economy

The Coinmine One is a box that mines crypto at home

Posted by | amd, blockchain, celeron, computing, cryptocurrencies, decentralization, economy, Gadgets, Intel, mining, Monero, TC, technology | No Comments

For $799 you can start mining cryptocurrencies in your home, a feat that previously either required a massive box costing thousands of dollars or, if you didn’t actually want to make any money, a Raspberry Pi. The Coinmine One, created by Farbood Nivi, soundly hits the sweet spot between actual mining and experimentation.

The box is about as big as a gaming console and runs a custom OS called MineOS. The system lets you pick a cryptocurrency to mine — Monero, for example, as the system isn’t very good with mature, ASIC-dependent currencies like BTC — and then runs it on the built-in CPU and GPU. The machine contains an Intel Celeron Processor J Series processor and an AMD Radeon RX570 graphics card for mining. It also has a 1 TB drive to hold the massive blockchains required to manage these currencies.

The box mines Ethereum at 29 Mh/s and Monero at 800 h/s — acceptable numbers for an entry-level miner like this one. You can upgrade it to support new coins, allowing you to get in on the ground floor of whatever weird thing crypto folks create tomorrow.

I saw the Coinmine in Brooklyn and it looks nice. It’s a cleverly made piece of consumer tech that brings the mystery of crypto mining to the average user. Nivi doesn’t see this as a profit-making machine. Instead, it is a tool to help crypto experimenters try to mine new currencies and run a full node on the network. That doesn’t mean you can’t get a Lambo with this thing, but expect a Lambo to take a long, long time.

The device ships next month to hungry miners worldwide. It’s a fascinating move for the average user to experience the thrills and spills of the recent crypto bust.

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With a $10 million round, Nigeria’s Paga plans global expansion

Posted by | africa, alipay, Android, Bank, bank transfers, california, cellulant, ceo, Column, e-commerce, economy, ethiopia, Finance, kenya, M-Pesa, Mexico, mobile devices, mobile payment, money, Nigeria, Omidyar Network, online payments, p2p, PayPal, Philippines, Safaricom, San Francisco, Spotify, Sweden, Uber, vodafone, western union | No Comments
Jake Bright
Contributor

Jake Bright is a writer and author in New York City. He is co-author of The Next Africa.

Nigerian digital payments startup Paga is gearing up for an international expansion with $10 million in funding let by the Global Innovation Fund. 

The company is planning to release its payments product in Ethiopia, Mexico, and the Philippines—CEO Tayo Oviosu told TechCrunch at Disrupt San Francisco.

Paga looks to go head to head with regional and global payment players, such as PayPal, Alipay, and Safaricom’s M-Pesa, according to Oviosu.

“We are not only in a position to compete with them, we’re going beyond them,” he  said of Kenya’s M-Pesa mobile money product. “Our goal is to build a global payment ecosystem across many emerging markets.”

Founded in 2012, Paga has created a multi-channel network and platform to transfer money, pay-bills, and buy things digitally that’s already serving 9 million customers in Nigeria—including 6000 businesses. All of whom can drop into one of Paga’s 17,167 agents or transfer funds from one of Paga’s mobile apps.

Paga products work on iOS, Android, and basic USSD phones using a star, hashtag option. The company has remittance partnerships with the likes of Western Union and Moneytrans and allows for third-party integration of its app.

Paga has also built out considerable scale in home market Nigeria—which boasts the dual distinction as Africa’s most populous nation and largest economy.

Since inception, the startup has processed 57 million transactions worth $3.6 billion, according to Oviosu.

That’s no small feat given the country straddles the challenges and opportunities of growing digital payments. Only recently did Nigeria’s mobile and internet penetration break 50 percent and 40 percent of the country’s 196 million remain unbanked.

To bring more of Nigeria’s masses onto digital commerce, Paga recently launched a new money transfer-app that further simplifies the P2P payment process from mobile devices.

For nearly a decade, Kenya’s M-Pesa—which has 20 million active users and operates abroad—has dominated discussions of mobile money in Africa.

Paga and a growing field of operators are diversifying the continent’s payment playing field.

Fintech company Cellulant raised $47 million in 2019 on its business of processing $350 million in payment transactions across 33 African countries.

