FTX, the last straw that broke the camel's back, has ignited the search for a lasting solution to what it produced: fraud and asset mismanagccording
According to EmpyrX CEO Cam Sandifur, the global crypto community can not afford a repeat of FTX and other calamities that had befallen it. But in order to thrive, Cam would have us believe, it must not lose sight of innovative solutions such as AI.
True to form, Cam's EmpyrX, an AI-based crypto marketplace, is moving in this direction. In this interview with Olayimika Oyebanji, Cam discussed EmpyrX and the importance of AI.
Mr. Cam, can you tell us about yourself and your route to blockchain?
Cam: Thanks for having me. Sure! I can tell you this has been a unique journey, to say the least. My serious dive into Crypto, AI, and Web3 came from FTX showing the world how bad you can really manipulate the system and the people who are using it.
So I began to really dive deep into Web3, and learned as much as I could.
I am no expert, in my opinion. But we found some very serious flaws with how traditional markets operate and how Fintech markets operate.
We want to address these issues and provide equal opportunity and transparency to our clients at EmpyrX.
While the rest of the crypto community is bearing the brunt of FTX and Terra-Luna, there is strong optimism for the future. Are you bullish on crypto?
Cam: I am super bullish on Crypto! Here, let me tell you why. So we really should be talking about blockchain technology. As we advance in this future technology, we need to find ways to enhance the security of blockchain.
At EmpyrX, we believe that using data responsibly and transparently can enhance if not completely change how we store our information/assets.
Why talk about blockchain security vs crypto, well that is because that is the ecosystem where all of our transactions with tokens are ledgered and become unalterable/immutable blocks within its chain.
What are the lessons that the crypto going downhill has taught the industry?
Cam: The biggest lesson is that the blockchain has some minor and exploitable flaws.
The biggest being computational solvency. This is the timing in the completion of a hash just before the hash has finalized its encryption when mining.
In this window of computational solvency, you have a very brief window in time where you can physically redirect the address of a transaction or hijack the transaction.
The others result in a complete take over of the chain itself by holding a majority of tokens.
Let's talk about EmpyrX. What are the challenges you intend to solve? Why does your approach matter?
Cam: The biggest challenge we are addressing is how we make transactions secure. A few answers have come from this, and the biggest way to accomplish this is with ethical AI and account abstraction.
We are training models to accomplish our goals for securing the blockchain.
I initially thought the best way around this was with our mirror protocol. But this still proves to be a bit problematic at the moment. We intend to solve this issue soon.
Can you tell us about the founding of EmpyrX?
I founded EmpyrX out of the want to give back to society in the best way possible. Giving individuals the opportunity to leverage their assets and be their own banks really.
I am nobody over here. I have been humbled by life in general you can say. All I want is to bring fairness and opportunity to all people. No matter who you are, you can do the right thing!
Why AI?
Artificial Intelligence and the utilization of data have the ability to simplify a lot of mundane tasks. I mean, as you look into the future, AI has the ability to reshape how we live life in general.
This is a huge hypothetical, but maybe, one day, humans may not ever have to actually physically work again and can focus on quality of life and enjoying mother nature in conjunction with technology, has given us vs working our existences away. I ask you, what is purpose? What does that mean for you?
Find that and pursue that dream. It will never be work, then just self-fulfilling happiness.
How are you leveraging AI at EmpyrX?
We leverage the utilization of data and have created an evolving matrix using deep learning protocols in conjunction with our markets. Validation of security protocols, and the like.
Can you share your personal experience as CEO?
This is a position in which you must be a constant thinker. Always navigating a messy world and finding the way for your company/assets to prosper.
This may come at the expense of one’s self. The ability to see beyond your own capabilities and find the right people, with the correct talent to establish the foundations of your convictions of how to address the problem with a valuable solution.
Any parting words?
Keep your head up. Remember WE THE PEOPLE are all in this world together, Love & let's keep Honesty, Integrity, and Respect in place and pursue a life full of liberty and happiness!