Cryptocurrencies have been at the forefront of technological progress over the last few years. Not only have they changed the way we think about finance, but technologies such as blockchain have also brought with them a variety of innovative ideas. The market for cryptocurrency continues to grow amidst this innovation, in terms of both capitalization and transaction value. Furthermore, there are many more digital assets arriving on the market. Despite this promise, the world of crypto has proven to be incredibly volatile. It’s hard to predict growth or estimate the true cost of an asset. And that’s what Cryptics hopes to change.
With their AI based platform, Cryptics intends to provide a means to forecast where the crypto markets will go more accurately. This will help investors make decisions on short-term and mid-term investment options.
What is Cryptics?
Cryptics identified the need for greater stability in the crypto markets. As they outline in their whitepaper, without this stability, it’s unlikely that the technology will reach its full potential. It also means that regulations are likely to be applied, going against the ethos of decentralized finance. The founders of Cryptics suggest that by bringing a greater amount of certainty to the industry, investors are more likely to buy into cryptocurrencies. With increased adoption and greater stability, the market will become less volatile and continue to grow.
By providing a number of tools to investors, traders, and customers, Cryptics intends to foster a stable environment for those interested in cryptocurrency. This will allow crypto miners to focus their efforts on worthwhile sources, give traders a community to provide their services to, and give investors the information they need to make smart investments. Much of this system is based on forecasting that will leverage artificial intelligence, machine learning, and deep learning. The system combines these advanced technologies to examine both price and news data to give a more accurate prediction in real-time.
How Does Cryptics Work?
There are four elements that the Cryptics platform is based on:
The Cryptics algorithm will be used to assist investors in predicting changes in the value of digital assets. This applies both in terms of fiat value and in crypto trading pairs. Predictions will be made across a variety of timescales, from minutes to days. These forecasts can then be used to make a personal investment or to create a trading fund on the Cryptics platform.
This module of the platform gives customers the option set up an automatic trade based on the forecasts of the platform. A variety of settings will be on offer, such as the asset being traded, what it’s being paired with, and the value of each trade.
Cryptics will connect their platform to a wide variety of cryptocurrency exchanges using their own API. This means customers can execute their own trading strategy through Cryptics. Traders will be able to build their own private fund and act as a fund and portfolio manager for those who backed the trader with their own capital.
The company is committed to progressing the adoption and viability of the technology. They offer support to representatives from academia looking to research cryptocurrencies and associated tech. Much of their focus will be on the challenges presented by data collection and AI.
What is the QRP Token?
Cryptics will be backed by an ERC20 utility token known as QRP. It will be used as a means of completing transactions within the platform between all parties. Those who own Cryptics tokens can exchange them for a subscription to the forecast system. It will also be used by traders who operate their own private funds on the platform.
Cryptics: Final Thoughts
There’s a lot to be excited about with Cryptics. The company seems to be taking the project very seriously. Impressively, they claim that their current prediction accuracy rate is 63% (although this figure gets updated frequently). Backed by immerging tech such as AI, deep learning, and machine learning, the platform really does have the potential to change the crypto market space. Their attempt to validate digital asset investment and making it a more stable industry is more than welcome. In what is a volatile market, greater stability is crucial to the finance industry taking it seriously.
A successful pre-ICO has seen Cryptics adopt a position with a lot of potential, so it will be interesting to see what they can do with this momentum.