In Nigeria, payment infrastructure company Interswitch has expanded across borders and is pursuing an IPO. And Nigerian payment gateway startups Paystack and Flutterwave have digitized volumes of B2B transactions while gaining global investment.

So why does Paga—a Nigerian payments company—believe it can expand its digital payments business abroad?

“Why not us?,” said CEO Oviosu. “People sit in California and listen to Spotify that was developed in Sweden. And Uber started somewhere before going to different countries and figuring out local markets,” he added.

“The team behind this business has worked globally for some of the top tech names. This platform can stand shoulder to shoulder with any payments company built somewhere else,” he said.

On that platform, Oviosu underscores it has positioned itself as a partner, not a rival, to traditional banks. “Our ecosystem is not built to compete with you, it’s actually complimentary to you,” he said of the company’s positioning to big banks—enabling Paga to partner with seven banks in Nigeria.

Paga also sees potential to adapt its model to other regulatory and consumer environments. “We’ve built an infrastructure that rides across all mobile networks,” said Oviosu. “We’re not trying to be a bank. Paga wants to work with the banks and financial institutions to enable a billion people to access and use money,” he said.

As part of the $10 million round (which brings Paga’s total funding up to $35 million), Global Innovation Partners will take a board seat. Other round participants include Goodwell, Adlevo Capital, Omidyar Network, and Unreasonable Capital.

Paga will use the Series B2 to grow its core development team of 25 engineers across countries and continents. It will also continue its due diligence on global expansion—though no hard dates have been announced.

On revenues, Paga makes money on merchant payments, bank to bank transfers, and selling airtime and data. “As we roll out other services, we will build a model where we will make money on savings and lending,” said the company’s CEO.

As for profitability, Paga does not release financials, but reached profitability in 2018, according to Oviosu—something that was confirmed in the due diligence process with round investors.

On the possibility of beating Interswitch (or another venerable startup) to become Africa’s first big tech IPO, Oviosu plays that down. “For the next 3-5 years I see us staying private,” he said.

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Amazon-backed lending platform Capital Float buys consumer finance startup Walnut

Posted by | Amazon, Android, Apps, Asia, Capital Float, economy, Finance, financial services, Fundings & Exits, india, money | No Comments

India-based lending platform Capital Float has been busy raising capital, having closed an Amazon-led $22 million extension to its $45 million Series C last year —  now it’s putting some of that capital to work after it acquired personal finance service Walnut.

The acquisition is $30 million spread across cash and stock, the companies said, and it’ll boost five-year-old Capital Float’s move into the consumer space. The company has to date focused on serving SME and business customers, but last year it began to offer financial services to consumers.

Walnut helps consumers manage their finances and track spending, and it claims seven million downloads on Android . It also includes a feature — Walnut Prime — that offers an instant credit line. Already, it said, it has handed out nearly $15 million in consumer loans.

“Walnut Prime is a product of deep interest to us, and it will essentially become a new addition
to our stable of exceptional, customized credit products,” Capital Float co-founders Sashank Rishyasringa and Gaurav Hinduja said in a statement.

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The Palette 2 lets any 3D printer output color

Posted by | 3d printing, economy, Gadgets, printing, TC, technology | No Comments

The Mosaic Manufacturing Palette 2 – an upgrade the original Palette – is a self-contained system for full color 3D printing. It works by cutting and splicing multiple filament colors and then feeding them through as the object is printed. The system uses a unique and internal cutter called the Splice Core that measures and cuts filament as it prints, ensuring the incoming filament can change colors quickly and easily.

The printer can out items in four colors and it can print any amount of any color. It extrudes excess color into a little object called a tower, allowing it to print as much or as little of a color as necessary. It also has automatic runout detection which lets you print larger objects over a longer period.

It works with a number of current 3D printers and the printers require no real updates to use the Palette or its more robust brother, the Pro. A new piece of software called Canvas allows users to plan their color prints and send the instructions to both the Palette and the printer for printing.

The Palette 2 costs $449 while the Pro costs $699. The Pro lets you print faster than the Palette 2.

