Blockchain technology is not a new thing, especially in the 21st century. This technology has influenced a lot of activities in terms of how businesses are managed. MindSync will employ this technology particularly the Ethereum blockchain in implementing the smart contracts. It is worth mentioning that there will be several smart contracts within this platform that will ensure that everything is successful.
Importance of blockchain within this platform:
Blockchain technology is mainly employed for machine learning contests:
Through this technology, each platform user will be able to create a unique smart contract by employing templates with problems description as well as links or training data. Keep in mind that the user is required to accept public risks that his/her provided data is secure. The user must create competition rules as well as the duration of the contest. The price of a solution will be determined by the duration of the contest as well as the pledge prize. It is important to understand how the competition works. After placing an order in the format of competition, the competition will be availed in the community where all the experts or the developers will be expected to go through it and come up with a suitable solution. The best solution will be selected and the winner of the solution rewarded. Through the smart contracts that have been created, clients will be expected to pay the providers some fees which are done in the form of MAI Tokens after the competition has started. All participants will send their solutions to IPSF nodes using MindSync API services. In turn, providers will commit results in the form of links for all the solutions, a hash of solution data as well as calculate a score to meet the standards of the platform security needs. This ensures that all participants are protected against fraud. At the end of the competition, all the solutions will be tested then the final results will be published.
Blockchain helps in the creating of MindSync platform contract. This technology employs upvote as well as downvote techniques to determine users’ reputation data. This method is important as it ensures integrity within the platform prevents insecurity and punishes fraud. This method also creates a fair system that enables users to select the best experts who test the solution, analyze as well as arrive at fair results. Participants vote will be determined by their reputation within the platform. Within the platform, there will be lists of computation, IPFS nodes, experts as well as power providers that can be employed during a contest. It is worth to mention that any user can become a provider, expert as well as node based on reputation rating.
Through blockchain technology, MAI token contracts that stores platform users’ balances as well as where MAI tokens are used as prizes as well as fees for the providers or experts services.
In the above points, it is important to emphasize that blockchain technology influences activities within this platform a great deal. It facilitates speed, security, and reliability for all the participants within the platform as discussed above.
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