DURBAN - Durban based tech entrepreneur Priven Reddy has created his own cryptocurrency called Krypteum.
According to Reddy, it is the world's first artificial intelligence (AI) powered investment cryptocurrency. The coin is available internationally for investors to sign-up and thereafter AI will make the investments.
Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and authenticate the transfer of funds, and operates independently from a central bank.
The pre-initial coin offering was in December, with the ICO set for compltion on March 31. Krypteum was officially launched in 2017.
Reddy, CEO of Kryteum says: "Nowhere, other than with Krypteum, can you buy a cryptocurrency coin and have your investment managed by artificial intelligence and machine learning capabilities."
Reddy says that this sophisticated technology ensures that Krypteum trading strategies are always current and never become inefficient or out-of-date.
Krypteum trades using an AI-based proprietary method of financial trading called Smart Volume Analysis (Smart VSA). Smart VSA is an intricate, self-reinforcing system based on deep-learning neutral nets and other modern machine learning models that predict cryptocurrency markets.
Large volumes of financial data are collected, stored, processed and analysed in order to constantly improve the accuracy of predictions.
Krypteum is different because the cryptocurrency coin that you buy has AI capabilities and machine learning capabilities. The coin also does trades based on its own analysis without the need for human interaction, input or approval.
Currently, there are 400000 coins are available and by the end of March 2018, 7000 coins, according to expectations, will have been sold. The limit on the total number of currency is 1,4 million coins. Those wishing to buy coins can do so using a debit or credit card via PayPal.
The investment amounts range from R1480 to R5,4 million. Investors have the option of remaining anonymous by using a pseudonym on the public profile or they can alternatively use their real name. If an investor wishes to withdraw their money, they can do so at any time, however, there is a fee attached to the withdrawal.
Reddy is also the founder of Kagiso Interactive, a company which develops mobile apps.