Have you ever wondered if a blockchain could bridge the gap between the Internet of Things and Artificial Intelligence?
Well, Neurai is a revolutionary blockchain designed to do just that.
Neurai, also known by the market ticker XNA, is a layer 1 blockchain with a focus on Internet-of-Things or IoT and Artificial Intelligence or AI.
As per their website, Neurai aims to be a platform to enable harnessing the power of AI algorithms for efficient data analytics, predictive modelling, decision making and connectivity to IoT devices using blockchain assets.
But what exactly does that all mean? And what makes Neurai a game changer?
Today we find out!
What is Neurai?
Neurai was created by three anonymous individuals known as Asimov, Bender, and Blanca with their blockchain going live in 2023.
At its core, Neurai aims to bring together IoT and AI through the blockchain.
IoT, or Internet-of-Things, refers to the network of interconnected physical devices, vehicles, appliances, and other objects embedded with sensors, software, and network connectivity, allowing them to collect and exchange data.
The goal of IoT is to enable these devices to communicate and collaborate, leading to more efficient and intelligent systems.
AI, or Artificial Intelligence, on the other hand, refers to the development of computer systems that can perform tasks which typically require human intelligence, such as visual perception, speech recognition, decision-making, and language translation.
Neurai looks to bring these concepts together through blockchain architecture to create systems capable of solving complex problems autonomously.
The blockchain model they have chosen to base their own blockchain network on is Ravencoin, which itself is a copy of Bitcoin but with more advanced options related to ASIC mining, which I’ll come back to shortly.
This means unlike a lot of projects released recently, Neurai is actually a Proof-of-Work project, much like the original Bitcoin.
But how does it work exactly?
How does Neurai work?
Neurai works at the intersection of blockchain, IoT, and AI technology, aiming to combine the three for an array of applications.
From device authentication and data ownership to automatic payments and supply chain tracking. Neurai is aiming for a future where autonomous devices engage in economic transactions using blockchain tokens.
The backbone of Neurai is the Proof-of-Work consensus mechanism they have borrowed from Ravencoin, with its enhanced ASIC-resistance mining techniques.
Proof-of-Work is the consensus algorithm used in blockchain networks to secure and validate transactions, having been first used by Bitcoin back in 2009.
Under Proof-of-Work, network nodes, known as miners, compete to solve complex mathematical problems with the first miner to solve the problem getting rewarded with newly created cryptocurrency.
Although more energy-intensive than newer consensus mechanisms, it is arguably the most secure consensus mechanism for launching a blockchain network.
ASIC resistance, on the other hand, refers to the design or modification of a cryptocurrency’s hashing algorithm to resist or deter the use of Application-Specific Integrated Circuits, or ASIC machines, from mining.
Generally speaking, ASIC machines are specialised hardware devices designed for a specific task, in this case, mining cryptocurrency.
When a blockchain is ASIC-resistant, it aims to maintain a more level playing field among miners, ensuring more general-purpose hardware like consumer-grade GPUs or CPUs can still effectively participate in the mining process.
The goal is to prevent a concentration of mining power, as by making the process unaffordable for the average participant it reduces the decentralisation of the blockchain.
Generally speaking, the more decentralised a network, the more secure it is. This is especially true for Proof-of-Work cryptocurrencies.
What makes Neurai unique?
It’s all well and good talking about blockchains and IoT, but without a way to communicate, the devices will always be isolated. This is where LoRaWAN comes in.
LoRa, which stands for Long Range, is a wireless modulation method, evolving from Chirp Spread Spectrum, or CSS, technology.
To summarise, LoRa is an alternative solution for systems that need to send small amounts of data at low bit rates.
LoRa works by transmitting information via radio frequencies using chirping pulses, which mimic that of marine mammals like dolphins and the echolocation of bats, as this has shown to be the most effective at sending over longer distances.
To put it simply, imagine a courier service that specializes in delivering packages over a vast area. This courier service has a unique technique (LoRa modulation) that allows them to efficiently cover long distances with each delivery.
Now, consider a comprehensive postal system that not only delivers packages over long distances but also has standardised addressing systems, delivery protocols, and package tracking mechanisms. This is LoRaWAN. This system ensures that packages are sent and received securely, and there’s a structured process for managing the entire delivery network.
It is through this technology that Neurai blockchain and the IoT devices it is connected to, will communicate with each other, allowing for a range of devices to communicate autonomously.
But how about the Tokenomics?
AZERO Tokenomics
In total, there will only ever be 21 billion XNA tokens, with XNA being used as a method of payment on the Neurai blockchain.
However, unlike its predecessor Bitcoin, Neurai decided to adopt a “mirco-halving” event for its token release.
Unlike Bitcoin’s 4 year cycle, Neurai has decided to half the cycle roughly every 10 days.
This means within 8 years, all of the XNA tokens will be available on the market and Neurai will need to support itself, and its network nodes, through a percentage of the network fees alone.
Additionally, XNA did not have a pre-sale or initial coin offering (ICO). This means that no tokens were pre-mined or available before the official launch and no large quantities handed out to team members or early investors.
Finally, XNA tokens were initially distributed through mining from the genesis block. This means that anyone with a compatible mining device could participate in earning XNA tokens.
Neurai is an exciting blockchain with grand ideas, and it certainly has all the buzzwords at the right time to catch attention.
If they can capitalise on a fraction of what they have set out to achieve in regards to utilising blockchains, AI, and IoT together, there is certainly a lot of room for potential growth of the project.
Although, as with all projects so new, at this moment it is hard to tell what the future holds for certain.
However, should management at the top successfully navigate the turbulent crypto seas, it is likely Neurai’s best days still lay ahead of it.