What is Consensus (SEN)?
Future of SEN Cryptocurrency and know how to buy SEN
#1: What is SEN?
SEN: The Basics
- One of the newest crypto-offerings on the block, the Consensus project aims to revolutionize the world of e-Governance, resource management, structural organization of groups, by using blockchain technology.
- Using the blockchain, Consensus will develop, test, and deploy, a decentralized, secure, and peer-to-peer network that will support an AI (Artificial Intelligence) system.
- This AI, trained by the extensive data gathered from each node in the network, will be able to give data-driven, accurate, and all-encompassing solutions to complex problems faced by large collectives such as companies, cities, and even countries.
- SEN was launched very recently, on the 24th of January, 2018. It is based on the Ethereum blockchain, with SEN being a registered token in the ETH blockchain.
- Consensus was founded by Oleg Gutsol, former founder and CEO of the popular photography website 500px. He was also the head of Global Growth at the Republic of Estonia e-Residency program.
- Other team members include Dustin Plett, CSO and former VP, Business Development and interim-CEO through acquisition of 500px, Artem Loginov - CPO and former Product Director at Yandex, and Julia Ivanova - CMO and former marketing lead at Parla.
- More information about the core technology of SEN, such as algorithms used, consensus mechanism, difficulty adjustment, etc. have not been made public by the team as of yet.
#2: What are the benefits of Consensus?
- Details of the exact protocols, algorithms, and distributed consensus mechanisms used by the blockchain of consensus itself have not been revealed by the team as of now, however, some speculations can be made with regards to the blockchain technology of SEN with the information around so far.
- While the consensus mechanism of SEN has not been revealed yet, being based on the ETH blockchain, it can be speculated to be either a Proof-of-Stake coin, or a PoS/PoW hybrid.
- Another reason supporting this theory is the projected size of the SEN network if it catches on, possibly having tens of millions of nodes in the future. Maintaining, running, and updating a Proof-of-Work network of that size will be practically impossible
- The exact Ethereum token standard followed by SEN has not been revealed, however, it is safe to assume it will most likely be an ERC20 standard token, the de facto token standard on the ETH blockchain.
- SEN will be used to pay for specific Consensus AI predictions, such as those which require a fundamental new data model or massive computing resources. SEN will also be used to reward nodes which participate in the process of providing data to train the Consensus AI engine, if the data model is improved with the new data, and nodes which provide computing power to the network. SEN will also be used to facilitate smart transactions on the Consensus network.
- Smart contracts and DApps will eventually be released on the Consensus blockchain, which would use the Ethereum network to provide stability, robustness, and decentralisation.
- The Consensus ecosystem itself will consist of three parts, the blockchain, the data collection layer, and the actual artificial intelligence system. These individual branches of the project will work in tandem to fulfill Consensus’ mission of providing predictive solutions to complex, large, and intensive social and governance issues with the help of a super-powerful artificial intelligence system backed by the tens of millions of nodes of the SEN network.
- The blockchain network, called Sentient, will have nodes, or users, verified with a state or national eID (Electronic ID). This layer enables the running of decentralized machine learning, and will be the entry point for collecting data for the next layers.
- The next layer is the Research Platform, which will be released once the Sentient network has had widespread user adoption and growth. It will have extended data collection, processing, visualization, and modeling capabilities. It will contain various modules togather, and interact, with data, such as a Public Opinion Gathering model to survey user views via polls, or a Legislation module, to enable public review, debate, repeals and acceptance of laws or legislation.
- The final layer will be the AI logic, a standalone system that will constantly monitor and train itself from the incoming data via the nodes in the blockchain, and will be the primary system that is used to make predictions.
- Eventually, Consensus will include internally and externally built Decentralised Applications (DApps) for various purposes such as governance, market analysis, etc.
- More information about the Consensus ecosystem itself, can be found in their whitepaper.
- Innovative and revolutionary technology - Consensus is truly one-of-a-kind, being one of the most innovative and progressive applications of blockchain technology yet. Consensus might just be the blockchain network that defines the future of cryptocurrencies, blockchain, and data science and artificial intelligence.
