solve problems, manage bounties, and conduct other tasks. Here’s our review.
What Is Matryx?
Matryx is a bounty system, a library of digital assets, and a marketplace. Users can post problems and offer a bounty for a verified solution. Users then collaborate to solve problems, share results, and earn rewards. The reward is distributed among all relevant contributors, and all submissions are added to the Matryx marketplace and library for future purchase.
The ultimate goal of Matryx is to create an ecosystem of public collaboration and ideas that will drive research and innovation.
The pre-sale for Matryx tokens (MTX) began on September 6, 2017. The general crowdsale is scheduled for September 13.
Matryx is a product of Nanome, a STEM company known for products like Calcflow and Nano-One.
How Does Matryx Work?
Matryx is built on the blockchain. All bounties are posted on the blockchain. Using a smart contract, Matryx allows users to validate each participant’s contribution to a solution, then reward that person with MTX tokens. The use of a token enables Matryx to leverage smart contract systems, upgrade over time, and get the flexibility to shape the platform to the needs of the users.
Smart contracts are used to reduce the friction of tracking and compensating contributors. Winners are rewarded after each round of a bounty competition. And after each round, “a new generation of children is created.” All rounds are managed by the tournament contracts.
The provenance of an idea or work can be easily tracked in order to provide fair and public rewards.
What Problems Does Matryx Seek To Solve?
Matryx believes there’s a big problem in the world of collaboration today. The world’s hardest problems are solved in siloes – i.e., the problems are solved within an organization, and never shared with the outside world.
This leads to duplication of effort and redundancy. People keep solving the same problems over and over again, but those solutions aren’t shared with the marketplace – even though there’s a demand for them.
This means research and engineering efforts are fragmented. Time and money are wasted when different teams work on the same problem without coordination.
Meanwhile, recognition and grants only go to the last people to work on a problem. These rewards ignore the dozens – even hundreds – of other contributors to a particular problem. That means researchers have little incentive to cooperate with other teams, and no repository of solved problems with which to work.
How To Use Matryx
Matryx works in a straightforward way. Here’s one example of how the platform can work:
Step 1) A bounty is posted; someone requests a 3D spacecraft model, then posts a bounty for that problem
Step 2) Two users submit their best spacecraft models; the original poster likes one design, and requests a round of revisions from the community
Step 3) A winner is chosen; two new users take the poster’s favorite designs and remix them. A winner is chosen, and the smart contract distributes MTX to all contributors
In the future, Matryx plans to implement a reputation and peer review system, a marketplace, and a storage and distribution platform.
Uses For Matryx
Matryx has a wide range of possible uses across the STEM field. Some of the proposed uses in the Matryx whitepaper include:
Mathematics: Calcflow features several tools that are used by leading universities. Matryx users can interact with Calcflow to get assistance when developing mathematically-sound submissions to a bounty.
Bioengineering: The ability to work and collaborate in a 3D environment is valuable to the pharmaceutical community, among other industries.
3D Asset Creation: Matryx is perfectly suited for 3D modeling, creation, and collaboration. This could extend across the entertainment industry to industrial applications.
Private Tournaments: All submissions can be encrypted with the bounty creator’s public key to ensure that nobody but the bounty creator could access the submissions. A winning submission from each round can be revealed publicly, leading to a tournament-style structure.
Geometric Solutions: Matryx allows the creation of a set of points in space, which means a parameterized surface can be created to work on geometric solutions.
Ultimately, Matryx’s use cases extend across a wide range of STEM fields and industries.
The Matryx Token Sale
The Matryx token sale launched on September 13, 2017. The sale will see the release of 60% of the total supply of 314,159,265 MTX tokens. There’s a 161,801 ETH hard cap for the sale.
You can read further details about the terms of the token sale here. Or, visit Matryx.ai to get the ETH contribution address.
Proceeds from the token sale will R&D. An alpha version of the Matryx platform will launch in Q4 2017, with a marketplace alpha and beta testnet expected to launch in 2018.
Who’s Behind Matryx?
Matryx is a product of Nanome, a scientific research company that aims to democratize science, engineering, and research using virtual reality and blockchain technology. Nanome, aside from creating Matryx, is best-known for creating Calcflow, a VR math toolkit, along with Nano-One, a VR interface that simulates nanoscale design.
Key members of the team include Steve McCloskey (CEO), Keita Funakawa (COO), Scott Morgan (CFO), Edgardo Leija (Chief Experience Officer), and Vincent Brunet (Chief Technology Officer).
The company is based in San Diego, California.
Matryx aims to change the way we collaborate on problems – particularly in the STEM field. Nanome, the company behind Matryx, has previously created STEM-catered solutions like Calcflow and Nano-One. With Matryx, the company aims to take these platforms to the next level by facilitating collaboration over the blockchain.
To learn more about Matryx and how the company plans to solve the collaboration problem, visit Matryx.ai today.