Synapse.ai is a decentralized data and AI marketplace where you can contribute data, then get paid. Find out how it works today in our review.
What is Synapse AI?
Synapse AI is a decentralized data and AI marketplace where you can spend or earn SYN tokens in exchange for data.
You may have heard tech companies claiming that “data is the new oil”. Today, data is becoming an increasingly valuable commodity. Synapse AI wants to position itself as the leading marketplace for that commodity.
With Synapse AI, users can earn rewards for contributing data. Then, those who need data – like machine learning model developers – can purchase user data from the marketplace. All transactions take place in SYN tokens.
A crowdsale for SYN tokens took place in September/October/November 2017, with a second crowdsale scheduled for early 2018.
How Does Synapse AI Work?
Synapse AI has three core functions:
Get Paid for Your Data:
Synapse AI lets ordinary users get paid for their data. Users can earn rewards (in SYN tokens) for contributing data to the platform. Users can redeem SYN tokens for services on the Synapse network. Or, they can trade tokens on major exchanges worldwide.
Use SYN Tokens for Services (or Exchange It):
SYN will be available to trade on major exchanges, allowing users to trade it for the currency of their choice.
Get User Data to Train Machine Learning Models:
The Synapse AI marketplace allows developers to immediately access data pools and machine learning models. This data can be usable by individual developers, corporations, or organizations.
What Problems Does Synapse AI Seek to Solve?
Synapse AI wants to put the control of data back in the hands of users. Users are the people who actually supply the data, so it makes sense that these people would be compensated.
As the Synapse AI website explains, “Until now, people have given their data away to companies in exchange for centralized access to application and services.”
This system isn’t fair or balanced. That’s why Synapse AI wants to take a different approach: they want to create AI economies that any agent can participate in and receive rewards for their participation.
Today’s systems don’t provide a fair, balanced marketplace. Synapse AI plans to solve that problem by tokenizing an agent’s work on the marketplace through the use of SYN utility tokens. This creates an economy between participants, with value transferred to participants through SYN tokens.
As the Synapse AI website explains, “This accelerates a system that grows beyond the means of capacity of any one single company or organization.”
Use Cases for Synapse AI
Synapse AI’s marketplace can be used by data sellers and data purchasers. Here’s how each group will interact with the platform.
Data sellers will include ordinary people like you. As an ordinary user, you can connect your smartphone, smart device, or some sensor to the platform, then choose to share that data with certain participants. Your smart devices are constantly creating data throughout the day. With Synapse AI, you can share that data with the world and receive rewards.
Data purchasers can buy data through the Synapse AI marketplace that they can use to grow their business or organization. Possible data purchasers include those in the following industries:
- Advertising and Marketing
- Entertainment and Media
- Education and Universities
- Pharmaceutical Companies
The Synapse AI Token Sale
The Synapse AI token sale for SYN tokens began with a pre-sale on September 18. The general ICO took place from October 21 to November 21 (tier 1 ICO), which will by followed by tier 2 and 3 ICOs in Q1 2018.
How Do SYN Tokens Work?
SYN tokens are the official cryptocurrency of Synapse AI and its marketplace. They will be used for all transactions on the marketplace, and they’ll power secure exchanges between agents and their data, services, and machine learning models.
Some of the possible uses for SYN tokens include:
- Agents requesting, collecting, contributing, and brokering data
- Agents training, confirming, and using models
- Agents contracting one another autonomously
There’s a total supply of 1,000,000,000 SYN tokens. One third of those tokens will be sold during the pre-sale and ICO. The remaining tokens are split to a developer fund (33%), the company (33%), and token sale costs (1%).
Who’s Behind Synapse AI?
Synapse AI is led by Dan Gailey (CEO, Engineer), described as “a huge proponent of ambient intelligence and how it will complement our lives.”
Other key members of the team include Nathan Ross (COO) and Jamie Cushenan. The company is based in San Francisco.
Synapse AI Roadmap
Synapse AI’s development will proceed in four phases, with most phases scheduled to take place in 2018. The four phases include:
Phase 1 – Agent to Data:
This phase will be the first step in building Synapse AI. This will allow agents to store and retrieve data from their own data pools. Data will be stored on the blockchain. During this phase, the team will also create a marketplace, develop contracts for fulfilment and ad-hoc queries, and build an ontological database, among other tasks.
Phase 2 – Data to Models:
This phase will allow machine learning models to be trained by granting access through a contract on the blockchain.
Phase 3 – Models to Services:
This converts the training and storage of models into workable services available on open markets.
Phase 4 – Services to Agents:
Once the services have been provisioned, they must be announced as accessible distributed services available to particular devices under particular contexts. Additional features include automated and manually managed and metered API gateways, along with more sophisticated methods of rewarding participants.
Phase 1 is scheduled to launch in spring 2018, with phase 2 and 3 taking place throughout 2018, and phase 4 development beginning in winter 2018.
Synapse AI Conclusion
Synapse AI is seeking to build a decentralized marketplace for AI data, including the purchase and sale of user data for the development of machine learning applications. The marketplace will reward users for sharing data, while developers can buy data from the marketplace to develop better machine learning models.
Synapse AI is scheduled to launch in 2018. You can learn more by visiting online today at Synapse.ai