Project PAI: An in-depth analysis
Artificial intelligence has made our lives much simpler in the recent days. It learns from our behavior as we interact with it and receives commands from us to perform activities. Wouldn’t it be great if we all had our own personal artificial intelligence that could do our tasks for us, make decisions on our behalf and fill in our place digitally in our absence? Just the mere thought of it seems so exciting! Well, Project PAI has turned that dream into reality as it aims at providing every person in this world with their own Personal Artificial Intelligence (PAI), which works on blockchain technology.
The ultimate goal of an AI is to make natural human-like decisions after taking into consideration the situation, facts, and possible outcomes. In the past decade, we have seen an immense improvement in the field of artificial intelligence, where it has been used in several domains such as communication, automobiles, manufacturing and maintenance and mobile applications to name a few. Almost all the major websites, such as Google, Facebook, and LinkedIn use artificial intelligence to monitor activity on their websites and prevent malicious acts from taking place.
A recent news created a buzz on the internet where the ‘AlphaZero’ AI learned the game of chess in less than 4 hours and beat the world’s best chess-playing computer program, coming up with never before seen moves. The ‘AlphaGo’ AI has repeatedly beaten world class Go players, proving that an AI can learn almost anything in a limited period of time and outperform humans. Even the automobile industry has been testing out AI backed cars, which are supposed to drive themselves without human intervention. But, all these applications of AI are task-specific and limited to technological giants. They need a lot of resources that most normal people cannot provide or even have access to.
Project PAI has come up with an ingenious solution that allows users to create their own Personal Artificial Intelligence with minimal required resources. The PAI learns from the interaction with the user and the data input that they have to offer. It would look, talk and function just like you, acting as your digital representative when you’re not available, or when you have something more important to take care of.
A PAI is a 3D digital avatar of a person, which is digitally embodied in the PAI blockchain. Just the mention of the word blockchain imprints a feeling of security in a person’s mind. This is because, with the use of blockchain technology, it is next to impossible for any person to tamper the data on the network, or even gain access to it. You would be the only person who would have access to your PAI’s data unless you allow others to access it. Unlike every other AI platform, that is linked to a central authority governing it, PAI is a decentralized network. Meaning, your PAI data doesn’t get uploaded to the central network. It remains only with you and you technically own your PAI. You can choose what qualities of yourself the PAI should incorporate and what it should ignore, making your PAI much efficient when it comes to making decisions.
What’s in it for me?
As you contribute/participate to the PAI blockchain, you will be compensated with PAIcoins. Participation or contribution refers to activities such as contributing data, authenticating new users who join the PAI network, providing computational data towards improving the PAI algorithms, etc.
Apart from this, you can earn PAIcoin by mining as well, just like Bitcoin mining. Mining involves validating the transactions that take place on the blockchain network, which further involves solving complicated mathematical problems and finding a specific code that matches with the transactions. Once the transaction is validated and a block is added to the blockchain, the miner gets a certain number of PAIcoins as a reward based on a Proof of Work procedure (PoW).
What is the procedure to get your own PAI?
It’s pretty simple. You can enroll yourself on the official website of project PAI. After this, you need to set up your PAI, for which you need to take a selfie on your mobile device and upload it to the network. In just a few seconds, your very own PAI will be created, which would require further personalization. The user needs to read out a few sentences specified by the application so that the PAI analyzes your voice. The PAI will then not only look like you but will also be able to respond in your own voice. The data will be updated on the blockchain and only you will be able to make any changes to it if required. Further, the PAI will learn from your behavior as you interact with it and will be able to act as your representative in your absence.
However, before the PAI is registered on the blockchain network, it will have to be authenticated. Project PAI calls this as ‘Proof of You’ or PoY. This prevents the creation of a duplicate PAI (one person having two PAIs) or one person creating the PAI of another person. The PoY process also includes a manual authentication process where an individual, whose authentication has already been completed, carries out the authentication of the new user. Anyone can become an authenticator by installing a certified app on their phones that will allow them to start authenticating new users. For this, they will get PAIcoins as compensation from the new users itself.
Is PAI reliable? Is the AI trustworthy and efficient?
If you have this question in your mind, let me tell you about the creator of blockchain for Project PAI. Alex Waters had previously worked for Bitcoin in the core development team. He is a big name in the world of cryptocurrency and blockchain as he has founded several crypto start-ups such as Coin.co, Elm labs, and the famous Coin Apex.
Click here to watch Alex Waters brief about the PAIcoin.
