The TensorBit ICO launches soon and is currently in a pre-sale state. But what is it that makes TensorBit such an awesome ICO to look at? I have done the research and will outline the reasons why this coin will be one you want to have.
Bit Solves a Problem Plaguing All Other Cryptocurrencies
Think about why exactly someone would dedicated the time and resources mining a cryptocurrency. Thousands of people have bought up every GPU they can get their hands on to build "mining rigs". These mining rigs essentially do only one thing - generate a random nonce and solve some hash function (SHA256, etc) in hopes of finding a hash result lower than the current difficulty number. Chinese firms have built dedicated custom ASIC chips to do the exact same thing only more efficiently, all to solve a single hash function.
That's it.
What exactly do they get out of this? Block rewards.
Essentially, they are getting a specific amount of cryptocurrency paid to them for the effort in solving these hashes.
So who decides how much block reward they get?
Well, it's completely made up, it's literally a 2 or 3 line piece of code that says "give this amount of coins for solving a block".
In the crypto world, this is called the emission. Some follow a curve, some stop giving out block rewards after a certain amount of time, others are infinite, most also include fees in the reward.
Whatever the reward emission is, there is literally no value to the coins other than speculation. They are created "out of thin air".
But perhaps worst of all, all these millions of GPUs are computing useless equations, even just using them for gaming would provide more real value to people.
The sheer amount of hardward and electricity is not something to shrug off either, we are talking enough energy currently being used to power several million households, all solving useless hash functions.
In fact, a typical bitcoin transaction is equivalent to literally burning dozens of gallons of gasoline.
This is where TensorBit comes in. They have developed a "proof of work" that no longer just solves hashes, but actually solves machine learning problems and gives real life valuable solutions.
Why is this such an important aspect? Simple, people pay real money to solve machine learning. Many, many businesses use machine learning as part of their operations. Buying TensorBit tokens will allow them to compute machine learning very easily and quickly, without having to shell out millions on their own server farms or to inefficient and expensive centralized services such as Amazon.
This means that TENB tokens will not be based on speculative trading value, but on real world usage.
And, you will be saving the environment.