Taking advantage of software inefficiencies is a rather lucrative opportunity, and the TensorBit project sees this potential. They have aptly noted that all cryptocurrency projects and blockchains are taking place by using inefficient proofs of work that involve solving useless hash functions.
As just one example, the computation power of the BitCoin network is currently using enough electrical energy to power over 1.5 million households. All of this power is being used entirely to solve a basic hash computation with no other purpose than to secure the blockchain from centralized attackers.
TensorBit envisions responding directly to this problem by their new proof of work which is based on solving machine learning friendly algorithms which provide an actual valuable result. In a similar manner to projects such as Folding@Home, distributed computing will now not only secure the blockchain, but also power advances in the machine learning field.
The platform will also provide developer apis to those who are familiar with machine learning such as data scientists. The potential is huge as machine learning is being used by most of the top technology companies and will only continue to grow as more data and compute resources are needed to be fed into these learning algorithms.
The TENB token will allow for platform users to submit workloads to the network of miners in order to solve their data analysis computations. This is a huge step for encouraging adoption, as many businesses are already having to invest millions of dollars in GPU farms or rent from services such as Amazon at high costs. The already existing mining resources provide an economies of scale that centralized services simply cannot match.
The TensorBit project is ongoing, and to learn more on the project, visit http://tensorbit.net