It’s a very clever hack – instead of making the printer do all the work you instead make the filament do the work. Because it is a self-contained system you can use the Palette with nearly any printer although the team is working on native support for many popular printers. They are able to print lots of interesting stuff including 3D printed phone case models, rubbery watch bands using stretchable materials, and even educational objects. Most impressive? They were able to print a scan of a brain with evidence of a tumor visible in yellow. While it’s not completely full color – yet – the Palette is a great solution for those looking to print color on a budget.

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What happens when hackers steal your SIM? You learn to keep your crypto offline

Posted by | Apps, Bank, blockchain, business, coinbase, cryptography, cybercrime, economy, identity theft, mining, Mobile, social engineering, T-Mobile, TC | No Comments

A year ago I felt a panic that still reverberates in me today. Hackers swapped my T-Mobile SIM card without my approval and methodically shut down access to most of my accounts and began reaching out to my Facebook friends asking to borrow crypto. Their social engineering tactics, to be clear, were laughable but they could have been catastrophic if my friends were less savvy.

Flash forward a year and the same thing happened to me again – my LTE coverage winked out at about 9pm and it appeared that my phone was disconnected from the network. Panicked, I rushed to my computer to try to salvage everything I could before more damage occurred. It was a false alarm but my pulse went up and I broke out in a cold sweat. I had dealt with this once before and didn’t want to deal with it again.

Sadly, I probably will. And you will, too. The SIM card swap hack is still alive and well and points to one and only one solution: keeping your crypto (and almost your entire life) offline.

Trust No Carrier

Stories about massive SIM-based hacks are all over. Most recently a crypto PR rep and investor, Michael Terpin, lost $24 million to hackers who swapped his AT&T SIM. Terpin is suing the carrier for $224 million. This move, which could set a frightening precedent for carriers, accuses AT&T of “fraud and gross negligence.”

From Krebs:

Terpin alleges that on January 7, 2018, someone requested an unauthorized SIM swap on his AT&T account, causing his phone to go dead and sending all incoming texts and phone calls to a device the attackers controlled. Armed with that access, the intruders were able to reset credentials tied to his cryptocurrency accounts and siphon nearly $24 million worth of digital currencies.

While we can wonder in disbelief at a crypto investor who keeps his cash in an online wallet secured by text message, how many other services do we use that depend on emails or text messages, two vectors easily hackable by SIM spoofing attacks? How many of us would be resistant to the techniques that nabbed Terpin?

Another crypto owner, Namek Zu’bi, lost access to his Coinbase account after hackers swapped his SIM, logged into his account, and changed his email while attempting direct debits to his bank account.

“When the hackers took over my account they attempted direct debits into the account. But because I blocked my bank accounts before they could it seems there are bank chargebacks on that account. So Coinbase is essentially telling me sorry you can’t recover your account and we can’t help you but if you do want to use the account you owe $3K in bank chargebacks,” he said.

Now Zu’bi is facing a different issue: Coinbase is accusing him of being $3,000 in arrears and will not give him access to his account because he cannot reply from the hacker’s email.

“I tried to work with coinbase hotline who is supposed to help with this but they were clueless even after I told them that the hackerchanged email address on my original account and then created a new account with my email address. Since then I’ve been waiting for a ‘specialist’ to email me (was supposed to be 4 business days it’s been 8 days) and I’m still locked out of my account because Coinbase support can’t verify me,” he said.

It has been a frustrating ride.

“As an avid supporter and investor in crypto it baffles me how one of the market leaders who just supposedly launched institutional grade custody solutions can barely deal with a basic account take-over fraud,” Zu’bi said.

How do you protect yourself?

I’ve been using Trezor hardware wallets for a while, storing them in safe places outside of my home and maintaining a separate record of the seeds in another location. I have very little crypto but even for a fraction of a few BTC it just makes sense to practice safe storage. Ultimately, if you own crypto you are now your own bank. That you would trust anyone – including a fiat bank – to keep your digital currency safe is deeply delusional. Heck, I barely trust Trezor and they seem like the only solution for safe storage right now.

