Endor Protocol (EDR), a token built on Endor Protocol, a predictive analytics platform that uses AI, has gone up 32% in the past 24 hours. What is EDR and why is it up so much?
What Is Endor Protocol (EDR)?
Endor Protocol is a platform that uses Artificial Intelligence (AI) to provide data analysis services. Similar to other AI platforms that trade crypto, this project aims to make predictive analytics accessible to all, rather than to large corporations.
MIT researchers with ties to IBM developed the protocol. Specifically, the team behind Endor largely has a background in data analytics.
Democratizing Data Science
Predictive analytics is a branch of data science. It uses data mining, machine learning, statistics, modeling, and artificial intelligence to make predictions about future events.
Since it’s based on blockchain technology, Endor Protocol (EDR) is decentralized, trustless, and censorship-resistant. In addition, the data is highly secure as it’s encrypted at the user’s side. Moreover, anybody can contribute to the data from anywhere and access it.
Users can access data for 1% of the cost due to the automation of the processes, per Endor’s whitepaper.
Private and Public Data
Endor allows professionals to access a self-service interface. In this way, they can provide a definition for any behavioral pattern. In turn, the platform will automatically generate the prediction.
Moreover, the Endor Protocol helps integrate public and private data. Commercial companies, such as banks and insurers, can include their proprietary data streams. Following the fusion of private and public data, they can obtain high-quality predictive insights.
EDR Lowers Its Prices
In the last 24-hours, Endor provided an update on its Telegram channel. The update refers to the milestones that the company has achieved since the launch of the beta version in July 2018.
Specifically, Endor has lowered the average cost per prediction to below $100. However, over the long run, it hopes to get the price down to $1. In response, interest in Endor Protocol (EDR) has surged.
In addition, the Endor Protocol reached 5,000 predictions per day. It also addressed 90% of queries in less than an hour, while market alternatives require 2-3 months. Moreover, Endor said that its results have been up to 10 times better than industry standards.