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September 5 2017

ICO Alert Report: Matryx

ICO Alert Report: Matryx

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What is Matryx?

Matryx is a decentralized platform for collaboration. The objective of the project is to better incentivize people to work together to solve problems, especially in science, technology, engineering, and mathematics. Despite the ability to instantly communicate across borders, the way industry experts collaborate today is actually extremely inefficient. Time, money, and brainpower are wasted because multiple institutions work on the same problems at the same time without exchanging their findings. Matryx will resolve this by creating an open access platform for users to exchange ideas, creations, and discoveries. When a problem is solved on the Matryx platform, all contributors are fairly attributed and compensated.
— Steve McCloskey, CEO of Matryx

Pre-sale Information
The pre-sale will begin on September 6, 2017 at 10 a.m. GMT and ends on September 13, 2017 at 11:59 p.m. GMT. The pre-sale is only available for those contributing 75 Ether or more.

The following discounts are available:
150–299 Ether: 10% discount
300-more: 15% discount

There is a hard cap of 161,803 Ether across the pre-sale and crowdsale. Visit the website to sign up for the presale.

Crowdsale Information
The crowdsale begins on September 13, 2017 at 2 a.m. GMT and end October 13, 2017 at 11:59 p.m.

There is a hard cap of 161,803 Ether across the pre-sale and crowdsale. The contribution address will go live only on the Matryx website at the start of the crowdsale.

Token Distribution information
There are 314,159,265 total Matryx tokens (MTX) being created, with 60% available evenly across the pre-sale and crowdsale (188,495,559 MTX total). MTX are ERC-20 tokens and only Ether is accepted for the crowdsale. MTX tokens will be distributed shortly after the end of the crowdsale.

Use of Crowdsale Proceeds
The crowdsale proceeds from the token sale will be used to expand the platform and conduct in-depth technical research and development with the continued goal of expanding and refining the Matryx platform. Some of the proceeds will also be used to develop Calcflow and nano-one and integrate them with the Matryx platform.

Team
Steve McClosckey, CEO
Linkedin
Steve is also the founder and CEO for Nanome, Inc., the parent company of Matryx. Before Nanome and Matryx, Steve was the CEO for NanoVR, Inc., a Nanome, Inc. company specializing in the development of virtual tools for nanoscale modeling and simulation.

Keita Funakawa, COO
Linkedin
Keita is also the COO for Nanome, Inc. and was the CFO and product manager for NanoVR. Like Steve, Keita has deep entrepreneurial experience.

Scott Morgan, CFO
Linkedin
Scott is the CFO for Nanome, Inc. and is the co-founder of Airbitz, a security focused computer software company. He has entrepreneurial experience in the financial and insurance services industry and holds an MBA from the University of Southern California.

Edgardo Leija, Chief Experience Officer
Linkedin
Edgardo is a co-founder and chief experience officer (CxO) at Nanome, Inc. He has worked as a UX designer for HP and has a bachelor’s degree specializing in human computer interaction. As CxO for Matryx, he’ll be in charge of the user experience.

Vincent Brunet, CTO
Linkedin
Vincent was a full-stack software engineer at ZestMeUp, a computer software company aiming to improve employee creativity. Before that, Vincent held a variety of software engineering roles and has his bachelor’s degree in computer science from the University of California, San Diego.

Adam Simon, Project Developer
Linkedin
Adam is a project developer at Nanome, working on their token issuance program and as the head of external relations. He has entrepreneurial experience and has taught a class through Udemy, an online learning marketplace, on digital brand design.

Kyle Lee, Head Mathematician
Linkedin
Kyle is also the head mathematician at Nanome, Inc and has worked as a lead teaching assistant and tutor for the University of California, San Diego. He holds a master’s degree with a focus in statistics.

Social Media
Facebook: https://www.facebook.com/matryxai/
Telegram: https://t.me/matryxai
Twitter: https://twitter.com/matryx_ai

Q&A

ICO Alert: How does the Matryx token (MTX) function within the platform?

Steve McCloskey, CEO of Matryx: The MTX token is used to create bounties and incentivize solutions. Users may post a bounty for a specific solution to a specific problem with an MTX reward. When the community collaborates to find a solution, all relevant contributors are rewarded with MTX.
In addition, MTX is used to directly exchange value between users. Assets submitted to the Matryx platform as verified solutions are available for license via MTX.

ICO Alert: Nanome is a well-respected company in the VR space, having launched other projects before Matryx. Why does Nanome need blockchain? Should contributors be concerned that the Nanome team will move on from Matryx for another project in a few years?

Matryx: Our team’s goal is persistent: to democratize science. Breaking the interfacial bottlenecks that are choking science is the first step. We first approached this by implementing VR tools for 3D visualization of complex STEM problems and ideas. While Nano-one and Calcflow vastly improved our users’ ability to understand and approach their problems, it became apparent that the next bottleneck was collaboration. Our users’ ability to innovate is being limited by their inability to exchange ideas effectively.
Nanome sees the relationship between Matryx and our VR tools as mutually beneficial. Blockchain is a necessary solution to the problems at hand, because it is the only way to ensure a truly open-access STEM economy. Our software interfaces and the Matryx platform need one another to fulfill their potential.
Utilizing blockchain-based bounties, Matryx enables users to validate each participant’s contribution to a solution and reward them with MTX tokens. Using a token enables us to leverage smart contract systems, upgrade over time, and gives us the flexibility to shape the platform to the needs of the users.
Smart contracts reduce the friction of tracking and compensating contributors. Each round of a bounty competition, the winners are rewarded and a new generation of children is created. All iterations are managed by the tournament contracts. The provenance of an idea or work can be easily tracked and can be rewarded fairly and publicly.

