Toward a more intelligent smart contract – Owen Tao, CEO of MATRIX AI Network

Owen Tao is the CEO of MATRIX AI Network, a global open-source, public, intelligent blockchain-based distributed computing platform and operating system that combines artificial intelligence (AI) and blockchain.

Tao holds a dual bachelor’s degree in Physics and Economics from Peking University. He has served as CEO of several high-tech start-ups and has abundant experience managing the development of new products and Internet technologies.

Noteworthy achievements include leading the development of a 3D virtual community as well as establishing China’s first embedded game advertising system.

Tao also led the development and operation of China’s first cross-border e-commerce platform; which acquired 20 million users worldwide.

How and when did you enter the world of blockchain and AI technology?

Several years ago, I founded what would become the world’s largest game asset trading platform. At the time, the core of the business centered around gold coins in the World of Warcraft. After several year, my company was sued by Blizzard, the creators of World of Warcraft, due to copyright infringement.

At the time, I felt this was hard to fathom. It seemed unfair that a player paid could spend time and money to create in-game wealth that did not belong to the player – that belonged to the operator of the game.

From that moment on, I wanted to develop a way to protect this type of wealth. Solving the issue of virtual property rights became a long-term goal for me. When I heard about bitcoin and blockchain technology, I immediately felt that this type of technology could solve the problem that had been plaguing me.

In 2016, I feel like the blockchain era really started to take off, so my partners and I decided to properly enter the industry. In 2017, Professor Steve Deng led his team to win two world AI championships. Since then, we started to think about how blockchain could be improved using AI.

What is MATRIX AI Network?

MATRIX is an open-source public blockchain optimized through artificial intelligence technology. It is like a blockchain and AI-supported highway that allows various DApps or Apps to run on it.  MATRIX AI Network is designed to make blockchains faster, more flexible, more secure, and more intelligent.

Who are your closest competitors?

I think EOS and Ethereum are our biggest competitors. Although we use artificial intelligence technology to optimize and create the best public chain, the current most-popular chain projects – regardless whether or not they use AI – are undoubtedly our direct competitors. These are Ethereum and EOS.

What does MATRIX AI Network offer that is not available on existing platforms?

There is a lot that makes the MATRIX AI Network unique.  Artificial Intelligence computer and service output; Artificial Intelligence-based security framework; high-performance decentralized network hierarchy; Seamless integration of public and private chains; Capacity for multi-chain collaboration; Auto-coding intelligent contracts that use natural language programming and adaptive deep-learning templates; Bayesian mining mechanism that use computing resources to run MCMC (Markov-Chain Monte Carlo) algorithms for meaningful computing.

How does AI fit into your blockchain solution?

We have incorporated artificial intelligence into our blockchain in three distinctive ways.

Consensus Mechanism: We use an artificial intelligence clustering algorithm to build our consensus mechanism – HpoW or Hyper PoW. This allows us to make a decentralized high-performance network.

Intelligent Contracts: We use AI to replace manual programming. Anyone can use our Intelligent Contracts without programming knowledge. At the same time, this helps ensure a secure framework and ensures the security of a user’s assets.

Green Mining: Our MCMC mining algorithms allow miners to gain revenue through mining. The results of the mining itself has real value to society rather than simply producing wasted energy.

What are the practical advantages of making smart contracts available to every person?

MATRIX AI Network aims to elevate smart contracts into “Intelligent Contracts.” The problem with smart contracts, is that they are not particularly smart at all. They are essentially just a compilation of static code that run on blockchain networks.  In the future, everyone’s assets will be able to be digitally connected to the MATRIX AI Network and be traded through Intelligent Contracts. Intelligent Contracts can help users deal with all manner of personalized daily activities. For example, a person’s daily schedule. The MATRIX AI Network security framework can also better protect an intelligent contract, and therefore a user’s assets.

What is the future of blockchain?

Blockchain technology is more than just a foundational technology. At present, blockchain is more akin to a production relationship. The decentralized collaboration and governance systems will gradually become more popular alongside progress in developing consensus mechanisms. It will eventually become the main production and collaboration relationship in people’s lives.

What is the future of artificial intelligence for business applications?

We believe that the era of strong artificial intelligence services will come. A lot of repetitive work will be completely replaced and assumed by AI. This will increase the efficiency of business and society as a whole.

What has been your most satisfying moment in business?

Prior to my work with MATRIX AI Network, I would say it was when my game asset trading platform cracked the top-3 in the world. That type of e-commerce platform was perfect for me. There was almost no human intervention in the middle. Promotion, purchasing, ordering and delivery was all automated. There were no receivables and no inventory.  But right now, I am most excited about MATRIX AI Network.  We have a world-class management and development team, an incredible technology platform that is without equal, and a growing number of important strategic partnerships.

With our Main Net launch scheduled for the end of December, and a swell of recent positive attention from the media and investors, I would have to say my most satisfying moment in business is happening right now.