Verox is an innovative approach to helping people navigate the complex waters of crypto investing. Verox launched their ERC-20 VRX utility token in late 2020. They are utilizing artificial intelligence to analyze cryptocurrency data and provide users with trading recommendations, with early tests showing 85% accuracy in calls, according to Verox website. While this is not financial advice, and everyone should do their own research, the VRX token is available on various platforms. However, the main project is still under heavy active development, with a target release date of March 20.
VRX was launched with a private sale in Q4 2020, with a price at a rate of 1 ETH = 60 VRX. Since then Verox has been on a hiring spree, hiring data scientists, AI developers, software developers, and professional crypto traders. The AI platform is under active development, and Verox has put the team in place to succeed in its mission.
The team behind any new project is a crucial factor in its success. The team behind Verox already cut their teeth with developing related applications. The CEO of Verox, found on Twitter @Verox_AICrypto, is a professional trader with 7 years of trading crypto and has vast experience building tech and apps.
So what exactly does Verox do?
Verox brands itself as DeFi meeting AI. Verox uses deep learning to combine fundamental analysis and technical analysis and provide optimal entry points for trades. The main value add is using machine learning and AI to perform Fundamental Analysis and Technical Analysis on a token, and turn that analysis into actionable insights. Technical Analysis and Fundamental Analysis are the two main approaches used by traders to analyze the market, and using technology to automate this process can transform the financial lives of many people.
Fundamental Analysis is a method of analyzing a financial asset based on its merits to determine the true value. For a cryptocurrency, this would entail looking at the utility of a token, and determining a market price for that token is based on data. For example, a fundamental analyst may review a token that digitizes the real estate market with superior technology, and is only trading at $2. The analyst may conclude that based on the market and the data, the true value is $10. Using this, buying the token at a price less than $10 is a good buy. This is a simplified example, but the key takeaway is that any data can be used in using Fundamental Analysis to determine the actual value of an asset.
In contrast, Technical Analysis disregards all the data used in fundamental analysis and focuses only on the current and past price of an asset in order to predict the future price of an asset. Technical Analysts observe how the price moves in real-time, and use this data to determine when to buy or sell. For example, a technical analyst will notice that every time a certain token drops to $3, buyers start buying which pushes the price higher. Using this information, a technical analyst will buy when the price of this token drops to $3. This is a simplified example, but the key takeaway is that Technical Analysts focus heavily on the price movement of an asset to determine when to buy or sell.
Additional features of Verox:
- Finds top yield farming tokens to farm
- Coin analyzer- ranking system to score any selected cryptocurrency
- Top trending coins by social media appearing and 24h volume change
The potential of VRX
VRX certainly has the potential to succeed. Trading Bot’s are already using AI/Machine Learning to trade financial markets across the globe, returning a nice profit for their owners. In VRX, instead of directly placing trades, the AI returns actionable intelligence to users, letting users know which token to buy and at what price. So far, signs are pointing in the right direction – the fast pace of development since the presale indicates that the team means business, and by rolling out staking last month and continuing to hire new team members, shows progress is being made.
The key to VRX’s success will come down to its implementation of deep learning Fundamental Analysis and Technical Analysis. Both of these methods to analyze financial markets take years to master, and the same data sets can often result in different interpretations. VRX claims it has a massive data set that it will be performing analysis on constantly in real time, and already claims to be posting an 85% win rate, which is beyond very impressive.
Beyond the technology itself, VRX has made good decisions with the fundamental details regarding its token. According to a Jan 18 post by the CEO on Twitter, they have completed regulatory analysis papers with their lawyers in their location for VRX as a utility token. The team has chosen to keep the supply of tokens low, capped at 47.5k VRX. The team has also tied the VRX token to using the Verox platform. If the ai/machine learning is as successful as the team claims it to be, then Verox will go places.