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Cortex Launches Deep Learning and AI Network for Decentralized Apps

Cortex claims that this is the first time that artificial intelligence has been introduced to a crypto network at scale.

Cortex has launched a network for decentralized apps powered by artificial intelligence (AI,) according to a news release published on June 26.

The company claims this is the first time that AI has been introduced to a crypto network at scale. It is hoped the technology will be used to generate credit reports for the decentralized finance industry and facilitate anti-fraud reporting for exchanges — and Cortex believes the gaming and eSports sector could also benefit from a “diverse range of use cases.” Cortex CEO Ziqi Chen said:

“In the near future, we expect to see stablecoins based on machine learning, decentralized decision making, malicious behavior detection, smart resource allocation, and much more. These are challenges that all intersect with crypto networks, where having trained AI models that are accessible on-chain will prove to be extremely valuable.”

Looking ahead, Cortex says it plans to work with developers to implement AI dApps on its network, and deliver on-chain machine learning to networks beyond Ethereum.

Earlier in June, the European Union announced plans to increase the amount of data that can be reused as raw material for AI and blockchain projects.

An AI-powered index tracking the 100 strongest-performing crypto coins and tokens was also recently added to Reuters and Bloomberg trading terminals.

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Huobi Heads for Oz, Boosting Chinese Altcoins With New Fiat Trading Exchange

The world’s third largest crypto exchange by trade volume, Huobi, has opened a fiat to cryptocurrency exchange in Australia. The move could give a boost to some obscure home-grown altcoins.

Shanghai founded Huobi currently handles just over a billion dollars a day in volume. It has been aggressively expanding overseas since China’s heavy handed crypto clampdown last year. Following a move to Singapore the exchange has now opened a trading platform in Australia enabling users to buy cryptocurrencies in AUD.

According to the official announcement trading will only be permitted from 10am to 5pm Sydney time. The ten trading pairs however are interesting and could provide a boost for some lesser known altcoins. Naturally the ‘big four’ have been included so AUD to Bitcoin, Ethereum, Bitcoin Cash and Litecoin is available. The exchange has followed the decision made by Coinbase to adopt Ethereum Classic as well as five more altcoins.

Power Ledger (POWR) has been included as it is an Australian company providing solar energy sharing on the blockchain. There have already been partnerships in Japan, Thailand and in its home country so adding POWR was an obvious choice.

Aelf (ELF) is the next altcoin Huobi will allow users to trade with fiat. This is a Chinese founded decentralized cloud computing blockchain network. A bizarre choice since it is not in the top 30 traded tokens on Huobi and has no obvious links with Australia.

Cortex (CTXC) has also been included, another Chinese made blockchain. This one provides a decentralized AI autonomous system and is the 11th most popular altcoin on Huobi. The next listing is Data (DTA), a low market cap ranked blockchain based digital data authentication protocol powered by AI & P2P mobile storage infrastructure. The common them here is Chinese developed blockchains.

Finally there is IOST, a scalable, secure and decentralized blockchain app platform in which Huobi has invested in. Founded of course by Chinese tech entrepreneurs, it is the ninth most popular token on the exchange.

It seems then that Huobi is attempting to promote Chinese blockchain projects and pick the top cryptos already traded. The two obvious omissions under the latter criteria are EOS and XRP. The exchange did add that “In the future, Huobi Australia will open more trading pairs to all users,”.

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Uphold Eyes Expansion With Mobile Payments Startup Acquisition

Digital money platform Uphold has bought a mobile commerce startup, the company announced Thursday, coming soon after it inked a multi-million dollar investment.

Uphold has bought Cortex MCP, a deal that will see the company – formerly known as Bitreserve – acquire Cortex’s intellectual property holdings and add its founder Shaunt Sarkissian to the Uphold payments unit.

The goal, Uphold said, is to apply Cortex’s mobile wallet tech to its online services, including the use of those resources to develop tools for paying in both cryptocurrency and government-issued currency.

The deal also factors into Uphold’s expansion plans. Through the Cortex acquisition, Uphold said it will support “a new closed-loop payment platform expansion,” with a focus on Central America and South America.

“Cortex’s mobile centric, closed loop payment and secure tokenization solutions provide industry leading technologies and security to our platform. It additionally brings new commercial offerings and opportunities to our enterprise division, Uphold Solutions,” William Dennings, Uphold’s COO, said in a statement.

The move comes roughly a month after Uphold announced a $57.5 million investment from former Ripple executive Greg Kidd.

Part of those funds would go to assisting Uphold’s loss assurance program, which is designed to protect investors from losses due to cryptocurrency volatility or other asset issues, as CoinDesk previously reported.

Coin stacks and miniatures image via Shutterstock

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