CrowdIF CEO, Anton Berislav takes time to discuss is project and upcoming ICO with ICOWatchlist;
Hello Anton, what is the inspiration and core purpose behind setting up the CrowdIF project?
Hello there. Thanks for having me, it’s a pleasure.
We, as a team are strong believers in the potential that the blockchain technology holds. We think that cryptocurrencies will work as the resource that will fuel the entire blockchain ecosystem in the future. Cryptocurrencies can metamorphose into many different roles and being a tradable asset is an important one of them. Because of this, cryptocurrency trading volumes are going to soar and soar for foreseeable future.
However, we strongly believe that the fundamentals conventionally being used for driving higher profits in cryptocurrency trading are sub-optimal. Most of this gap comes from the propensity to imitate the strategy being used in conventional stock markets and trying to use a similar strategy in crypto trading markets too.
The reason this approach is flawed is because there are some fundamental differences between how stock markets and crypto markets operate. While stock prices are dictated by a slew of variables ranging from company’s financials to its brand value, the biggest variable in crypto prices, besides the technology, at least today is market’s sentiment about a specific cryptocurrency and the cryptocurrency space in general.
We verified this hypothesis by looking at historical market data and as soon as this fact crystallized before us, we knew we were onto something. That’s because recent technological advances in areas like Data Science and Machine Learning have made it possible to do something that was just not possible before… quantifying sentiment of the masses into numbers.
We decided to create a smart(er) trading platform which can take advantage of this quantified market sentiment into its crypto trading strategy in a major way. We wrote our customized algorithms for sentiment analysis using sophisticated mathematical modeling combined with some cutting-edge technology.
The only missing piece in the puzzle after all this was huge amounts of quality sentiment data. To collect this data, we decided to not just crawl the internet but also create a platform where real humans deliver real insights on an everyday basis based upon how they’re feeling about crypto in that specific time-frame. That’s where CrowdIF’s public platform was born.
It’s a complex machinery with a lot of different moving parts working in unison to create this magical outcome – that’s predicting crypto’s price movement in advance!
We’re sure that this platform will usher in a new era in crypto trading by creating a paradigm shift in how crypto is traded. It has the potential to literally change the way cryptocurrencies are traded forever.
How long was the team able to work on perfecting the platform’s algorithm to bring up an MVP especially with regards to sentiment analysis for crypto-trading?
The genesis of the idea happened in late 2016. That was followed by the initial validation of the idea through research and talking to some academic experts of the discipline. After putting together an initial team in place, we were able to start developing early prototypes in January 2017. That was followed by the development of our first NLP algorithm in April 2017.
The last 14 months have been a continuous process of building iteration over iteration, running tests, training the algos with more and more data and incorporating more and more feedback in every round. So much so that when our version 1 opens to public in July (that’s next month), it is going to be much much more than just an MVP. It’s going to be a fully functional, full-featured version 1 of the product, more appropriately called a beta than an MVP.
The best part of this all is that we are so confident about our idea and the product that all the development so far has been privately funded by the founding team itself and no part of company’s equity has been diluted for this in any form so far! This ensures more valuation for our token holders in the longer run and also means zero interference in the product’s vision and direction from early investors that happens far too commonly and is counter-productive for most part.
Can you throw some light on the underlying technology of your platform in the simplest of terms?
Sure. To be able to understand the technology we use, it would help to understand the CrowdIF process. We follow a four step process to convert sentiment into profits. These four steps are:
- High Quality Data Aggregation
- Real-time Sentiment Analysis
- Accurate Price Predictions
- Insight based Trading
For the first step, the data aggregation, we have a variety of methods from where we source our data. Some of them are public sources over the internet which let us collect huge volumes of high-velocity, real-time data. Other methods are proprietary and give us a relatively smaller amount of very high-quality data. The key is to find co-relations in two data sets which does an extraordinary job of removing the noise from the data collected by the first method. At the end of this filtration, all we are left is pure gold, i.e. all high quality data which forms the basis of the quality of our insights. The better the quality of the data that we have, the more accurate will our predictions be.
At the second step, this data is fed to our proprietary sentiment analysis algorithms which use a variety of sophisticated mathematical models and techniques like Natural Language Processing, Bayesian Inference, Scoring Engines and Predictive Modeling to perform real-time sentiment analysis on the data collected in the previous step. At the end of this process, we get something we call a “Sentiment Score” for the cryptocurrencies that we’re focused upon.
At the third step, we combine this sentiment score with all other market signals and indicators to make predictions regarding the price movement of various cryptocurrencies with unprecedented accuracy. These price predictions are also fed to our machine learning algorithms to be able to co-related historically so that the next set of price predictions are even more accurate. What this effectively means is that the more this algorithm is used, the smarter it becomes.
For the last step, with these price predictions, we place automated trades on crypto exchanges all across the world around the clock to generate unprecedented profits. By the side, the software is also smart enough to identify and capitalize upon the arbitrage opportunities that it identifies across all of the exchanges that we’re trading upon.
This, of course is only an over-simlified summary of what goes on behind the scenes. There’s far more to it than what meets the eye at the first glance.
How do you plan to develop a clientele base around your project?
CrowdIF is an extremely powerful concept; and as the name itself suggests, CrowdIF draws its power from the… you guessed it right, CROWD! The more PEOPLE we have on the platform, the STRONGER it becomes. Drawing on the collective intelligence of all the users on our platform will form an important component of our trading strategy in the coming weeks and months.
Despite our product’s success being directly dependent upon the number of people who are using it, we aren’t overly concerned or nervous about where shall we amass this user base from.
In case of products like these, what we’ve seen is that there’s a very strong network effect and word-of-mouth becomes your biggest tool. As more and more people start profiting by using the platform, the word is bound to spread automatically and new users will give it a shot. Once they see the results, there is no going back. One great thing about CrowdIF is that our user retention rate is expected to be off-the-charts. This gives us confidence that we’ll attract a large client base in a relatively short period of time.
Besides the product having an inbuilt virality, we’re also running a referral program and a limited-time 10$ sign-up bonus at the moment to get the word out and get our early set of users on board. Besides, there’s also a huge bounty program which many users are already taking advantage of.
Any pointers on which exchanges might be first traders of your tokens?
At this stage, we’re already in conversation with multiple exchanges to for the purpose of listing our token. Though I can’t reveal all the names at this stage, what I can tell you is that we’ll follow a tiered approach to our exchange listing. We’ll begin with some mid-tier exchages in July, 2018 and within the firstcouple of months, be listed with at least two to three top-tier exchanges as well.
Briefly run us through the process of your token sale.
As far as our token sale goes, we’re trying to keep things as simple as possible.
The total number of tokens that we intend to sell during the ICO is 16.6 million, which is 40% of our total token supply. The token sale will proceed in three rounds with the first round going live on June 25, 2018. With the response that we’re getting at the moment, we’re positive that the ICO will be sold out within the first few hours. To make sure that the users who miss out the first round have another opportunity, there will be a second and a third round to follow the first round. The ICO process will technically conclude on July 10, 2018.
The price of the token during the initial sale will vary between $0.80 to $2.00 depending upon which round you’re able to join.
The best part is that even after the ICO and bounty, a good 35% of CIF tokens will stay locked and are planned for a slow emission over the next 10 years. This ensures a very low inflation rate which is rare with ERC tokens these days. This would ultimately lead to a healthy token appreciation for people who would like to hold onto CIF tokens for a while and turn a profit that way.
Thanks Anton for the extensive insight into CrowdIF, we wish you a successful crowdsale
We appreciate the efforts of ICOWatchlist and we are also thankful.
For more details, follow the CrowdIF ICO here.