New Coinscious Crypto Startup Aims To Solve Difficulties Blockchain Is Facing In Nascent Stages
The whole concept of blockchain technology is that it is transparent and easily trustworthy, as a result of the former. Blockchains claim to be open, offering individuals the ability to see all of the details, from the source to the destination of any coin.
However, the lack of ability to keep an eye over the whole of this technology can be worrisome for anyone involved, which is where Coinscious comes in.
Coinscious is a new startup, which is creating a solution to a “teething problem” that the early stages of every market faces. This company will use their team, along with an AI-based software suit to provide data services to the public, while offering insight into cryptocurrency trading. This suit offers nearly every technology that is currently known to man, with the exception of virtual reality.
The start of any educated decision is material data. There’s plenty of information about the parties involved, the data and time, and the cost of any token purchase. However, there needs to be a wider context involved to truly get the big picture. The movement of tokens on the blockchain is often in correlation with outside events, like management changes in a platform, new partnerships, and especially media coverage.
With Coinscious’s services, there’s more than just tracking numbers. This platform examines details found on social media and news outlets, examining information about the used token from posts and articles. By doing so, the data reflects what happened directly on the blockchain, along with any factors that may have influenced in, filling in the “why.”
Even with all of these pieces of data, Coinscious requires human interaction. All of the data could be compiled into one place, but the evaluation from the human brain is necessary to form a hypothesis.
However, the goal of this platform is to eventually create machine learning logic to add to their data-gathering efforts. By creating this type of algorithm, massive amounts of data can be reviewed before it discerns various patters in the industry and could even figure out how to detect coin pumping before it happens. Then, the user and/or the community is notified before it ever happens.
The Coinscious team believes that, with the right coding, the only decision made by a human in the entire process will be for the actual trading of a token or coin. With the incoming data collected and evaluated by Coinscious, the user will be able to view all of their options and risks before diving it.
There’s no coin launch or ICO scheduled for Coinscious, separating them quickly from other blockchain projects. There’s a whitepaper available to outline their intentions and technology, suggesting that these options may happen later on. However, the majority of the work is focused on their launch of their first working data products by the end of the year.
With this new access, Coinscious believes that current strategies will thrive, and new trading strategies will start to emerge. At the moment, the services that Coinscious will roll out should help to reduce major trading problems, like insider trading, pump-and-dump schemes, and other issues that the youthful market is dealing with.