When I was first hacked I posted recommendations by crypto exchange Kraken. They are still applicable today:

Call your telco and:

  • Set a passcode/PIN on your account

    • Make sure it applies to ALL account changes
    • Make sure it applies to all numbers on the account
    • Ask them what happens if you forget the passcode
      • Ask them what happens if you lose that too
  • Institute a port freeze

  • Institute a SIM lock

  • Add a high-risk flag

  • Close your online web-based management account

  • Block future registration to online management system

  • Hack yo’ self

    • See what information they will leak

    • See what account changes you can make

They also recommend changing your telco email to something wildly inappropriate and using a burner phone or Google Voice number that is completely disconnected from your regular accounts as a sort of blind for your two factor texts and alerts.

Sadly, doing all of these things is quite difficult. Further, carriers don’t make it easy. In May a 27-year-old man named Paul Rosenzweig fell victim to a SIM-swapping hack even though he had SIM lock installed on his account. A rogue T-Mobile employee bypassed the security, resulting in the loss of a unique three character Twitter and Snapchat account.

Ultimately nothing is secure. The bottom line is simple: if you’re in crypto expect to be hacked and expect it to be painful and frustrating. What you do now – setting up real two-factory security, offloading your crypto onto physical hardware, making diligent backups, and protecting your keys – will make things far better for you in the long run. Ultimately, you don’t want to wake up one morning with your phone off and all of your crypto siphoned off into the pocket of a college kid like Joel Ortiz, a hacker who is now facing jail time for “13 counts of identity theft, 13 counts of hacking, and two counts of grand theft.” Sadly, none of the crypto he stole has surfaced after his arrest.

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Chinese tech stocks tumble from more than just trade tensions

Posted by | alibaba group, Android, Asia, Baidu, China, e-commerce, economy, Europe, Google, martin lau, Naspers, pinduoduo, TC, technology, Tencent, United States, world wide web | No Comments

Editor’s note: This post originally appeared on TechNode, an editorial partner of TechCrunch based in China.

Reports of trade tensions between China and the US in the past few months have been hard to ignore. In early July, the US imposed $34 billion on Chinese goods, prompting the Shenzhen Component Index, dominated by technology and consumer product stocks, to fall to its lowest point since 2014, igniting fears among investors.

“The U.S. tariffs, coupled with a falling yuan, will significantly increase the cost for many Chinese technology companies that rely on imported raw materials, such as semiconductors, integrated circuits, and electric components,” Zhang Xia, an analyst for China Merchants Bank Securities, told the South China Morning Post.

Additionally, the U.S. commerce department announced yesterday it will place an embargo on 44 Chinese companies—including the world’s largest surveillance equipment manufacturer Hikvision—for “acting contrary to the national interests or foreign policy of the United States.” The move caused the companies’ share prices to fall by nearly six percent.

However, the focus has shifted to more than just the trade war. And a number of big Chinese tech companies have seen their share prices plummet for other reasons.

Pinduoduo, China’s latest e-commerce giant to list on the Nasdaq, found that an initial public offering (IPO) is not a panacea. Conversely, its listing has drawn attention to the company’s counterfeit products. And investors are not happy.

Tencent’s shares have nosedived by over 25 percent since its peak in January, erasing $143 billion in market value over the past seven months.

Search giant Baidu also hasn’t been immune. The company’s stock price dropped by nearly 8 percent this week following news that Google plans to re-enter the Chinese market.

Government crackdowns

While IPOs are usually a cause for celebration, Pinduoduo has proven this past week they can also be bad for business. The company—which has integrated e-commerce and social media—caters to low-income consumers living outside first and second-tier cities. It has been plagued by accusations of facilitating the sale of counterfeit low-quality goods.

Just days after going public, its share price tumbled by 16 percent, falling below its offer price of $19. The drop was, in part, initiated by requests made by television maker Skyworth to remove counterfeit listings of its products from the e-commerce firm’s marketplace.

The company announced (in Chinese) this week that it had removed 10.7 million listings of problematic goods. However, this did little to assuage concerns from investors and regulators after the latter launched an inquiry into Pinduoduo’s product listings. Its stock price dropped to 30 percent below its closing price on its first day of trading, wiping out over $9 billion in value.

This is unlikely to be helped by the fact that seven U.S. law firms have launched investigations into the company on behalf of its investors. The statement issued by the firms shows that investors suffered financial losses after Chinese regulators began looking into the company’s dealings. The company met today with regulators and agreed to improve its products’ vetting procedures.

