We are all aware of the growing importance of Artificial Intelligence (AI) in our world right now. There are several major businesses which have been using AI on a regular basis while new AI products and projects are being introduced daily now.
Another famous technology that is taking over the world is blockchain. It has provided a huge support to Bitcoins and has been growing at a tremendous rate for the past few years although it is still not as widely used but it is slowly reaching its mark.
Now, there is a Chinese blockchain project which is attempting to combine both blockchain technology and AI on a single platform to provide help to AI project and products. This amazing project was launched by NEO recently and is popularly known as DeepBrain Chain.
Sounds intriguing right? So, let’s learn more about this new found project and the implications of this combination on our current market.
- What is Deep Brain Chain
- How Deep Brain Chain Works
- Team Behind Deep Brain Chain
- What is DBC Token
- How to Setup DBC Wallet
- How to Buy DBC Token
- How to Store DBC
What is DeepBrain Chain
DeepBrain Chain has utilized the blockchain technology to develop a low-cost, decentralized, and private platform for AI project and products. It is a decentralized neural network in which the numerous mining nodes that are spread all over the world will provide computational power to AI for use so that it can meet the growing AI enterprise demands.
In simplest of terms, DeepBrain Chain platform utilizes the blockchain to help support the AI products and projects. Usually, enterprises tend to allot funds to the hardware cost of the AI product and the product development/technological research are left to flounder due to which system inefficiencies occur.
How does it work?
With the help of DeepBrain Chain, enterprises can set up nodes all around the globe to carry out the AI computing jobs in a decentralized form via blockchain so that the enterprises can reduce the cost while ensuring AI computing process is facilitated with the help of optimized frameworks in the DeepBrain Chain platform.
It is also a secure platform for information trading which keeps both parties at ease and not worry about their information being leaked or resold.
DeepBrain Chain employs blockchain technology for realizing the obvious separation between the data usage and data ownership rights. Here are a few key features of DeepBrain Chain platform:
DeepBrain Chain network offers the miners with DBC as compensation for their computing resources which can help in greatly reducing the cost for the AI enterprises.
Protection of Privacy
Since DeepBrain Chain utilized NEO’s smart contracts, it can easily differentiate data usage rights from data ownership rights and provide security of your data transfer through the use of crypto-algorithms and distinction of mechanisms.
DeepBrain Chain platform is constructed in a way that the AI operations will never get interrupted, even in case of a hacker attack. This is because the DeepBrain Chain nodes are distributed on the blockchain technology all over the globe so even if some nodes get hacked, the remaining nodes remain working and prevent the data leakage of AI projects and products.
Team Behind DeepBrain Chain
DeepBrain Chain has a Chinese team and is found to be the sole Chinese project which is currently active in both AI and blockchain fields. Feng He is the CEO of DeepBrain Chain who is an expert in AI and has become a known figure in the Chinese bitcoin and blockchain technology.
CTO Shu Chang is another AI, blockchain, and cryptography expert as he previously worked as the Direction in AI Laboratory of Shanghai. Then we have Chuangfeng Lee who is the CMO of DeepBrain Chain and is one of the first entrepreneurs in the AI field in China’s Blockchain technology and Bitcoin research.
The DeepBrain Chain’s team consists of 9 expert team members who have deep insight and knowledge about artificial intelligence, blockchain technology, operations management in enterprises, development, etc. who have worked hard to bring DeepBrain Chain to the present level and will continue to do so in the future as well.
What is DeepBrain Chain (DBC) Token?
DeepBrain Chain introduced its personalized token known as DBC token which is traded with the help of NEO’s smart contracts. The miners in DeepBrain Chain network receive DBC as compensation for providing computing resource to the network.
Each DBC token is associated to computed service value which means that it corresponds to real value. So, once DeepBrain Chain becomes widely used, investors will be able to see some major dividends in their wallet. The DBC token rewards the utilization of any available power that can be processed by the network which helps in making an efficient use of the current infrastructure on the decentralized platform network instead of appending more machine at the enterprise level.
