MaxinAI becomes First AI Company in Eastern Europe to Announce Transition to Blockchain
Tbilisi, Georgia--(Newsfile Corp. - October 26, 2022) - Maxin AI, one of Eastern Europe's leading AI companies, has become the first in the region to transition to blockchain. They are now focused on providing development services for web3 products including DeFi, dApps, crypto marketplaces, and smart contracts.
CEO David Khosroshvili says that the switch became inevitable once MaxinAI recognised that web3 and its underlying blockchain technologies are rapidly becoming the new iteration of the internet. AI engineers have precisely the kind of mathematical skill sets required to build out and innovate hyper-secure smart contracts and other web3 products.
The Artificial Intelligence Industry has long been a lucrative export for Eastern Europe. Their ability to provide talent at lower costs has made them a popular outsourcing choice for American and Western European companies. There are currently over 400 AI companies in the region with a collective market value of over $50 billion.
MaxinAI was founded in 2017 by Ioseb Khutshishvili, David Khosroshvili, Giorgi Jvaridze, and Levan Tsinadze. Based in Tbilisi, Georgia, it is composed of an 80-person full-time team. As an AI company, it delivered over 100 international projects including Warehouse and Logistics for Gaea, and Insurance Analytics for ClimateX. Specialising in advanced solutions for small and medium enterprises, they helped businesses automate label extraction, accelerate insurance claims, and improve livestock tracking.
They piloted their transition to blockchain in September 2021. Their first project involved a state-of-the-art smart contract with an account freezing function and an automated coin burn.
Since then, they have delivered over 30 robust smart contracts. Their most notable innovations include their work for the Digital Landowners Society, the largest community of metaverse landowners. This involved harnessing the Chainlink oracle to build a reveal randomization algorithm on Polygon chain for NFTs minted on Ethereum mainnet.
As well as ensuring their smart contracts are hyper-secure, MaxinAI has focused on carving out two distinct USPs. Firstly, they are extremely speedy - using AI-informed techniques to build top-quality smart contracts in under a week. Secondly, by basing themselves in Georgia, a country with prominent IT tax rates, they are able to offer significantly cheaper rates than other Eastern European blockchain development companies.
'We strive to help companies implement blockchain technology to automate processes and speed up execution all while increasing transparency. We believe blockchain has the potential to transform multiple industries and we're ready to contribute our expertise to the cause,' says David.
The transition from AI to the blockchain was a gradual process. It began with the recruitment of new developers with top-end experience across different blockchain technology stacks, as well as the retraining of AI programmers through an in-house School of Blockchain course.
In a further effort to onboard a new wave of Eastern European blockchain developers and honour social corporate responsibility, MaxinAI is launching the free educational course School of Solidity.
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