E-Crypto News recently had the chance to discuss with Mitesh Shah on the role of analytics within the Blockcain and Cryptocurrency space. Here is what he had to say.
Mitesh Shah, founder and CEO of Omnia Markets Inc
How far has analytics progressed in the crypto space?
While analytics has come a long way in the cryptocurrency industry, it still has ways to go. Initially, the only information regarding price fluctuations were displayed on historical price charts which had no information pertaining to potential causes or precursors explaining why the prices fluctuated. Over the years, different analytic sites popped up that did blockchain analysis for various chains/coins and would show the movement of each coin as well as additional information such as the number of wallets around the world for a specific coin, average number of coins per transaction, and other transactional information. We are now at a point where more sophisticated tools, including artificial intelligence and machine learning algorithms, need to be developed for advanced investment analysis. Omnia Markets takes this much further by combining different algorithms that measure various aspects of the industry to give our users a broader and in-depth look at factors influencing each coin’s price and the overall industry.
What role will Artificial Intelligence play when it comes to big data in the cryptos pace?
Artificial Intelligence (A.I.) is beginning to help companies and analytical platforms, such as Omnia Markets, in combing through the vast amount of data in the cryptocurrency industry. It helps by eliminating unnecessary or inaccurate data (“data fog”) allowing us to show the more relevant and reliable information. Some companies use A.I. to measure overall market sentiment pulled across social media, and while this is a good first step, it still does not truly explain what is causing prices to fluctuate; in other words, it is unable to answer the underlying cause behind the sentiment being measured. However, A.I. with Machine Learning (M.L.) are becoming able to understand market movements and our Omnia Markets Platform can create reports based on user-defined criteria to provide insight into the causes and trends for price movements. Omnia Markets intends to develop our own in-house journalism division to bring out information that is currently not available elsewhere. This will make our analytical tools and offerings truly one of a kind.
Will it be possible in the future to have a World where analytics takes center stage in the crypto space?
That is certainly our expectation and our game plan in response. As we have seen over the past year, people are beginning to notice irregularities from various analytical platforms in the data they display. In some cases, the data being displayed includes false data and there is an increasing scrutiny for analytical platforms to vet the sources from where they grab their data. As the “data revolution” in the industry continues and platforms such as Omnia Markets enter the industry to provide the advanced and in-depth analytics, we believe that these analytics will take center stage – especially in helping to move the industry forward and bring traditional investors and investment banks into the industry by providing a tool that they can use much like the tools that already exist in the traditional finance space.
What are the best use-case scenarios for cryptocurrency analytics?
There are many use-cases for cryptocurrency analytics. One of the major use-case scenarios is in the adoption of cryptocurrencies around the world. As we have seen in recent years, there seems to be a split in countries accepting or banning cryptocurrencies. The countries that ban cryptocurrencies have done so due to their belief that it is a tool used for money laundering and illicit trading for investors to hide money. However, analytics has shown that this is not the case and over time countries that once banned or planned to ban cryptocurrencies have now moved forward with implementing legislation to govern this space. Analytics is responsible for investors adopting cryptocurrencies as a part of their portfolios as they are now able to access certain information needed for their investment strategies, as well as reporting on the overall size and movement of the industry. Without the growth of analytics, the cryptocurrency industry would not be able to grow as rapidly as it has and would not be able to continue growing at a stable rate and achieve mass adoption. Omnia Markets aims to provide the most reliable information that can be found in the industry and help achieve mass adoption and provide accurate reports on the industry to allow users and investors to become a part of it.
How does Machine Learning help in understanding the data moving through the crypto space?
Machine Learning (M.L.) helps in understanding the data moving through the cryptocurrency industry by being able to combine a multitude of factors and sources of information to understand the causes behind price fluctuations and industry trends and movements. While there is no tool that can ever accurately predict future prices of any cryptocurrency, M.L. can create reports that give an industry wide view on factors influencing prices through the data moving throughout the industry. These reports can be used by investors and researchers to determine their own theories as to whether a coin’s price will increase or decrease over time and come up with appropriate, well-informed investment strategies. Omnia Markets, also includes a top-tier, specialized membership option specifically for high net worth (HNW) individuals as well as institutions and help create various reporting criteria so they can utilize our platform to an even greater depth.
How can we make sense of everything happening within the Blockchain community?
