Another AI blockchain project is taking shape with Bottos the latest company to connect artificial intelligence companies and data providers in an online marketplace, which it expects to drastically reduce the cost of acquiring data.
The announcement in a press release last week said the new P2P data sharing network is designed to drive innovation in artificial intelligence, ultimately creating a new decentralized AI ecosystem.
Bottos said it is currently recruiting companies to join its community, as it enters the final testing phase of its data marketplace and Bottos 3.0 is expected to be fully operational by the end of May.
“Our goal for the Bottos Data Maketplace is to create the largest global data sharing network to revolutionize the AI field,” said co-founder Xin Song in a statement. “That will be the first step in building the infrastructure for AI development with blockchain technology, eventually creating a new decentralized AI ecosystem.”
Song has more than a decade of experience in high-tech investment, including the Droege Group China, while co-founder Tingting Wang, was the chief marketing officer at Chinese cryptocurrency NEO.
Bottos said while AI systems continue to become more accessible and affordable; the barrier to growth is acquiring the massive amount of quality data needed for model training. Once a data source is found, the cost can be another barrier, as data costs can take up half the budget for an AI or predictive modelling project.
The Bottos Data Marketplace is the company’s first DApp on its public blockchain and open sourcing will allow developers around the world to build any kind of AI-related DApp there, including model marketplaces, data storage sharing networks and computer power sharing networks.
Bottos transactions will involve smart contracts using /BTO tokens, which can also be used for third-party services like data verification or cleaning. AI companies can also issue their own tokens in the Bottos Data Marketplace to fund their projects, or sell their finished model.
Bottos also expects that its open marketplace will reduce the cost of data, perhaps by 50 percent in some cases. “The blockchain makes data acquisition more transparent and allows parties to verify ownership of data, as well as the ability to trace and remove any data sources that are unreliable,” said Song in the statement.
The marketplace will also utilize a rating system for both AI companies and data providers, creating transparency and the company
Bottos said it expects to attract significant interest from AI projects that require massive amounts of data, including speech recognition, semantic identification, computer vision and robots, as well as applications for IoT.