- Well known and established dev team - The development team behind Consensus is heavily experienced, with most being former members of established companies such as Yandex and 500px[DOT]com.
- Massive market potential - With the ability to use datasets from possibly millions of nodes across the network, the capabilities of the Consensus AI, along with its predictive analysis, will be almost unmatched in the world. And with complex market analysis including multiple indeterministic variables, becoming more necessary than ever for organizations, the applications of Consensus are enormous.
- Unique integration with governments - Consensus is probably the only blockchain platform to be associated with a national government. Consensus plans to roll out its blockchain in Estonia, with around 25000 Estonian e-Residents registering to be part of the first phase of the blockchain.
- Secure and decentralised - All user data provided to the AI will remain private and on the user’s individual machines, instead of being uploaded to a centralised server unlike other data collecting networks.
#3: How to Buy & store Consensus?
How to buy Consensus
- Currently, consensus can be bought and traded at IDEX, Tidex, and Bitfinex, with IDEX being the largest by volume.
- Mining details for the SEN token have not been made public by team yet. More information will be made available as updates are rolled out in the coming months.
Currently, there is no official wallet for SEN as it is still being actively developed. However, being an Ethereum token, it is expected that most wallets which support ETH will also support SEN coins as well.
While cryptocurrency exchanges provide you with a platform to buy or sell the SEN cryptocurrency, CoinSwitch,
the largest cryptocurrency exchange platform, comes in to help you make the right decision by providing the prices for SEN on multiple crypto exchanges. With support for more than 140 coins and 45,000 pairs of cryptocurrencies, you can choose whichever pair you want with your token and compare the prices at multiple exchanges. This way, you can choose the best deal for you!
What’s more - with CoinSwitch, you do not rely on a separate SEN wallet from the exchange to store your SEN cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.
#4: What is the future of Consensus?
- Being very recently released, accurate predictions cannot be made regarding future trajectory of SEN’s value in the market.
- However, with its impressive feature set and immense potential, it is highly likely prices will start showing an upward trend in the coming months as more people become aware of the project, and as updates are released.
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#5: How is Consensus different from other cryptos?
- Unique application of blockchain technology - The Consensus AI, once developed, will be one of the most innovative implementations of the blockchain technology yet. The AI can be used to dynamically find best possible solutions to convoluted real-world problems, while also taking into consideration indeterministic variables, such as social factors, environmental factors, budgetary factors, and much, much more.
- Immense potential - While most altcoins can just be used simply to exchange value, such as from one coin to another, or to fiat currency, Consensus can be used to solve complex, interdependent and large real-word problems using the analytical and predictive technologies of the Consensus AI, powered by the user nodes in SEN blockchain.
- Well-defined, practical purpose - Most other cryptocurrencies only end up being copies of more popular coins such as BTC or ETH, with no specific purpose to them. But, Consensus is different, in that the cryptocurrency SEN, is just a small part of the larger ecosystem of the Consensus platform, which will use SEN to facilitate smart contracts, DApps, and data predictions using the powerful Consensus AI.
- Multidisciplinary approach - Consensus will allow the fields of artificial intelligence, data science and analytics, cryptology, networking, sociology, and blockchain technology, to seamlessly interact and collaborate to power a state-of-the art predictive AI that will possibly be a game changer in the world of analytics and predictive marketing and strategy planning, including governance and administration, in the coming years.
#6: Should you invest in Consensus?
- Being released in January of 2018, prices are currently low, with a rise predicted in the coming months as the popularity of SEN increases, making it an ideal time to invest.
- However, many technical details about the project have been omitted by the team in their promotional materials, and it would make sense to wait for full details of the technology behind Consensus to be made public before significant investments.
- While any investment in cryptocurrency must be made keeping in mind their inherent volatile nature, the massive potential and robust, feature-driven development of Consensus along with its positive future prospects, make it a very strong contender to research for your next investment.