Cryptics: Using AI to Forecast the Cryptocurrency Market

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New cryptocurrency investors are often overwhelmed by the volatility of the market and the sheer number of new digital tokens added every single day. The rapidly changing landscape of the industry also makes it difficult for them to simply dive in without hesitation. Furthermore, given that cryptocurrency prices experience heavy swings in response to everything from regulatory news to trading volumes, it is becoming harder for even experienced traders to predict the direction of the market.

Keeping this in mind, Cryptics, a Europe-based startup, is proposing to greatly simplify the market for all audiences, regardless of skill level, thanks to its advancements in deep learning and artificial intelligence.

Cryptics’ main selling point is that it manages to leverage artificial intelligence and machine learning algorithms to analyze data from across the cryptocurrency industry in real time. The platform is, therefore, able to provide a rather accurate forecast of cryptocurrency prices. The data used by the neural network includes both quantitative and non-quantitative sources, including current prices, social network sentiment and news.

In fact, Cryptics has already been providing daily forecasts of major cryptocurrencies on its website since October 2017. The company has explained that it wishes to demonstrate reliability and transparency of its main feature to potential clients and token holders. In its current state, the reliability of Cryptics’ forecasts ranges between 64 and 75 percent. Considering the self-learning ability of the neural network though, it is likely that the reliability will increase with time and a larger dataset.

In order to promote overall transparency and prevent a possible conflict of interest, the Cryptics team has also stated that it will not be creating its own investment fund. Other users of the platform will, however, be able to create and manage their own decentralized funds eventually. Ultimately, according to the white paper released by Cryptics, it aims to primarily be an investment platform that also gives individual traders access to forecasts.

Through such funds, users that are not looking to micromanage their crypto assets themselves can allow another established trader to act as their portfolio manager. In such a scenario, the Cryptics platform not only allows users to sign up for such funds, but also gives access to the fund owner’s past profitability and risk profiles. This is an important consideration as not all people are necessarily comfortable investing in high risk, high reward scenarios or vice-versa.

Another Cryptics feature aimed at those looking for a hands-off approach comes in the form of the platform’s trading bots that will allow investors to automatically execute their trades depending on forecasts. These bots will also intelligently take each individual’s risk profile into consideration before actually executing a trade, giving users much more flexibility over their investments than ordinary trading programs.

The Cryptics platform will also have its own utility token, CRYPTICS, which will be available for purchase through an Initial Token Offering (ITO) sometime in the second quarter of 2018. The cost of each CRYPTICS token will be pegged at 0.001 ETH with a hard cap of sixty six million tokens set during the sale period.

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Rahul Nambiampurath is an India-based Digital Marketer who got attracted to Bitcoin and the blockchain in 2014. Ever since, he's been an active member of the community. Other than that he is a die hard gamer. This gadget freak is well renowned in his circle for binge-watching Game of Thrones.