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ITWeb Africa

Thursday, Feb 20th

Using AI to simplify hype-driven virtual currency space

Using AI to simplify hype-driven virtual currency space

The virtual currency market is cloaked in complexity, permeated by negative market sentiment and overtly influenced by changes in the price of Bitcoin (BTC).

This is according to management at mobile app agency Kagiso Interactive, who say there are significant barriers to entry into the virtual currency market including multiple exchanges, multiple wallets, security considerations and a vast number of cryptocurrencies available.

Leveraging its twelve years of operation, the company launched Krypteum in 2017 which is described as 'the world's first Artificial Intelligence (AI) powered investment cryptocurrency with the ability to trade itself using machines learning and AI.'

Krypteum (KTM) coins – a total supply of 400,000 currently - run off the Ethereum blockchain network and comply with the ERC20 protocol.

The offering trades blockchain assets using an AI-based proprietary method of financial trading called Smart Volume Analysis (Smart VSA).

The company describes this as a self-reinforcing system based on deep learning neural nets and other modern machine learning models that predict cryptocurrency markets.

"Huge volumes of financial data are collected, stored, processed and analysed in order to constantly increase the accuracy of predictions," according to a statement by the company.

The strategy with the technology is to remove barriers to entry for would-be investors, make virtual currencies easier to navigate and more attractive.

Krypteum endorses its minimum investment requirement of R 1 480 as "an accessible, low risk cryptocurrency investment, with the potential for high rewards."

It's a formula management believes will help them compete within an increasingly volatile market.

Speculation and sensationalism

Priven Reddy, CEO of Krypteum said unfortunately the virtual currency market is influenced by speculation and sensationalism from the mainstream media. It is also inextricably linked to developments with Bitcoin.

"What prices are not doing, however, is moving in tandem with the fundamentals, something we hope will come into play in the market in the near future. As the market matures and these virtual currencies establish their own place in the market, we will see less of this nonsensical price cohesion," said Reddy.

The key objective is to keep the virtual currency space in perspective, especially when it comes to discussion around Bitcoin and blockchain.

"While Bitcoin was imperative in bringing the blockchain technology to life, it offers many more real world cases and can solve many more problems plaguing society today than just 'e-money'. Some examples would include instantaneous and significantly cheaper international remittances, tracking of supply chains from raw products to finished food, fraud prevention and the list continues," Reddy explained.

"Once the veil of excitement around BTC settles and large corporates start implementing blockchain solutions into their business operations, I believe society's eyes will be opened to the true possibility of Bitcoin's underlying technology."

Although Reddy stressed the company's desire to simplify investment and is confident of the ROI potential of Krypteum, he believes people should not invest without having acquired all the necessary information.

"The monumental gains in value made by almost every cryptocurrency in the space is publicly available knowledge. We believe strongly that people should not invest without the proper knowledge – this is true in any financial market, but particularly in cryptocurrencies due solely to the volatility exhibited in the market," he said.

Looking ahead, Reddy said the company will focus more on its product and the opportunities to explain to the market the advantage of having AI manage portfolios.

"With the current negative market sentiment that exists, interest in new and low cap cryptocurrency projects is dwindling at an alarming rate. In light of this, we've decided to put our heads down and focus on our product. We really believe in the power of what we're building and no amount of hype or advertising can make up for lack of a quality product."

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