Algorithmia AI Firm Organizes Ethereum-based AI Competition in a Bid to Test its DanKu Contracts

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Algorithmia is determined to usher in a new era of machine learning model development via the Ethereum blockchain. The team is not trying to organize a fundraiser but instead is focused on improving the use of smart contracts and AI.
Algorithmia is giving developers an opportunity to be part of an innovative technology by organizing an Artificial intelligence contest for them to use its new system in creating the best algorithm for determining voter preferences in the 2016 presidential county election, broken down by latitude and longitude.
The competition will run for 60 days and all processes will be handled by smart contracts. The first team to come up with the result will be rewarded with 5ETH.
Algorithmia team is using the contest to carry out a proof-of- contest test of its DanKu system, which makes it easy for people to build smart contracts and customized machine learning models to solve real-life problems.
With the DanKu ML  and Smart contract based solution, companies running on a low budget won’t need to employ a data scientist to help them use machine learning in solving any of their problems.
Algorithmia’s DanKu system works in a trustless way thanks to smart contracts and payment is also automated.
To solve a problem with the machine learning system, a developer needs to outline the situation. The problem could be anything at all.
A minimum accuracy requirement is set for each task, as well as a reward and date when the task must end.  To win the DanKu competition, the winning model must have an accuracy of at least 50%.
All models are tested on the Ethereum blockchain. This ensures that model and task creators get accurate verification results, in a trustless manner.
Once a winner is gotten, the contract’s creator automatically gets the winning trained Machine Learning model, and the developers receive their reward.
Co-founder and CEO of Algorithmia, Diego Oppenheimer stated that:

“If a machine knew how to define a contract automatically, and put it on some system that other systems could solve, there is a potential for machine learning systems solving problems autonomously at a certain level.”

The DanKu solution is first ML solution to be deployed on the Ethereum blockchain as a neural network inference has never been run of the Ethereum blockchain.
Due to the trustless nature of DanKu, third parties are eliminated in ML operations, thereby democratizing the use of machine language for the masses.

Important Uses

DanKu facilitates fundraising projects. It makes it easy for  contributors to directly donate money to the contracts. www.blog.algorthmia.com/trustless-machine-learning-contracts-danku/
It also make it possible to create a decentralized and trustless marketplace for exchanging Machine learning models. And other excellent features.
Oppenheimer believes that DanKu solution could pave way for more innovative uses of ML and blockchain in problem solving. He noted that:
“There’s a ton of work to do, there’s a ton of things that still need to be moved forward, but that’s the exciting part. Okay, so this is possible, and it was done once with real code, now let’s see what the world brings.”


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.