Magos AI, a neural network-based forecasting platform gathers $7 - Erie News Now | WICU & WSEE in Erie, PA

Magos AI, a neural network-based forecasting platform gathers $700,000 on its ongoing ICO

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SOURCE Magos AI

NEW YORK, Sept. 27, 2017 /PRNewswire/ -- Magos AI, the first ever blockchain-based prediction software, has already gathered over $700,000 in its Initial Coin Offering (ICO). In this crowdfunding event users can buy newly-issued MAG tokens, a cryptocurrency asset that will allow project backers to be part of the ecosystem and to benefit from its growing success.

Magos AI has recently launched its Initial Coin Offering (ICO), making a splash in the cryptocurrency world and gathering over $700,000. During the token sale campaign, project supporters are able to purchase MAG tokens, an Ethereum-based cryptocurrency that will allow its holders to be part of the project and to reip the benefits of its success.

Magos is a complex forecasting model based on A.I and blockchain technology. Leveraging the power of the "wisdom of the crowds" and Neural Networks, Magos' software is capable of collecting and interpreting data from various sources to accurately predict the outcome of a future event.

Magos is able to plug into various open prediction markets and sportsbook platforms and to mine the data that is generated by gamblers. Although this data is, in itself, not reliable, Magos is then able to filter it through its neural networks in order to produce an accurate result. The blue paper reads:

"The core forecasting mechanism includes advanced data mining, sorting and classification of data, noise reduction, deep layer analysis, weight distribution and auto-tuning. Usage of special add-ons like volatility evaluation ensures that a model will avoid events with high levels of uncertainty, and risk-managing network provides optimal bankroll growth based on model performance."

The MAG token will allow project backers to benefit from this sytem, automatically distributing the profits generated by Magos through a dividend system on the Ethereum blockchain. MAG also acts a voting tool for users, allowing them to have a say on how the project development is handled.

So far, the MAGOS open beta test has shown encouraging results, receiving a 28% Return on Investment when active on a third-party site with open stats. Although the model is currently used for prediction markets and sportsbooks, its applications go far beyond gambling with digital asset management being one of the most important examples. The Magos AI team stated:

"We are starting with conventional prediction markers and sportsbooks, but our main focus has always been on decentralized asset management and prediction market platforms like Augur, Gnosis, Melonport, and Stox. We expect this technology to fully mature in 2018, adding the extra layer of transparency to our project. This would also be a leading step into the development of Oraculum portal in 2019 -- allowing any interested party to use Magos in the forecasting domain of their choice -- from sports and politics, to business and finance ."

https://magos.io/

About Magos AI

Magos AI combines highly accurate forecasting ability of Neural Networks with blockchain technology. The MAGOS fund, managed by AI and supervised by our team, will be deployed on the Ethereum platform. Initially operating on prediction markets and sportsbooks, it will evolve and expand into other fields, such as Digital Asset Management, where the forecasts of MAGOS will be applicable and valuable.

Contact:

Name: Ante Magnusson
Email: magos@magos.io
Phone: 41 (0)43 608 17 64
Address: Badenerstrasse 549, CH-8048 Zurich

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