With the popularity of cryptocurrencies and blockchain technology, seeing new platforms that work with blockchain as a service methodology may not be as newsworthy anymore.
However, even with the slew of new offerings by multiple new blockchains, there are times when the mere description of a platform catches your eye by its definition of using the technology in a never seen before capacity.
Matrix AI is one such platform.
What Is Matrix?
By being an artificial intelligence centric, open source blockchain platform that is also easy to use, Matrix aims to revolutionize the usage of blockchain technology.
The platform was built upon the Ethereum blockchain, but it rebuilt its structure using “machine learning services” to utilize smart contracts in a truly “smart” capacity.
Matrix defines the usage of smart contracts by its platform as being quicker and more efficient than the other blockchain platforms available at the moment. As per Matrix’s team, the usage of smart contracts on the platform is easy to utilize by everyday users that do not know coding mechanisms.
The blockchain networks built through the platform will also be able to benefit from the offered AI technologies and will not just be able to self-optimize their performance, but will also support multi-chain collaboration.
However, Matrix is aware of how even these different features can get mixed with the plethora of new blockchain platforms and the services they provide. Which is why, it is not just stopping at those features but is working on introducing an all-new network consensus, which will leverage from both proof-of-work (PoW) and proof-of-stake (PoS).
How the new consensus will work
The hybrid consensus uses both PoW and PoS mechanisms in its own way. The PoW used by Matrix will be different from other networks such as Bitcoin in the manner that it uses a smaller network of “delegates” which are selected through a randomized voting algorithm (thus using a PoS function).
However, it then takes an interesting turn where it uses a different mechanism, which causes the probability of a delegate to be selected to depend upon its PoS.
The delegate then shares the PoW reward with nodes available in its cluster.
By using this consensus, Matrix is aiming to introduce a solution that is faced by other blockchain networks regarding scalability.
Its mining also works differently
Matrix’s mining mechanism also seems different from other blockchains.
The PoW part of the aforementioned hybrid consensus works for the mining aspect of the platform. However, Matrix changes things from there by not using currently practiced Hash functions, which as per the Matrix team “do not have added values outside the scope of cryptocurrency.”
Matrix’s mining mechanism instead works through the Bayesian, Markov Chain Monte Carlo (MCMS) pattern, which has universal adaptability. This allows Matrix to work as a crowdsourcing platform for applications that use MCMS.
Matrix aims to change the way blockchain is used
By offering more extensive adaptability of its own features that could be put to use in various settings, Matrix hopes to entice more people to adopt blockchain through its offerings and hopes to be one of the primary platforms for anyone who is looking for blockchain solutions in the future.
Matrix plans to be launched by the third quarter of 2018.