The large corporation highly dominates AI market.
Access to large amounts of data is crucial for development AI.
No prove of such AI conception in any other sources.
It is easy to create MVP, but almost impossible to develop industrial implication.
Not clear role of tokens.
Blockchain does not create additional value.
The project is substantially overvalued.
Team does not have blockchain and AI background.
In 2018, the global AI market is expected to be worth approximately 7,35 billion U.S. dollars. Some current major uses of artificial intelligence include image recognition, object identification, detection, and classification, as well as automated geophysical feature detection. The largest proportion of revenues come from the AI for enterprise applications market. McKinsey estimates that in 2016, global tech giants spent $20-30 billion in both R&D and acquisitions in the AI sphere. It cost IBM roughly $900 million to $1.8 billion to build Watson, and Baidu itself spent a majority of its $3 billion R&D budget on AI in 2016. Large portions of the money allocated to AI by these tech giants went into machine learning projects that require huge amounts of data and computing power.
The founders team states, that they are developing the Third Wave of AI. They state, that main problem of current stage of development is unclear process of decision making. As a result, it is not possible to verify AI decision. Mind.AI is created to solve this issue. It is based on core reasoning engine based on an internationally patented, completely new data structure that founders call a canonical. The order or placement of information in a canonical is fundamentally important to its semantics. It helps Mind to contextualize, and discover or derive the context of situations. Also, Mind is able to identify what data it needs, then asks for that data. Mind will eventually be able to construct models that will explain how the world works through what founders call Metatheoretics, or the theory of theories. Founders plan to open-source the Mind engine so that it will be readily accessible to the global development community. \nActually, our team has not known any other research with such approach to AI. As a result, this idea has not been proofed by any other fundamental researches. The commercial success and industrial implication of such idea has gloomy outlook.
It is not clear, why the project needs blockchain and it’s own tokens. Main value from tokens is mean of exchange within the ecosystem. The Mind Ecosystem have 4 blocks: blockchain, core engine, dApps and people. The 3 main groups of people are involved in ecosystem: ontologists, developers and end users. The ONE tokens are used for operating dApps, for API connections and reward of ontologists. No details about token metrics or other parameters was announced. As a result, it is hard to explain the value of tokens within ecosystem.
The hard cap of the project is supposed to be nearly $50 mln (100k ETH). 40% of ONE tokens would be sold. As a result, market cap of all tokens is equal to $120 mln. At the same time, the project is only at the early stage. It even seems to be on seed stage in terms of VC rounds. As a result, such valuation for the project is extremely high. The token metrics still has not been announced and it is not clear, what value ONE tokens has. As a result, it is hard to imagine, how the token buyers could benefit in future. Also, it is not clear, how attracted funds would be spent. It is stated, that Mind.AI does not need expensive supercomputer infrastructure. What it needs is a community of the best linguists, ontologists, researchers, logicians, engineers and scientists. Through the accumulation of ontologies, the Mind engine can then go gather information and learn on its own. Such directions of spending of attracted funds also do not looks great.
The founders team has mostly technical background, however, the main focus is medicine and pet industry. It does not cover the main focus of the project – new generation of AI. Paul Lee – Founder and CEO of Mind AI – is a medical doctor turned tech entrepreneur. He co-founded IWC (Curely & Kuddly), expanding its operations and media reach in Asia. He holds medical degree at Singularity University, the Catholic University of Korea. In addition, he graduated the University of Oxford. Also, he founded OXEC, an online education platform for preparation for prestigious universities. \nJoshua Hong – Cofounder – is a serial, internet-media entrepreneur. He worked at Accenture as technology and corporate strategy consultant and Deutsche Bank in its global investment banking and M&A group prior to starting North America’s one of the largest free-to-play MMORPG publisher, GamersFirst, with offices in U.S, India, Brazil and Turkey. He is also Founder and General Partner of Exponential, a $150M early-stage venture fund. He has a B.S. in Industrial Engineering from Purdue University and an MBA from University of Chicago Booth School of Business with concentrations in Finance, Accounting and International Business. John Doe – Chief Scientist – graduated from Carnegie Mellon University at Mathematics/Computer Science. After graduation, he moved to the San Francisco Bay Area, right during the dot com boom. He spent well over 12,000 hours in developing the paradigm that makes up MIND today. Reeyan Lee – CTO of Mind.AI. Reeyan lead mobile software development team of GE Healthcare. As lead architect, and lead iOS developer of JNP Lab, he has produced software platforms that have challenged and changed the technologies of healthcare and pet care industries. Rommel Martinez - Lead Lisp Engineer. He has two decades of software engineering and system administration experience. All-in-all, the team does not have substantial experience in blockchain and AI. As a result, we could not believe, that such team could develop new generation of AI, based on blockchain technology.