Research by Combining AI with Blockchain
With the current information overload, it is becoming increasingly difficult to find quality data quickly, this makes business research time-consuming. Whether professionals use public search engines or private subscriptions, finding the right data point in a sea of sources is labour intensive. This is what this LEE is trying to solve. Lee is a project launched by a team of seasoned research professionals that were very active in the B2B research industry for the last decade. The team has launched a custom research marketplace, a private marketplace for enterprises, and a syndicated research marketplace for reports.
“We learned from our operations and from the previous traction that the most optimal model to provide instant affordable research is to combine AI and blockchain. Our mission of killing the time spent on research, triggered the creation of LEE, the intelligent business researcher.
Lee combines AI and blockchain in an easy-to-understand framework.
(1) We leverage AI in two ways: First, to semantically understand business research questions and turn them into search inquiries, second, to rank data sources.
(2) We use blockchain to build an ecosystem of human contributors that include individual researchers and data providers, which are paid with utility tokens” Said Simon Sliman, CEO, and founder.
Simon and his team have reached this solution after 3 years of research and market experiments. In more practical terms, they use AI which can help professionals find the data, by understanding the search intent, translating that intent into search queries using semantic technology, and finding the best data using ranking algorithms. The human analyst role is to train the AI, feed data into machine learning models.
The blockchain is used to create new sources of business data supply by tapping into individual researchers, which are rewarded with Lee Tokens (LT) for each data contribution. These utility tokens are used to access more data creating a decentralized loop. The LTs are calculated based on a set of algorithms that score the quality of each data provided.
If this ecosystem succeeds to decentralize access, it will level the playing field for high-quality data, making it accessible and affordable to every professional.
Currently, large data providers are dominating the business research market. When it comes to financial data, Bloomberg and Thomson share more than 1/3 of the market while Google essentially owns the public data search market. For specific verticals, the market is scattered with millions of data providers and data subscriptions which are limited to specific niche markets and is typically targeted to large enterprises.
“Many industry reports can be expensive for individual analysts. What if you only need access to a single table without paying for the whole report? The status quo is that the most valuable information is obtained when it is not easily available. The more an information is exposed, the more it loses its value. Our counter-argument is that the more you increase access to research data, the better its use will be. And that’s why we are using blockchain” added Simon.
There are three steps involved: From the user perspective:
1) Lee users pay a subscription fee using Fiat currency or Lee tokens, then
2) Lee would source data from the repository, which contains data from the blockchain community, public datasets and licensed data vendors.
3) The data point requested is delivered to the user via the chatbot interface.
From the supplier perspective: 1) Researchers contribute data to Lee database using the blockchain system. 2) If the data passes the quality test. A token reward will be assigned to the data provider based on a quality score. 3) Tokens can be used to pay for Lee research services with lifetime discounts, exchanged to fiat currencies, sold to other users.
Lee tokens can be eventually used to access other complementary research services provided by Lee partners.
Lee is launching a presale token sale this year. The first lot is to be launched in June 2018. The token price is $0.05 with a minimum purchase of $50 which is equivalent to 1000 Lee tokens. Since the current price to access Lee is $500/year, the first participants in the next batch will receive a 90% discount.
The team intends to use the ICO funds to buy data in bulk and accelerate the product development program to meet the monthly scheduled releases with planned functional upgrades. The majority will go to business development, operations, and technology where 10% will be invested in partnerships and token alliances.
When asked about the token liquidity, Simon said: “Lee tokens can be used to access Lee service and other token alliance partners. Regardless of the market price of the tokens, we guarantee that the tokens can be used to access high-quality data within our system. The good news for the liquidity is that the total token supply available for users is limited. For data providers, as we reach high levels of data in our database, the overall token supply will also decrease gradually. We will increase the rate of buybacks as we increase our data coverage. This means the more data is contributed, the fewer tokens will be available, and the excess supply will be destroyed via buyback program to ensure market price appreciation”