Blockshow Europe is a regular event where the Blockchain community gathers to share, display and compete. More than 80 speakers, 3000 attendees, 200 journalists and the grand prize of more than 50,000 euros for the competition of the Blockshow Oscar make Blockshow the place to be for Blockchain experts, influencers and enthusiasts alike.
During the most recent Blockshow event that took place in Berlin between the 28th and 29th of May. The Decentral Magazine team was very much present and throughout the next series of articles, we shall focus on some of the most innovative and exciting start-ups that participated in this event among which was Neurochain through an exclusive interview with its co-founder & CEO Mr. Frédéric Goujon.
Who is Neurochain?
Before the founding duo of Neurochain started their company in 2016, Frédéric Goujon and Dr. Billal Chouli were already no strangers to collaborating since they both co-authored a book in 2015 titled “Les Blockchains: De la théorie à la pratique, de l’idée à l’implémentation”. Mr. Goujon, the CEO of Neurochain, had over 20 years of experience in the world of Intelligent Business creation and development using big data. While Dr. Chouli has an irrevocably solid scientific background accumulated by his time in the best Engineering Schools of the world, namely the Polytechnique School of Paris, Oxford and the legendary MIT. These qualifications have made him the perfect founding CTO of Neurochain. Being the blockchain pioneers that they are, Goujon and Chouli would settle for nothing less than having some of the most qualified and diverse teams. That is why their development team consists of 18 handpicked experts in various fields, including three serial entrepreneurs and four Doctors coming from six different nationalities accumulating an astounding 330 years’ worth of professional experience.
What is Neurochain?
In an almost vulgarly simple way, Neurochain could be described as “blockchain 2.0”. In the matter of fact, Neurochain is not an enhancement of blockchain as much as it is a reinvention and optimization of the existing blockchain technology. That is mainly thanks to artificial intelligence, machine learning and Neurochain’s unique consensus.
To pick up the technical gauge a notch; Neurochain’s platform is an ecosystem governed by intelligent, constantly learning bots that function independently, quickly and reliably. The dynamics of the technology enable the bots to be independently efficient due to its optimization abilities, but also to be collectively intelligent using adequate communication. Making the Neurochain Ecosystem much more agile, adaptive and comprehensive. This feature is a part of the brilliance of integrating machine learning into Neurochain giving it a substantial edge over the, now seemingly ‘classic’, blockchain. To understand just how big of a leap this is, a comparison between Blockchain and Neurochain is necessarily in order. While Bitcoin and Ethereum have respectively, Proof of Work and Proof of Stake smart contracts; where the proof of work relies solely on the computational power possessed (which has proved to be a significant energetic burden in addition to the rise of mining farms who are beating the whole purpose of blockchain, which is decentralization) similarly with the proof of stake, which relies on the wealth accumulated. This is where Neurochain decided to take a groundbreaking and ingenious new direction by creating a New Consensus based on their unique Proof of Involvement and Integrity (PII). This measurement of this consensus is inspired from one of the governing disciplines of physics, which is Thermodynamics (Yes, Thermodynamics), particularly Entropy and Enthalpy. Those parameters rate, in analogy with their physical definitions, the ability, and quality of interactions of bots with other bots which is, in other terms, involvement. Subsequently, the ability to interact effectively with other bots signifies good entropy whereas the quality that is sharing critical information with other bots suggests good enthalpy. As for the integrity aspect of the consensus, which stands for the relevancy of the interactions of the bots with all other bots, has been made easy since integrity is an intrinsic characteristic of Neurochain’s bots ( another trivial but crucial feature). Neurochain’s algorithm calculates a PII score for every bot correlating them with the adequate reward. Neurochain does all that in an unprecedented block interval of roughly 3 seconds versus the multiple minutes in its counterpart.
As discussed above, Neurochain holds numerous advantages over its ancestor (so to speak). In technicalities, Neurochain is better in almost every way: speed, agility, adaptability, integrity, reliability; you name it. At a first glance, the way that Neurochain is designing its ecosystem makes one think that Neurochain has made the perfect internal model for a new & improved blockchain, and that is almost definitely the case. However, by putting this tool into perspective, it would turn out that Neurochain has also fitted the system to be compatible for an external context, which was blockchain’s biggest unfulfilled promise. This is where the answer to ‘why Neurochain?’ lies. Blockchain’s fatal flaw was its failure in penetration into the business context. In Blockchain’s defense, the understanding of its underlying principles was not immediate nor profound. But, after that phase has passed and a decent grasp of blockchain was somewhat common, Blockchain did not have the massive adoption on the ‘mainstream’ business sectors it was expected to have. And that was due to many reasons such as latency and high cost, which Neurochain has brilliantly overcome. To illustrate just how Neurochain was business-ready, Mr. Goujon provided us with a simple yet informative example (as he has a knack for imaging his explanations): “ Let’s suppose you have a factory that manufactures goods and transports them to their retail selling location, the Neurochain bots -via the three key criteria of the new consensus: entropy, enthalpy, and integrity- will be able to track, detect and propose solutions to drivers who transport the cargo in an unsafe manner ruining the goods you’ve manufactured and surely harm your business ”. He then added: “Let me give you a more elaborate example so you’d understand ‘why Neurochain’. It is in fact, the sharing and exchange between businesses. Let us keep in mind the previous example, imagine we establish a Neurochain network between all businesses with transporters while keeping a rating of all the transporters in those businesses to maintain a certain level of quality as per the requirements of the businesses. When one business wants to hire a new transporter, launching a job offer and everything. If the new transporter has a rating which is above the average or minimum rating of the existing transporters, which then adds value to the Neurochain ecosystem and consequently to the Business itself. The Neurochain will reward that business who hired that qualified driver. Essentially, we are reintroducing value to the transactions of the blockchain all while basing our model on sharing information, eradicating centralization between businesses”. The vivid examples (that need little to no explanation) highlight that Neurochain through their collective, business-friendly intelligent applications that function through their distributed systems is inclusive, robust, rewarding, reliable and dynamic.
Although Neurochain may seem as more handsome and more successful younger brother of Blockchain; but Mr. Goujon & co have nothing but the utmost respect for their 2008-born predecessor. In Mr. Goujon’s style of imaging examples, Neurochain to Blockchain is, after all, like relativity theory to Newtonian Mechanics. It may be better, but without the first one, the other would have never come to be.
What is next for Neurochain?
On their campaign to make the ‘augmented Blockchain’ a reality, Neurochain has already launched an ICO with a very promising pre-sale and private sale. With a hard cap of 30M Euros through a total supply of 4.3 Billion NCC in 0.08 Euros per unit (March, 19th 2018); Neurochain seem to be irreversibly determined to achieving their roadmap goals. These range from finalizing their consensus algorithm, decision, and security layer modules in August 2018, all the way to achieving their self-consistent and autonomous distributed systems by March 2023.
Finally, having seen how much of an immense disruption Neurochain is and how unlimitedly applicable it is, you cannot help but be excited for the bright future ahead, all while pondering to one’s self: ‘How come I didn’t think of this before? Machine learning embedded into Blockchain? It’s so simple, yet so brilliant’. And it is indeed, and by all means, is.