Until now, people have given their data away to companies in exchange for centralized access to application and services for free.
When you use your favorite applications and share a photo on Facebook as an example, your data is collected to be used by the same companies for their products.
Data is also collected even without you realizing it like Android for instance, that collects location data in the background of your devices.
The problem with this, however, is that the models or infrastructure created to serve your needs and collect data cannot be used efficiently in other applications or processes outside of the original application itself.
At the same time, there is also no way currently to trade these data efficiently among businesses who need it.
Worst of all, the people who contribute data by using these applications and software are rarely rewarded for it if not rewarded at all; you use Facebook and share your personal information and data on it for nothing in return!
There needs to be some sort of solution to solve this imbalance and create a platform or infrastructure where data is used and share more efficiently while every single participant in the platform is benefited fairly.
Synapse AI’s aim is to create the world’s first decentralized data and intelligence machine learning marketplace for IoT and AI systems.
This platform will be available to anyone from researchers who want to use data for their projects, processors, contractors as well as IoT devices and wearables that can benefit from it.
To provide a fair system that equally rewards every participant, Synapse AI creates an AI economy that any agent can participate in and get incentivized for doing so.
This economy is made up of models, data and autonomous agents (which we’ll explain later) that can be accessed at any time.
A benefit of the blockchain is the ability to tokenize anything which is exactly the case with Synapse AI. The platform tokenizes an agent’s work on the Synapse AI market using the SYN token to facilitate an economy and transfer value between participants.
In layman’s terms, Synapse AI allows anyone to contribute data to the platform which will then be used to train machine learning models. These processes reward users in the form of SYN tokens instead of today’s standard practice where users are not rewarded at all for sharing their data.
Synapse AI will also be the data and intelligence protocol for the next distributed stack layer.
The Synapse AI platforms work in four stages:
- Agents are individuals or systems that fulfill smart contracts and ad-hoc data queries.
- Data pools are created and expanded and are available for use to all users
- Machine learning models are created and trained using these data pools.
- These machine learning models are then offered back to users through microtransaction services
Aside from that, Synapse AI also gives two unique benefits to users:
Control your data and sell it fairly
You create data whenever you use the web regardless of whether it’s a mobile app or posting a photo on your favorite social media platform.
With Synapse, you now have the ability to choose the data you want to share in Synapse AI’s decentralized marketplace and get paid for it.
Purchase data to grow your business
Data and models available on the decentralized marketplace can be bought to grow your business regardless of the industry you’re in.
With this model, you’ll be able to specifically choose the type of data you want to use in your business such as training your machine learning models. These data can be used in (but are not limited to):
- Advertising and marketing
- Education and universities
- and many more
SYN will also facilitate exchanges between agents and data on the platform, services, as well as machine learning models.
As mentioned earlier, users earn SYN by contributing data to Synapse AI. SYN can then be used to purchase services on the Synapse network or traded on most major exchanges worldwide, allowing you to trade it for your favorite cryptocurrencies such as Bitcoin, Ethereum, and even USD.
SYN will also be used on the Synapse AI marketplace to immediately access data pools and machine learning models for projects and businesses.
Synapse AI is led by Dan Gailey, the founder of RadBots, a tool that allows chatbot owners to monetize their bots as well as Baqqer, a social crowdfunding platform inventors, and creatives.
Helping him with the project is a team of heavily experienced individuals in the blockchain and AI sector including former Head of UX Viewics, Nathan Ross.
Synapse AI’s skilled team shines a bright light on the future of the project with them being more than capable of handling obstacles and challenges down the road.
The public token sale for the SYN token is currently live.
All proceeds from the token sale will fund the project’s development costs, marketing, and user acquisition costs, as well as fund the operations of the business.
There will be 333,333,333 SYN out of a total 1 billion SYN on sale during the token launch. Tokens will be disbursed 60 days after the token sale ends.
The SYN token sale will end when the 50M cap is reached or until the 21st of November, whichever comes first.
To participate in the token sale or learn more about the project, click here to head over to Synapse AI’s homepage.