The crowdsale will launch on 12 September, aiming to raise at least $1.6 million for Anryze’s innovative blockchain speech-to-text platform.

The Anryze project is one of the most intriguing initiatives to arise within the blockchain space to date. It’s a new, decentralised platform that aims to revolutionise a well-established and growing market using a cost-cutting and effective peer-to-peer approach.

Distributed audio processing

Bitcoin, the world’s first true peer-to-peer online currency, established the idea of network members ‘working’ for rewards. In bitcoin’s case, the work embodied in the proof-of-work consensus algorithm involves finding a hash. It is, essentially, a complicated mathematical operation that serves no purpose beyond demonstrating that a node has dedicated processing power in the interests of securing the network.

Anryze takes a similar approach to rewards, but the processing power provided by the network is not an arbitrary (and otherwise useless) proof of work. Nodes will process audio files, converting them to text using Anryze’s speech recognition technology – a completely new approach that has, even at the pre-alpha stage, shown to be more accurate than the market leading speech-to-text solutions.

Network rewards

The Anryze network is powered by a dedicated token, RYZ. Customers will use this to purchase speech recognition services, uploading their audio files to the Anryze network and paying RYZ for the miners to process it and return it as text.

In the same way that bitcoin miners are rewarded with new bitcoins, Anryze nodes will be rewarded with RYZ. However, unlike bitcoin, no new RYZ are created in the process. The full supply of RYZ tokens will be created on the Waves blockchain after the forthcoming crowdsale and distributed to investors. Customers will purchase these from the open market and pay them to the network. RYZ has a static supply and is a deflationary currency; as demand increases from Anryze’s expanding market share, price will rise.

70% of RYZ tokens paid by customers will be distributed to miners, with 20% being disbursed to existing token holders. The final 10% is allocated to Anryze itself to fund further development and marketing. As time goes on, this share will reduce, leaving more for other stakeholders.

Crowdsale details

The Anryze crowdsale will launch at 11:00 UTC on 12 September 2017, and will last for up to one month. A minimum of $1.6 million is targeted, with a crowdsale cap of $6 million. Should the cap be reached, the crowdsale will immediately end.

RYZ tokens will be sold at $0.02 each, with a 20% bonus for investors who participate in the first 48 hours. Investors can deposit funds in BTC, WAVES, LTC, ETH and ETC, with RYZ tokens being purchased at the equivalent fiat rate at the time of deposit.

For more information or to register for updates, visit https://tokensale.anryze.com/.