With the increasing discussions around artificial intelligence (AI) and the advancements in technology that this particular segment of development could bring to the table, one cannot help but wonder how an intelligent mechanism that can process “thoughts” faster than us would be able to disrupt and revolutionize day to day functions in various walks of life.
Fortunately, that question is not just limited to theory anymore due to the strides made in the technology sector in the past few years. AI is currently making its way to our homes in form of Amazon Alexa, to our life in the form of the much talked about and improved version of Google Assistant, and to our roads through self-driving cars by Tesla.
However, the usage of AI does not stop there, since various industries are currently incorporating it in various forms. That is why, it is not a surprise when a technology as sought after as blockchain sees itself combining with AI to bring together solutions that truly hold their own in a world full of tech.
One of the most recent projects to have come together with the amalgamation of AI and blockchain is ThinkCoin, which aims to make day to day processes easier for the financial sector.
What is ThinkCoin (TCO) and What Does It Do?
Just how the aforementioned will have you think, ThinkCoin is a blockchain-based project which leverages AI in a large part of its operations in order to facilitate easier and more beneficial trading functions for its users.
ThinkCoin is the blockchain home for TradeConnect, an exchange which will deal in the trading of multiple assets ranging from cryptocurrencies to FX.
The main goal behind TradeConnect is to make the trading environment a beneficial space for retail traders, who in the system’s current shape and form do not get to profit as much from their efforts as they should due to the slew of middlemen and third-parties that they have standing between themselves and the trading party at the other end.
TradeConnect takes this approach out of the idea that while this whole function of having various parties involved between the main asset holder and the buyer has fueled trading for ages and make it evolve into the billion dollar industry as we now know it to be, this very notion of having various entities take a cut from the profits of a singular deal does not get to be propitious for the end user, who only end up making a fraction of what they could have made had there not been too many middlemen to deal with.
Building upon this line of thought, ThinkCoin acts as an essential backer of the TradeConnect platform where it powers its connectivity, transparency and security offerings through blockchain technology. By ensuring its sturdiness on this front, ThinkCoin presents itself as a viable platform for traders to reach out to the market easily, record their transactions, perform their dealings in a transparent way, and ensure that they are getting the maximum profits that they can through each trade.
Since the ThinkCoin blockchain performs these roles which would have otherwise been played by various parties in a conventional setting, it effectively creates a direct line between individual traders and the marketplace without having an essential need for those other players to even exist in these equations.
However, that is not even the AI doing its work, since those objectives are easily achieved just through blockchain technology itself.
Where the AI does make its mark is how it actually provides support to its users by leveraging the technology to present highly-accurate predictions for the market and the trade which they would be interested in moving forward with. This way, the AI mechanism of ThinkCoin adds value to what is already a well-defined business structure.
Depending upon the traded asset, ThinkCoin will allow its users to make trades on a conventional exchange setting, where these trades will have market makers and market takers according to their roles in each transaction. For each trade, users will be paying a “Connect Fee” which will correspond to the asset and the trading amount being exchanged, but which due to not having any unnecessary parties in between users, will not break the bank for them.
The ThinkCoin platform will be able to use popular cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Dash, Monero, and Litecoin through its especially created wallet while also being able to hold fiat funds in the respective segment, where users will be able to convert these digital and fiat currencies into the network’s native token, TCO.
About the TCO Token and Its ICO
An ERC20 token, the TCO will be the life and soul of the ThinkCoin network, where it will be used as a utility token to facilitate trading activities and also as a means of value where it would be exchangeable with other currencies, as explained above.
The network has already held its pre-sale and is currently moving forward with a private sale event for the TCO, where it will accept institutional investors after a vetting process. This decision was made after the project reached its soft cap of $5 million. The project is now making its way to reach its hard cap of $30 million.
The event, which started on June 25, 2018, will conclude on July 9, 2018. The Pre-ICO value for each TCO had been pegged at $0.25 while its price has been set as $0.30, with the company planning to launch it on exchanges shortly after its private sale has been completed.
The total supply for TCO is 500 million, out of which 300 million (60%) TCO would be available for sale. A complete breakdown of token allocation is provided below.
60%: Pre-ICO and ICO
24%: Retained for future use (for purposes similar but not limited to creation of liquidity pools)
While the fund allocation is outlined below.
45%: Marketing and New User Acquisition
30%: TradeConnect Development
10%: Licensing Additions and Changes
3%: Legal, Audit and Advisory
ThinkCoin team seems to be highly capable of pulling off the feat of launching this platform with aplomb.
ThinkCoin is a division of the ThinkMarkets group, which has several projects under its belt with serial investor and entrepreneur Nauman Anees helming it as its CEO and co-founder. The other members of the team also hold sufficient experience in their own segments, and overall, it looks like the ThinkCoin platform is in good hands of people who seem adept enough to see the project to execution.
The ThinkCoin has already launched its MVP and it is available for users to test and see if it has what it takes to prove its mettle. This move of showing a product’s demonstration way before its sale has been completed is a rarity in the crowdsale space and it certainly sets ThinkCoin apart from its competitors.
Is ThinkCoin a Good Investment Choice?
While its offerings are widely spread out across a number of assets including FX, equities, CFDs and cryptocurrencies, ThinkCoin does a good job of explaining how it will bring all these elements together in order to make them work in a congruent manner rather than seeming like they were put together haphazardly just for the sake of offering something to the end user.
That coupled with the overall business structure that the ThinkCoin team has laid out in its well-written whitepaper adds to the project’s overall promise. Furthermore, the way that the project is currently making rounds of various technological and business conferences to make its own name and have its team be well-known instead of hiding in the shadows adds to the credibility aspect as well.
The project sounds very promising on paper and it seems like it has the MVP to show for what it can become if more work is put towards it with a dedicated user base. However, investors are always advised to do their own research before putting their money towards a project, no matter how fruitful it seems. With that being said, if you know what you are doing, then looking into ThinkCoin as an investment opportunity might not hurt (just ensure not to put all your eggs in one basket).