10,000 users plus 1 AI predict bitcoin trend, the accuracy rate is as high as 87%?
Pynk from the UK seems to be an attractive product: the core team behind this people-oriented investment platform is from the talents of digital startups; it has received investment from Canadian venture capital Loyal VC; it is also relatively complete in terms of compliance. It also comes from two top digital accelerators.
The background of the platform, coupled with the marketing skills of its co-founder Rupert Barksfield, undoubtedly impressed the judges of the Malta AI & Blockchain Summit. Pynk won first place in the entrepreneurial competition last Thursday, and Barksfield was interviewed to introduce the platform's operating model.
“Pynk is the only investment tool in the world where you can invest time and money. Many people around the world are not allowed to use investment products, probably because they are poor.”
In essence, Barksfield says, Pynk takes advantage of 10,000 people, everyone has their own predictions about the market, and a proprietary artificial intelligence (AI) called Rose that can make your investment profitable.
Through this platform, people can enter their predictions about the second day of the bitcoin market – whether the price is rising or falling. He explained that artificial intelligence algorithms would absorb the data and tell the team how to use these forecasts to trade.
“People who invest in the platform can benefit from it, and profits are shared with everyone.”
Rose will combine the respondents' prediction history (how many times they guessed it) and “various geopolitical factors” to evaluate these predictions, Barksfield said, and geopolitical factors depend on where the respondents are.
Location and historical accuracy are the only factors that artificial intelligence needs to consider. But he said the findings were "very accurate." He said that so far, they "predicted the market's accuracy rate is about 87%, the specific deviation will be between 3% and 9%."
Currently, the platform only focuses on bitcoin. However, starting next week, the currency it covers will continue to expand. The team is adding the Nasdaq Composite Index and the gold price. Moreover, at the end of the year, they are planning to forecast the real estate market. By 2020, blockchain companies in the early stages will be put on the agenda.
“This is a very exciting point for us, so we are like the early VC. We will conduct the necessary due diligence on the project.”
In other words, Pynk will use the power of the public to determine whether certain blockchain projects are really useful.
Pynk only began operations in May 2018, but has made great progress during this period.
“One of our biggest challenges is regulation, because we want to be compliant from day one.”
He said that they have now solved this challenge, but can't reveal how to do this without compromising Pynk's competitive advantage:
“We are working with some very strong companies in the UK that provide us with the regulatory compliance services we need.”
The company is incubated by the Founder Institute, the world's largest entrepreneurial training and entrepreneurial start-up program. In addition, it was accepted by the financial technology accelerator project of two major UK banks, National Westminster Bank and Royal Bank of Scotland.
Loyal VC partner Michael Kosic said:
“Pynk has the potential to build a market-leading financial technology business and join companies like Revolut and Transferwise, both of which offer digital banking services.”
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