Moreover, PAI’s artificial intelligence is supported by ObEN, which is one of the leading personal artificial intelligence companies out there. ObEN is contributing to the development of both the blockchain and the artificial intelligence of PAI. Its AI is so efficient that it would develop a new PAI within a few minutes of interaction with the user and with minimal data input. One can say that Project PAI and ObEN are mutually helping each other grow, as ObEN is helping PAI with making their AI more efficient and PAI is helping ObEN with securing their 3D avatars on their blockchain and making the best of the decentralized network. The fact that big names, such as Tencent, Newdo venture, HTC, Softbank, DreamMaker Entertainment, and many more have invested in ObEN makes it more trustworthy.
How will the PAI be of use to me?
Your PAI will be an extended version of yourself and would fill in for you (digitally) when you have other chores to attend to. It will not be bound by any time or geographical constraints and would function at all times and all places. It could act as your personal assistant and plan your schedule for you based on your personal priorities. If you’re on a dating site, it could swipe right or left for you, based on which type of personalities you’d like or dislike. Since it is a 3D avatar of yourself and not just any normal AI, it could even answer a video call for you or represent you in a conference call during a meeting. All this would be done only upon your permission, of course. Your PAI can also speak in foreign languages that you don’t know in reality. These are just a few examples of how your PAI would be helpful to you in real life. However, its applications are virtually limitless and would increase as you keep interacting with it.
Nikhil Jain, the CEO and co-founder of ObEN, says
“4 years ago I was traveling on business when my wife called me. My children couldn’t fall asleep until I read them a bedtime story. This situation is an inspiration to the founding of ObEN.”
Click here to watch a small video by Project PAI explaining how it can be used during your unavailability.
Can I mine PAIcoins?
Mining PAIcoins is pretty similar to Bitcoin mining. However, the difference lies in the value of the reward the miner gets for every block added. In Bitcoin mining, the miner would get a reward of 12.5 Bitcoins for every block added, after the miner verifies the transactions. In the case of PAIcoins, the process of mining is the same, except that the compensation given to the miner for every block added is 1500 PAIcoins. The reward is programmed to be halved every 4 years or after 210,000 blocks are added, i.e. it would reduce to 750 coins in 4 years’ time (2022). Miners verify the transactions by a PoW procedure, for which they have to solve mathematical problems and get a solution. Only then will a miner receive PAIcoins as compensation. The maximum number of PAIcoins can only be 2.1 Billion, out of which 30% is reserved for miners.
However, mining of crypto coins requires a lot of resources in the form of both hardware and software (2xSHA-256 compatible). It also needs a lot of energy and would generate a lot of heat, making the working environment less pleasant. All this trouble just for earning 1500 PAIcoins would seem less of a dish to crypto miners because, in comparison, one can earn 12.5 Bitcoins for every block added in Bitcoin mining (which is about 180 times more than the PAIcoin compensation in the present value). Another major disadvantage is that the minimum investment one can make in Project PAI is 1 Bitcoin, which is approximately $11,400 USD in today’s value.
You can check the coin sale stats of PAIcoin here.
- Hardcap: $150 million USD
- Pre sale and crowd sale: 735 million
- Team: 315 million
- Other token supply: 1.05 billion
- Initial circulating supply: 1.155billion
- Total supply: 2.1 billion
Out of all the tokens that have been sold, about 35% of them have been bought by the public. After the ICO, about 55% of the tokens (out of the total 2.1 billion) are currently in circulation.
Here are some of the pros and cons of Project PAI summed up:
- The PAI is a great platform to get your own AI, which would act as your digital twin and fill in for you in your absence.
- The AI is based on blockchain technology and hence, it’s impossible for anyone to access your personal data or change it.
- The functioning of the PAIcoin is similar to that of Bitcoin (as they use the same blockchain strategy). In fact, it is derived from Bitcoin.
- Since it is a decentralized system, even the central authority wouldn’t have access to your PAI data. So you and only you own and have access to your PAI.
- The people involved in founding the project are well associated with cryptocurrencies and blockchain technology.
- The number of PAIcoins available is abundant, and their cost is lesser compared to most popular cryptocurrencies.
- The company promises to bring in scaling solutions like the ‘Lightning network’ into the system to avoid congestion and promote faster transactions in the future.
- Popular companies have invested in the company, which would increase the company’s reliability.
- Since this is a new project, it would require a lot of planning and development. Now that the number of cryptocurrencies is rapidly rising, PAIcoin could be easily overshadowed by the crypto giants.
- The minimum initial investment in the project is 1 Bitcoin, which might seem too much to a few investors, especially in a project that is still young.
- The mining compensation for every block added is less. Miners would rather choose to mine Bitcoin than PAIcoin, owing to the high reward.
Image source: shutterstock & Project PAI