ICO Alert: How far along in development is the Matryx platform?

Matryx: Matryx has been in the works for two years. The Matryx whitepaper features a detailed technical and mathematical platform design. Code for an early alpha of the platform is available on our Github. In addition, the Matryx web interface is currently in testnet and integrations into our existing VR interfaces are underway.

ICO Alert: What is the process a user goes through to create a bounty and who do you imagine will be submitting bounties?

Matryx: When posting a bounty, a user identifies a unique problem, details specific criteria for a desired solution, and specifies a variety of parameters for the bounty tournament. While the Matryx platform is intended for any research and development, it will begin with the STEM community. Nanome intends to capitalize on its existing client base of universities, pharmaceutical companies, and research institutions. We anticipate both experts and students creating bounties for problems like mathematical proofs and drug designs. For the first time, these users will be able to access an incredible global workforce.

ICO Alert: What is the process a user goes through to submit a submission for a bounty? Will the general cryptocurrency public be able to submit, or is there context/information needed that most do not have?

Matryx: Contributing to a bounty will be as easy as uploading a video to YouTube or posting a status to Facebook. The Matryx bounty board will be accessible through a user-friendly website and free VR interfaces. Contributors submit whole assets, or links to their solutions, alongside a public key, or identifier. Submission apps will manage inheritance, licensing preferences, and the smart-contract calls. Matryx-enabled apps will support this via a simple in-app manager. Assets created in other apps will be added to Matryx via a web interface.

ICO Alert: What are some examples/applications of how Matryx will be used?

Matryx: Matryx can be used for everything from designing rocket turbines to getting help on math homework. Each example includes the basics of an ideal bounty, the different tiers of revision, and how the verified solution might live on after completion.
Potential bounties include:
 — Design for a new museum
 — A new cryptographic algorithm for a blockchain protocol
 — A parameterized or vectorized design for a specific component to a SpaceX rocket
 — A custom molecule (drug) for a specific binding site in the body
 — Customization and execution of a machine learning algorithm on a large dataset
 — Color grading and VFX rendering of a feature film (Private Bounty — Speculative Use Case)
 — A solution to a really hard calculus homework problem

ICO Alert: Matryx plans to provide a marketplace and storage for 3D assets. When are these scheduled to launch?

Matryx: While the Matryx marketplace should be in alpha early 2018, with a public launch in 2019, we are considering launching the marketplace sooner. With our current Calcflow software, users can design complex 3D shapes with a series of short equations. We aim to cultivate a library of parameterized objects — infinitely scalable 3D shapes. These objects are only dozens or hundreds of bytes in size — making them ideal lightweight assets for blockchain storage.

ICO Alert: Matryx requires network effect in order to bring together collaborators and foster growth in the research space. How does the Matryx team plan to foster this network effect and at what size does the team view the network effect having been successful?

Matryx: Matryx aims to harness the existing Nanome software suite user-base, which is in the low thousands. In addition, we’ll work with universities, corporate clients, and research institutions like museums. This will provide a substantial network that can support consistent user acquisition and growth. By 2019, we conservatively hope to have a user-base in the tens of thousands. We believe that that the success of Matryx will be dictated by the quality of community participation and contributions. Because of this, we’re targeting a user-base of experts and passionate hobbyists–users who will dedicate themselves fully to the Matryx platform.
When Matryx truly succeeds, it will become a household name that disrupts everything from education to consumer goods. Matryx is only possible by utilizing the blockchain and cryptocurrency, and will greatly benefit from quality interfaces that democratize access. Ideally, the Matryx platform will become a network of millions of people — all working together to solve the world’s most important problems, and ultimately benefiting all of humanity.
“An appropriately used data point universe can yield uniquely valuable connections and insights. Thousands of millions of amateurs, working through problems together or independently can link to one another’s results and sources. Instead of depending on top down academic discipline (which may be move committed to the preservation of old heroes than the solving of new problems).” — Douglas Rushkoff
“Researchers can discern which resources are most valuable to their peers right now. Information can be structured and restructured in real time catered to new challenges unforeseen by yesterday’s academics.” — Douglas Rushkoff

ICO Alert: As a non-project oriented question we like to ask for thoughts/predictions for the future. The VR industry is growing quickly just like the cryptocurrency space. Where do you see VR and cryptocurrency in 5 years, respectively?

Matryx: We truly believe cryptocurrency and VR go hand-in-hand. Great VR tools and experiences require tremendous contributions of effort, knowledge, and computing power. To coordinate these resources most effectively, we need to implement blockchain and cryptocurrency. Likewise, blockchain affords users a multitude of new abilities: the effective use of which will require innovative interfaces, like VR.
At Nanome, it is our belief that the first “killer apps” for VR will be tools, not toys. In five years, we see VR being integrated into a variety of technical industries ranging from aerospace engineering to visual effects. While we anticipate the steady adoption of VR for consumer entertainment, VR’s true impact will be in the way we explore, create, and discover.
In five years, we see the public becoming comfortable and friendly to cryptocurrency. As the token sale model matures, so will dApps in the space. The first mature cryptocurrency economies will begin to replace common networks. User-facing applications will integrate crypto in subtle, but functional ways. As a result, many people will begin using cryptocurrencies and tokens without even knowing it.

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View the Matryx Website here.

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References
(1) Matryx Website, Matryx, (2017)
https://matryx.ai/

(2) Matryx Whitepaper, Matryx, (2017)
https://matryx.ai/matryx-whitepaper.pdf

Topics: Blockchain, Cryptocurrency, Finance, Science, ICO