Total circulation of DBC comes around to be 10 billion, out of which 50% is through mining, 9% through ICO, and 6% through pre-safe. The remaining DBC tokens are allocated to the founding members and the DeepBrain Chain team accordingly. You can easily exchange your ETH for DBC via Kucoin or Huobi exchange websites.
How to Set up a DeepBrain Chain Wallet
Before you start exchanging your cryptocurrency for DBC, you will need to set up a wallet to store your DBC tokens. Since DeepBrain Chain is built on the NEO blockchain, you will need a NEO wallet to store your DBC tokens.
Here is a quick guide on how to set up your Neo wallet in a few simple steps:
- Go to a Neo wallet like Neotracker and then create a new wallet.
- Once your wallet is created, you will be provided with a key store file. Download it and don’t lose it.
- Save your private key for Neotracker wallet as it will be used to open your wallet.
- Once you are in your wallet, save your private wallet address.
Your Neo wallet is all ready to be used now and you can store your DBC tokens it safely and securely. If you don’t have any DBC tokens then you would need to exchange it for your Ethereum tokens. You can continue to the next section to know more about how you can purchase Ethereum and exchange it for DBC tokens.
How to Buy DeepBrain Chain (DBC) Tokens
To get DBC tokens, you will need to purchase the popular cryptocurrency ETH and then exchange it for DBC. You can choose any Ethereum exchange that you would like. For our purpose, we will be using the Coinbase exchange to explain to you the steps.
- Create an account on Coinbase exchange or if Coinbase doesn’t work in your area, you can pick one that does work from our comprehensive list of bitcoin exchanges and exchange Bitcoin for Ethereum first.
- Verify your Coinbase account and enter a payment option.
- Confirm your payment option to complete the process.
- Purchase the Ethereum tokens going to the Buy page and entering the ETH amount that you want to purchase. Confirm your order.
Congrats! You now have some Ethereum coins in the account that you can use to exchange for DBC tokens.
For exchanging ETH to DBC, you will need to use Kucoin as it is one of the few exchanges which support DBC. So, follow the below steps to exchange your ETH for DBC tokens.
- Navigate to Kucoin exchange and sign up for a new account.
- Verify your Kucoin email address.
- Login to your Kucoin account and set up two-factor authentication.
- Go to the Assets page and select the Ethereum deposit option.
- Copy the wallet address that would be needed to deposit Ethereum tokens.
- Go back to Coinbase and navigate to the Accounts page.
- Select your Ethereum wallet and send the tokens.
- Use the Kucoin’s wallet address to transfer the ETH tokens and confirm your transaction.
- Wait for a few minutes for the ETH coins to appear in your Kucoin wallet. You will see ETH coins in your available balance section.
Finally, you have the ETH tokens in your Kucoin wallet to exchange for DBC tokens.
- Go to the Buy/Sell page in Kucoin.
- On the Buy DBC page, click on ‘Best Price’ number and then enter the amount that you want to buy with your ETH coins.
- Once you are satisfied with the price and the amount, you can initiate the purchase.
- Your order for DBC will be placed and you can see the DBC tokens in your Available balance section.
Best Way to Store DeepBrain Chain
Since we all know that exchanges are easy to hack, it is always better to store it in a private wallet to keep it safe from hackers. As mentioned before, since DeepBrain Chain uses Neo blockchain then you need to use Neo wallet for storing your DBC tokens. Not sure which Neo wallet to use? Click here to find out.
Once you have exchanged your ETH for DBC coins, you need to simply go to the Assets page of exchange and withdraw your DBC tokens to your private wallet. You will need to enter the Neotracker wallet address and the number of DBC tokens you want to withdraw and then confirm your withdrawal via 2FA and email.
Once the order is completed, you will find the DBC tokens in your Neotracker wallet’s Balance.