As we have seen with Blockchain technology ever since its introduction alongside Bitcoin in 2008 and launch in 2009, this technology is becoming more broadly accepted and widely adopted and many companies in various industries have been looking at utilizing this technology for different purposes. As such, with rapid growth, it can be difficult to make sense of everything that is going on in this industry. We can take a look at the different companies and industries that have begun utilizing this technology to get a sense of its overall adoption as well as the different use-cases for this technology. For example, the real estate, finance, health care, etc. industries are now leading the way for the adoption of the blockchain industry. The community has been advocating for different uses of this technology which has allowed different tech-companies and startups to begin offering blockchain-related services – these fall under the BaaS, of Blockchain as a Service, companies. We can also make sense of what is happening in this industry/community by following the legislative efforts around the globe that have allowed and continue to allow this technology to become more widely adopted and utilized.
Will analytics platforms such as Omnia Markets help achieve mass adoption of Blockchain technology and cryptocurrency?
At Omnia Markets, one of our main goals to help achieve mass adoption of blockchain technology and cryptocurrencies. These industries are ones that I personally believe in and also believe that they are the future. As such, the Omnia Markets platform is created to target audiences of different skill and interest levels to give them a more meaningful look at the industry. Our Free Memberships are targeted at any person that has little-to-no experience with the industry or trading background so that they can utilize the platform to familiarize and educate themselves with the industry. This will allow them to begin to understand the industry without any bias. Our Premium Memberships are targeted to any person that has knowledge of the industry and has anywhere from little to an extensive trading background. This membership tier gives the users full access to our platform so they can run customized reports, follow specific coins and price history, and ultimately come up with well-informed investment strategies. Also, as mentioned earlier, we offer a top tier, specialized membership for high net worth (HNW) and institutional investors in which we include other aspects not found in our Premium Membership, including but not limited to providing a dedicated in-house team of specialists that assist with creating and running reports to provide the customized information and knowledge that these investors and institutions require in order to understand and develop their proprietary investment strategies.
Along with this, we have separate membership tiers for academic institutions to provide them the tools to begin teaching students about the industry and how to analyze coins. All of this combined with our regular membership tiers have been created to help achieve mass adoption of blockchain technology and cryptocurrencies around the world.
What are the fundamental goals which you wish to achieve in this round of the Security Token Offering?
We have broken up our overall fundraising goal into 3 Phases. Phase 1, which is the current round of our STO, will allow us to finalize our platform and bring that to launch, as well as build out the rest of our management and executive team. It will also allow us to finalize our data analytics division and create a dedicated team to begin building out our artificial intelligence and machine learning feature set and set the groundwork for our journalism division. Phase 2 will allow us to expand the journalism division and bring that to launch as well as begin planning and implementation of our global initiative. Phase 3 will be one of the largest plans for the company as it entirely includes the full implementation of our global initiative which is created specifically to provide in-depth information from around the world. We believe we will be the only platform to do so. From there, we expect to move forward with our full launch of the A.I. and M.L. advanced feature set and continue to perform quality assurance and control across the platform with research and development to bring forth new analytics based on the status and movement of the industry.
What are the challenges that you anticipate in creating data analytics platforms for Blockchain technology and the crypto space?
We expect the industry to be faced with regulatory hurdles, not just in the United States, but around the globe. This will certainly challenge the industry with moving forward and by extension will also cause Omnia Markets to increase our efforts in building our platform as well as assisting global agencies with creating positive legislation to govern this industry as we have already been doing so. We also expect to be faced with challenges in creating our A.I. infrastructure side of the platform as the information we collect has to be heavily vetted for verification and reliability which can be difficult due to the massive amount of data and sources in this industry. To mitigate these challenges, we have partnered with and will continue to engage with leaders in this space, not just A.I. as we have with Dr. JT Kostman who is a leader in A.I., but also in blockchain technology and cryptocurrency. In addition, we have a deep bench of specialists in various fields assisting us in developing our platform, including my co-founder, Nilesh Shah, bringing the necessary operations and corporate development expertise.
If you had three wishes for the Blockchain community and the crypto space and there was a genie who could make them come true what would your wishes be?
This is a tricky question to answer as I often view these “wishes” as short cuts that the industry can take to reach a certain goal, and I personally believe that there are no short cuts for allowing this industry to achieve true, mass adoption. However, if I come across a magic lamp with a genie that would grant three wishes for the blockchain and cryptocurrency industries, I would wish for,
1 – a clear, positive, and coordinated legislation globally to govern this industry and bring certain level of predictability and stability;
2 – enforcement mechanisms to minimize and control the bad players – such as hackers, false prophets (people that provide false or misleading information under the guise of being an industry leader in order to make a profit while others lose), and market manipulators. While you can never eliminate this problem, just like you cannot in any other industry, one can certainly wish for their minimization so their negative impact can become immaterial; and,
3 – these industries to allow broadest and most transparent information sharing so there is no information asymmetry and all parties have access to all the information that leads to equal trading opportunities. It is my hope that Omnia Markets will help in democratizing this industry.