Home CryptoNews Meet the first open sentiment analysis platform based on blockchain technology

Meet the first open sentiment analysis platform based on blockchain technology

Content platforms have enabled people to showcase themselves on a whole different level. Blog engines like WordPress and social networks like Twitter and Facebook provided means for users to self-publish content without filters, editing, and censors. People are now able to share their deepest thoughts and insights on just about anything to just about anyone.

Collectively, user-generated content can be studied and analyzed to reveal various insights including prevailing sentiments. Sentiment analysis is emerging to become a powerful tool for marketers to see what consumers feel about a particular brand or product and even its specific features or aspects. Emotions are major buying motivators so knowing what people’s sentiments about a particular topic or idea could be of tremendous use to marketers to help them refine their strategies.

Sentiment analysis draws from various fields of study including natural language processing (NLP), computational linguistics, and artificial intelligence (AI). Since it relies on analyzing massive amounts of textual data, it is essentially a big data effort. Aside from technical expertise, performing sentiment analysis also requires significant computing resources. Because of these barriers, it has only been accessible mainly to those with resources to do so.

This is where Senno comes in. Senno is an upcoming blockchain-based sentiment analysis platform that is made accessible to users using blockchain. Through the platform, even smaller organizations will be able to tap into sentiments and integrate crowd wisdom and data conclusion tools to their own systems thereby expanding their capabilities exponentially.

How Senno Works

Senno is able to scan various sources from which it extracts all pertinent information and produce sentiment data streams. Sentiment data can then be used to identify trends such as emerging business threats and opportunities. Discovering these could help organizations create effective timely strategies to address them.

Senno features machine learning algorithms that are guided by an artificial neural network (ANN). Through these, the platform is able to seek out optimal data sources. Analyzing higher quality sources produces more accurate results when pinpointing people’s real sentiments. The platform also uses “dynamic listeners” that monitor various data sources such as blogs, comments, and social media, as well as transcripts of video and live broadcasts. These listeners can gather whichever type of information a user needs.

For example, sentiment analysis can be applied to the crypto market itself. The market has largely been trading based on sentiment and speculation so knowing which cryptocurrencies excite or cool investors can serve as indicators to guide trading decisions. Sentiments may also be integrated to marketing platforms where the emergence of certain sentiments could be used to automatically trigger targeted campaigns. Developers will be able to do this through Senno’s Open SDK or through API connectivity.

Senno uses NEO as its blockchain platform. Sentiment results are encrypted and stored on NEO to ensure that they remain transparent and immutable. Senno also taps into NEO’s digital identity feature which ensures data integrity which is crucial in managing Senno’s source reputation scoring. As an added upside, NEO also offers superior scalability compared to other platforms like Ethereum minimizing possible bottlenecks when usage surges.

The Token

Fueling the platform is the SENNO token. Users have to spend SENNO tokens to subscribe to Senno’s crowd wisdom data and use of API. But aside from being required to use the platform, tokens are also used to reward contributors.

30 percent of the token supply will be reserved for contribution rewards. To create the pool of computing resources required, Senno relies on distributed hardware. Senno rewards users who could rent out their resources to the platform. This distributed approach lowers the costs which enables Senno to provide analyses at accessible rates.

Private data streams also often produce high quality sentiments. So, to encourage private data owners to share, those who decide to do so will receive tokens as reward. Developers may also receive SENNO by helping to work on plugins and additional features.

SENNO tokens will also be fungible and tradable much like most crypto token in the market today.

The Token Sale

Interested stakeholders such as organizations looking to adopt sentiment analysis or even crypto investors may acquire SENNO tokens during the ongoing token sale. 29 million of the 100 billion SENNO token supply will be available in the sale at the price of $0.01 for 1.92 tokens.

A soft cap of $2 million and a hard cap of $25 million are set. The sale ends on April 30 or until the hard cap is reached. Unsold tokens will be burned.

In order to encourage participation in token sale, Senno is accepting contributions in Bitcoin and Neo. Fiat contributions will also be accepted through credit cards and wire transfers. Bonuses are also available.

Sentiment Made Accessible

Sentiment analysis is a powerful tool for any business today. Knowing how the market feels about any particular topic allows them to react strategically and immediately. Organizations only stand to benefit acquiring such capability. McKinsey Global indicates that big data adoption can increase a retailer’s operating margins by as much as 60 percent. For smaller organizations, the improvement could even be exponential.

The great thing about these emerging blockchain-based services is how they enable smaller organizations to access powerful analytics and big data tools. By leveraging distributed and decentralized architectures, blockchain-based platforms like Senno are able to drive down costs and lower the barriers to adoption.

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