DeepBrain Chain has announced the launch of the DeepToken Exchange, September 5th. Claiming to be the “world’s first AI industry digital asset exchange,” it intends to “provide relief to quality AI projects struggling to achieve the necessary funding required to break into the [AI] industry,” according to a statement released by the platform.
The exchange was launched in response to the “exponential” growth of AI startups and the proportionate costs involved for their research and operations. Although the market is now reportedly embracing a “new era” of AI, traditional fundraising methods are “no longer viable, either from being too lengthy, too cumbersome, or otherwise incompatible with a dynamic market.” Furthermore, AI is a “highly technical industry” with “extreme costs for research and development holding back many potential projects.” Therefore, it’s DeepBrain Chain’s view that many projects are now searching for alternative means of fundraising, thus making the industry ripe for disruption.
It’s claimed that DeepToken Exchange also builds on further trends in the market, such as the integration of the blockchain into traditional industries through the creation of digital assets. Platforms like the DeepToken Exchange will provide the needed infrastructure for users and issuers of these assets, thereby enabling companies to quickly raise funds via the trade and issuance of tokens. The exchange leverages a “voting is mining” mechanism together with the support of DeepBrain Chain’s AI community, thus helping startups “alleviate some of their biggest problems” in terms of securing funds.
The founder of the DeepToken Exchange and CEO of DeepBrain Chain, Yong He, described the exchange with the following:
“DeepToken will be a financing platform for AI companies, a trading platform for AI digital assets, as well as offering support for their product landing; the exchange will stimulate discussions and investments in the AI industry through community assessment and monitoring of AI projects. Eventually, DeepToken will help create a new global AI token economy.”
In a separate statement, Yong He also noted that the global number of AI companies exceeds the “tens of thousands” and that “a large proportion” of those companies could have the “need and ability to be tokenized.” The end goal, he states, is to allow companies to “unleash their full development, allowing them to more easily enter the market and divert their focus to the more important efforts of product development.”
The exchange is reportedly backed by DeepBrain Chain’s AI community consisting of developers, investors and AI practitioners. These community members have the choice to “discuss, invest and give voice to the potential listing of AI projects.” Security also appears to be at the forefront of exchange, as each member must pass KYC verification on DeepBrain Chain’s website before participating in discussions or investing in projects. Verified members can then “co-decide” on listings based on group consensus, thus ensuring impartiality and preventing any possible conflicts of interest.
As a community governance program, the DeepToken Exchange will issue DPT tokens that will enable a range of features on the platform. The tokens will allow users to receive refunds on their trading fees, vote on potential listings and community affairs, as well as buy back from the secondary market. In short, it’s claimed that using DPT as a governance tool in conjunction with DeepBrain Chain’s existing community will have “maximum participation potential,” and that project listing requirements will “remain open, fair transparent and fee-free, permanently.”
The exchange’s leadership consists of members from DeepBrain Chain, a team of AI experts with a combined experience “of a great many years in the industry.” The platform’s membership includes Yong He, CEO of DeepBrain Chain; Hongquan Jiang, partner of Robert Bosch Venture Capital and AI investment consultant; and WangKai Liu, co-founder of Zhishi Capital and former senior researcher at Huobi Lab.
The DeepToken Exchange is currently in beta and is accepting registrations. Users can sign up here using either phone or email.
More information on DeepBrain Chain can be found at the links below.
About The Author: Matthew North
Matthew North is a freelance writer and journalist who resides in East Asia. He spends his time writing and learning about financial technologies like the Blockchain and digital currencies. You can follow him on twitter @fintech_matthew.
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