August 22nd, 2017 at 11:31 am UTC · 5 min read
MAGOS, a blockchain powered complex forecasting platform has announced the launch of its crowdsale. The platform is offering its native MAG Tokens to investors during the ICO that went live on August 16, 2017. By participating in the ICO, investors get a chance to gain a share of the profits generated by MAGOS fund in the near future.
The MAGOS platform combines the highly accurate forecasting ability of Neural Networks with blockchain technology. The five Neural Networks that are part of the platform have their own purposes, and their combined powers make it possible to predict the event outcomes with high accuracy. The platform uses a modular architecture capable of supporting time to time updates and development of new features.
The five Neural Networks implemented in MAGOS includes Strategus – a risk management network; Obelus – allows avoidance of high uncertainty level events; Ariolus – combines output from all other networks to make accurate prediction based multiple data layers; Galaxia – Data mining and classification network with noise reduction, to feed information to higher level networks; and Melius – auto tunes hyper-parameters basing adjustments on overall model performance and changes of external environment.
The Data Scientist and CTO of MAGOS, Andreas Theiss explained the platform stating,
“MAGOS is based on a system of neural networks. Each network performs a specific task, but they work together in collaboration. The backbone of MAGOS is its modular architecture. It allows us to develop and implement individual forecasting modules, targeting different kinds of forecasting domains, from business and finance to sports and politics.”
The platform makes use of the forecasting system to promote MAGOS fund, implemented on Ethereum platform and managed by artificial intelligence under the team’s supervision. The MAGOS fund will be initially operating on prediction markets and sportsbooks. Eventually, it will evolve and expand into other fields like Digital Asset Management, where the forecasts of MAGOS will be applicable and valuable.
The CEO of MAGOS, Ante Magnusson mentions the importance of the platform saying,
“If you would look at the current state of forecasting through a prism of AI and its latest developments – the forecasting methodology would appear extremely dated. And for a good reason – It is still largely dependent on simplistic predictive models, outdated forecasting algorithms, and human expertise. Our team of talented data scientists aims to significantly change the landscape of forecasting with MAGOS, and our goal is to allow anyone to share the success of AI in the forecasting domain. The project is far from being just an idea, we have a functioning model that has been operating since 2015, and was extensively tested multiple times. We encourage everyone to look into the results of MAGOS performance, see what the model is capable of, and join us in the crowdsale.“
MAGOS has already tested the platform over a period of four months using a third-party site with open tracking of stats. As a part of the trial, the platform chose to forecast e-sports which happens to be the largest growing betting markets. The results have been promising, showing that the platform has a significant edge over the competition, gaining net positive returns after each month of testing, with the overall ROI of 28%.
The MAGOS platform has set the number of MAG tokens at 50,123,377, of which 77% will be made available to the investors during the crowdsale. The platform will not create any more tokens after the ICO completion date. The tokens, generated over Ethereum blockchain can be used in both active and passive way, and the participating token holders stand to receive dividends from the fund operations. They will also be assigned voting rights, allowing them to be part of the decision-making process when it comes to changing the platform’s parameters, including profit distribution.
Investors can purchase MAG tokens against ETH or BTC payments. MAGOS has set a minimum investment goal of 6000 ETH, which if not achieved by the end of crowdsale will result in the refund of all investments received during the ICO campaign. And, the maximum investment goal for a successful ICO is fixed at 22640 ETH. The platform has a set of clear instructions in place regarding the participation in the ongoing ICO on its website. Investors in the ICO will receive their MAG tokens within three days after the completion of the crowdsale, and as the platform signs up exchange platforms, investors will be able to start trading the tokens against other cryptocurrencies.
Of all the tokens created, 12% of the total MAG tokens will be allocated to the team members and advisors. These tokens have a vesting period of 18 months, with a six-month cliff which allows 33% of the tokens to mature every six months. Similarly, the foundation and reserve will have a 12-month vesting period with a 4-month cliff. The platform also has a 4-month vesting and 1-month cliff for partners and early backers.
Those interested in being part of the ICO campaign can find more information about the MAGOS crowdsale on the platform’s official website.
Learn more about MAGOS at – https://magos.io/
Access MAGOS whitepaper at – https://magos.io/bluepaper.pdf
Find MAGOS on Facebook – https://www.facebook.com/MAGOS.io/
Join the Telegram channel at – https://t.me/MAGOS_network
MAGOS on BitcoinTalk – https://bitcointalk.org/index.php?topic=2087842
Disclaimer: MAGOS is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.