This ongoing blockchain and cryptocurrency boom is how developments in technologies and the continued flow of investments are enabling some very exciting projects to materialize. Take Senno, for example. Senno is blockchain-based platform that aims to make sentiment analysis and collective intelligence accessible to a wider audience. These tools were previously only available to large enterprises and research institutions.
Sentiment analysis can generate insights regarding how markets feel about particular topics or products. Textual information from user-generated content such as comments from social media or reviews on ecommerce sites are gathered and analyzed to reveal trending positive, negative, or neutral sentiments.
“There are many benefits to tapping into public opinion in real time. These include being able to identify threats or opportunities and respond immediately, to monitor the impact of changes made to marketing campaigns and products as well as performance in a specific time frame or location,” shares Elad Peled, Senno Cofounder and CEO.
Emotions are a major factor affecting consumers’ buying decisions so knowing how they feel about a particular idea helps marketers craft targeted messages to persuade them to buy. Insights regarding sentiments could help marketers create better branding and communication strategies to enhance their company’s or product’s identities. For investors, sentiment analysis could also help define effective trading strategies for highly speculative markets like the cryptocurrencies market.
Senno uses artificial intelligence and machine learning to power its platform and gather high-quality data sources that improves the accuracy of results. Much like Google’s search bot that indexes information it collects from websites to help the search engine produce accurate results, Senno’s “dynamic listeners” scan and check content from sources like new articles, blogs, and social media posts to produce timely results.
Typically, performing collective intelligence requires significant computing resources and expertise. The platform works around these constraints by leveraging blockchain’s capabilities. Senno can tap a distributed network which takes away the need to put up centralized data centers and access supercomputers to crunch data.
A token economy also enables the platform to create a self-sustaining ecosystem which both monetizes the service and rewards participants. This way, Senno can allow developers, traders, and marketers to have access to powerful tools without the need for million-dollar investments.
Senno is also opening up its technology to other developers. With Senno, developers can build applications using a standard developer kit (SDK). App can be configured to tap into available sentiments through an application programming interface (API). For instance, it is possible for a venture’s marketing automation application to access Senno’s API so that a trending sentiment regarding the company’s products can automatically launch targeted messaging campaigns.
Core to the platform is the SENNO token. Users have to spend tokens in order to get access to Senno’s crowd wisdom data. Tokens are also used to fuel the rewards mechanism that incentivizes contributors who rent out computing resources to the platform.
Private data owners could also be rewarded with tokens if they choose to share their textual information for analysis. Collective intelligence derived from user-generated content are useful in determining the market’s temperature. Content from private sources are often honest and unfiltered which typically contain more accurate sentiments. By providing incentives for these data owners to share, Senno will be able to produce more spot-on results.
Senno uses the NEO blockchain which is a highly scalable and future-proof platform capable of handling thousands of transactions a second. SENNO is a NEP-5 standard token. Like most crypto tokens, SENNO will also be fungible and tradable on exchanges. SENNO has a 100-billion token supply.
Senno is currently holding its private pre-sale and will move into a full-on token sale. The coin offering will run until April 30 or until the hard cap is reached. 29 million tokens are available during the token sales at the price of $0.01 for 1.92 SENNO tokens.
Those interested in tapping into sentiment analysis would do well looking into participating in Senno’s coin offering. The platform offers an accessible and sustainable way to tap into the wisdom crowds in order to make sense of markets that are driven by speculation and emotions.