However, it’s not only e-commerce platforms that have been affected. Video streaming service Bilibili has seen its stock price drop by almost 21 percent since July 20. The decline comes amid renewed efforts led by the Cyberspace Administration of China (CAC) to crack down on what it deems to be “vulgar” or “inappropriate” content.

The company has subsequently had its app removed from app stores in the country for one month. Nasdaq-listed Bilibili responded by saying it is “in deep self-review and reflection.”

Screenshot of the drop in Bilibili’s stock price. Accessed August 3, 2018

Rumored competition

Baidu, which runs China’s biggest search engine, found that even unconfirmed competition can cause stocks to tumble. In a move which could mark its re-entry into the Chinese market, news broke this week that Google has plans to launch an Android app that could provide filtered results to users in China.

Baidu currently commands nearly 70 percent of China’s search market. Google shut down its search engine in China in 2010 over censorship concerns, giving up access to a vast market. China’s online population now exceeds 770 million, double the entire populace of the U.S. and more than that of Europe.

Baidu’s income is still highly dependant on ad revenue, which increased by 25 percent in the second quarter. Google’s return is clearly seen as a threat, causing Baidu’s stock price to fall from $247.18 on July 31 to $226.83 on August 2. This marks the most significant fall since the company announced the departure of its chief operating officer Lu Qi in May.

Steady decline

Nonetheless, all these losses seem insignificant in comparison to Tencent’s. The company saw its stock price increase by 114 percent in 2017, reaching a record high in January 2018. However, since then, the price has dropped by nearly $130 per share, eviscerating a considerable portion of its market value. In July alone, its stock price fell by 9.9 percent. The company’s devaluation tops Facebook’s $130 billion rout following its earnings call last month.

In April, the company lost over $20 billion in value after South African investment and media firm Naspers — an early and loyal backer — announced it was trimming its stake by two percent. Additionally, Martin Lau, the company’s president, sold one million of his shares in the company. This, added to the Naspers sale and warnings of margin pressure, led to a loss of $51 billion in market value.

“Investors are increasingly pricing in lower expectations for Tencent’s interim results,” Linus Yip, a strategist at First Shanghai Securities in Hong Kong, told Bloomberg.

Yip expects the downward trend to continue, and not just for Tencent. “Overall, tech companies are facing a similar problem. They have been enjoying fast profit growth in the past few years, so it will be difficult for them to maintain similar growth in the future as the competition grows and some segments are saturated,” he said.

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This three-axis tourbillon movement is a 3D printed marvel

Posted by | breguet, Clocks, economy, Gadgets, luxury brands, TC, time, tourbillon, watch | No Comments

The three-axis tourbillon is one of the most complex watch complications in the world. Originally based on a design by watchmaker Abraham-Louis Breguet, this type of tourbillon – literally “whirlwind” – rotates the balance wheel of a watch in order to ensure that gravity doesn’t adversely affect any part of the watch. It’s a clever, complex, and essentially useless complication in an era of atomic clocks and nano materials but darn if it isn’t cool-looking.

Based on this original, simpler model, this new three-axis tourbillon is available for download here. It consists of 70 potentially fiddly parts and runs using a basic motor.

As you can see, the main component is the balance wheel which flips back and forth to drive the watch. The balance wheel is contained inside a sort of spike-shaped cage that rotates on multiple axes. The balance wheel controls the speed of the spin and often these devices are used as second hands on more complex – and more expensive – tourbillon watches. Tourbillons were originally intended to increase watch accuracy when they were riding in a vest pocket, the thinking being that gravity would pull down a watch’s balance wheel differently when it was vertical as compared to being horizontal. In this case, the wheel takes into account all possible positions leading to a delightful bit of horological overkill.

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This robot can build your IKEA furniture

Posted by | billy, economy, furniture, Gadgets, ikea, robot, robotics, Singapore, Startups, TC, trade | No Comments

There are two kinds of people in the world: those who hate building IKEA furniture and madmen. Now, thanks to IkeaBot, the madmen can be replaced.

IkeaBot is a project built at Control Robotics Intelligence (CRI) group at NTU in Singapore. The team began by teaching robots to insert pins and manipulate IKEA parts, then, slowly, they began to figure out how to pit the robots against the furniture. The results, if you’ve ever fought with someone trying to put together a Billy, are heartening.

