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All Eyes on Tether Amid Crypto Pull Back

Tether is under the spotlight amid a massive pullback in the cryptocurrency market.

The top 50 cryptocurrencies saw massive price corrections last week, coming to a head on Feb. 2. The total market capitalization dropped to just over $400 bln at the time of writing– amid massive uncertainty across the board.  Almost overshadowed, but not forgotten, is the news that Bitfinex along with Tether received subpoenas from US regulators in December, who have had their eyes on the exchange and cryptocurrency.

This in itself is understandable, but industry experts have raised concerns over the last few months in relation to the increase in supply of Tether which correlated with rallies in the market. Bitfinex, which is the largest exchange in the world, threatened legal action to parties that had accused the exchange of misconduct.

The reason for allegation is quite predictable. Bitfinex issues Tether tokens which are issued for US dollars on a 1:1 ratio.  In simple terms, Bitfinex were accused of not having 1:1 reserves of dollars to issued Tether tokens.

The problem is that because one Tether token equals one dollar, it has been used to buy other cryptocurrencies because of its standardized value. This culminated in suggestions that the price of Bitcoin and other cryptocurrencies had been inflated because people had been buying cryptocurrencies with Tether and not actual US dollars. If Bitfinex does not have an equal reserve of dollars to back up the amount of Tether tokens in existence, things could end badly.

As quoted by the NYTimes, Pantera Capital’s Co-chief Investment officer Joey Krug said Tether tokens were issued during recent rallies in the market.

“This became more and more concerning, because every time the markets went down, you have seen the same thing happen. It could mean that a lot of the rally over December and January might not have been real.”

Cointelegraph reported in Nov. 2017 that Tether had seen a 10,000 percent increase in supply in the space of a year, leading to some serious head-scratching about how the company behind Bitfinex and Tether had increased its value in such a short amount of time. Tether has previously claimed that it has $2.2 bln in reserve, backing up figures shown on its transparency page online. Tether eventually hired Friedmann LLP to conduct an audit to put an end to concerns around legitimacy of its reserves.

To compound matters, news broke this week that the relationship between Tether and the auditing firm came to an end – it’s not clear what led to the breakdown in that relation. More importantly, there is no word on what Friedmann LLP found during their audit.

Potential Tether crash won’t be cataclysmic, says Litecoin founder Charlie Lee

Litecoin founder Charlie Lee posted an insightful take on Twitter addressing the current state of affairs surrounding Tether.

Lee said the fact that Tether tokens (USDT) have continued to be issued after the Commodity Futures Trading Commision issued their subpoena in December 2017 is a good sign. However, he cautioned that if it comes to light that there isn’t a sufficient reserve of dollars to back Tether tokens, the price of the token will crash completely. But most importantly, Lee believes that eventuality will no have a direct effect on Bitcoin and the rest of the cryptocurrency market.

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Blockchain Powered AI Doctors to Revolutionize Medicine

Doc.ai is hoping to revolutionize the medical industry by bringing AI doctors to all through their smartphones. Using Blockchain technology, the platform will be able to collect masses of medical data globally and generate insights from that information.

Furthermore, through machine learning, the data collected will be analyzed and processed in order to provide personalized feedback to users about their own medical issues.

Intersection of AI and Blockchain technology

Doc.ai’s platform aims to provide users with the ability to essentially call on a doctor in their pocket. However, because medical practitioners are in short supply, difficult to access and expensive, this company is looking at powerful technologies rather than humans.

The intermingling of the burgeoning technology of Artificial Intelligence and equally revolutionary Blockchain has seen Doc.ai’s team propose their platform can answer personal medical questions – from masses of data collected – at a touch of a button.

“We are making it possible for lab tests to converse directly with patients by leveraging advanced artificial intelligence, medical data forensics, and the decentralized Blockchain. We envision extensive possibilities for the use of this technology by doctors, patients and medical institutions,” comments Walter De Brouwer, founder and chief executive officer of doc.ai.

The details of this platform may sound a lot like science fiction, but it is essentially the manipulation of data which is analyzed by machine learning, to provide medical answers.

Doc.ai’s AI technology is designed to use a decentralized, edge-learning network to develop insights based on personal data. An edge-learning network performs deep learning computations at the edge of the network or on a mobile device.

Solving the healthcare problem

It is plain to see that global healthcare is not in a good state. In fact, according to the World Health Organization, there is a shortage of over seven million physicians, nurses and other healthcare professionals worldwide, and the gap is widening.

Doc.ai’s platform could have world-changing repercussions as patients with certain illnesses, or chronic problems can keep on top of their health concerns by utilizing AI doctors on their smartphones.

Questions such as “What should be my optimal Ferritin value based on my iron storage deficiency?” or “How can I decrease my cholesterol in the next three weeks?” can all be answered and additional context given.

This is done through insights gathered from personal medical data along The Neuron Network, which is their decentralized Blockchain.

Incentivized learning

Doc.ai will leverage the Blockchain in order to allow anyone to connect to the network and train their own AI. On this Neuron Network tokens will be used to incentivize, and provide data along it. Users will be rewarded as they train their AI, and furthermore, with these tokens, users can broadcast a competition on the network and create a prize for data scientists.

When these succeed in building a prediction model that provides unique insights into the proposed personal quantified biology profile, the prize will be won through a smart contract.

Investor support

Pantera Capital and Anthony Di Iorio are among the early investors into Doc.ai, and Joey Krug, Pantera’s Co-CIO serves as an advisor to the company. Anthony Di Iorio is especially appreciative of the potential of the project, commenting “I am amazed by the potential that doc.ai technology has for millions of people all over the world and possible network effects of the NRN token.”

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.