From Spectrum:

The assembly process from CRI is not quite that autonomous; “although all the steps were automatically planned and controlled, their sequence was hard-coded through a considerable engineering effort.” The researchers mention that they can “envision such a sequence being automatically determined from the assembly manual, through natural-language interaction with a human supervisor or, ultimately, from an image of the chair,” although we feel like they should have a chat with Ross Knepper, whose IkeaBot seemed to do just fine without any of that stuff.

In other words the robots are semi-autonomous but never get frustrated and can use basic heuristics to figure out next steps. The robots can now essentially assemble chairs in about 20 minutes, a feat that I doubt many of us can emulate. You can watch the finished dance here, in all its robotic glory.

The best part? Even robots get frustrated and fling parts around:

I, for one, welcome our IKEA chair manufacturing robotic overlords.

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Bell & Ross creates a transparent tourbillon

Posted by | bell & ross, breguet, Clocks, Culture, economy, Gadgets, honda, luxury brands, TC, time, tourbillon, watch | No Comments

It’s spring and that means it’s time for Basel, the definitive international watch show. Around this time every year all of your favorite brands – and brands you’ve never heard of – launch unique timepieces that cost more than a few dozen Honda Accords and look like something made by Doctor Manhattan during one of his less melancholy moments.

Today’s wild timepiece comes to use from Bell & Ross, makers of big square watches that look like aircraft dials. This new piece, called the BR-X1-Skeleton-Tourbillon-Sapphire, maintains the traditional B&R shape but is almost completely clear with a case made of sapphire and held together by pins and screws. The movement, which comes in three colors, is a complete hand-wound tourbillon system and is beautifully visible from all angles.

A tourbillon, for the uninitiated, is a system for rotating the watch’s balance wheel 360 degrees. This system, originally created by Breguet, ensured that a watch didn’t slow down when subjected to odd gravitational forces. Now, however, it’s a wildly expensive conversation starter.

This is a beautiful update to B&R’s original see-through watch and, while the vast majority of us will never own something like this, it’s nice to know that someone still cares about horological complexity paired with wild design. How much does it cost to own the watch equivalent of Wonder Woman’s Invisible Jet? About $500,000. The piece, for those interested in picking one up, will be available online.

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AI game trainer Gosu.ai raises $1.9M to give gamers a virtual assistant

Posted by | AI assistant, analytics, artificial intelligence, ceo, economy, Europe, game design, gamer, Gaming, Google, Gosu.ai, Mobalytics, player, Runa Capital, Silicon Valley, TC, virtual assistant | No Comments

If you play hardcore and competitive games, you want to win, so it would be useful to have someone leaning over your shoulder giving you tips on how to play better. Someone who knows all your moves and behaviors, for instance.

That’s the thinking behind Gosu.ai, which has developed an AI assistant to help gamers play smarter and improve their skills. It’s now raised a $1.9M funding round led by Runa Capital, with participation from Ventech and existing investor, Sistema_VC. Previously, the startup was backed by Gagarin Capital, a new Silicon Valley-based early-stage VC firm focusing on AI investments, which invested in Prisma and MSQRD, which exited to Facebook and Google, respectively.

Gosu.ai provides tools and guidance for users to improve their skills in competitive games. It analyzes their matches and makes personal recommendations. It also helps players prep, suggesting gear sets, starting items and offering ideas on how to take on a particular opponent. The platform currently works with Dota 2, with plans to support CS:GO and PUBG in the near future.

The company was founded by Alisa Chumachenko (pictured), who was the creator and former CEO of Game Insight, a big gaming world player. She says: “There are 2 billion gamers in the world now and 600 million of them play hardcore games, such as MOBAs, Shooters and MMOs. We can help those players reach their full potential with our AI assistants.”

Gosu.ai’s main competitors are Mobalytics, Dojomadness and Moremmr. But the main difference is that these competitors make analytics of raw statistics, and find the generalized weak spots in comparison with other players, giving general recommendations. Gosu.ai analyzes the specific actions of each player, down to the movement of their mouse, to cater direct recommendations for the player. So it’s more like a virtual assistant than a training platform.

In addition, Gosu works in the B2B field, as well, by offering gaming companies a variety of AI tools, for example a predictive analytics.

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