Read our complete guide to buying, selling and storing Cortex Coin tokens.
Cortex is a blockchain-based, autonomous artificial intelligence (AI) platform. Built with the aim of providing state-of-the-art machine learning models, Cortex wants to add AI algorithm support to smart contracts.
The Cortex Coin (CTXC) is the native currency of the Cortex platform and distribution began during a private sale in February and March 2018. If you want to buy CTXC, this guide explains the essential things you need to know.
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Where to buy and sell CTXC
You can purchase CTXC on the following crypto exchanges:
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Quick guide to buying Cortex (CTXC)
Here’s a quick overview using Huobi Pro exchange as an example:
- Register for an account with Huobi Pro.
- Enable 2-factor authentication.
- Hover over “Balances” and click “Deposit & Withdraw”.
- Select the coin you want to trade and click “Deposit”.
- Copy the wallet address and transfer BTC, ETH or USDT into your account.
- Click the “Exchange” tab.
- Search for the currency pair you want to trade, such as “CTXC/BTC”.
- Choose a limit or market order.
- Enter the amount of CTXC you want to buy or the amount of BTC you want to spend.
- Review the transaction details.
- Click “Buy CTXC”.
A step-by-step guide to buying CTXC
For a detailed guide to buying CTXC, check out the step-by-step instructions below:
Step 1. Register for an account with an exchange that lists CTXC
Review the list of exchanges that allow you to trade CTXC and compare the features each platform has to offer. Once you’ve found a platform that meets your needs, register for an account by providing your email address and creating a secure password.
Depending on the exchange you choose, you may also need to provide additional personal details and proof of ID in line with Know Your Customer and Anti-Money Laundering (KYC/AML) regulations.
Remember to also enable 2-factor authentication on your account for extra peace of mind.
Step 2. Deposit funds into your account
There’s currently no way to buy Cortex Coin tokens directly with Indian rupees. Instead, you’ll need to first acquire one of the digital currencies listed in a trading pair alongside CTXC – bitcoin (BTC), ether (ETH), Tether (USDT) and Bitcoin Cash (BCH) are the options currently available.
If you need any advice on how to buy one of these cryptocurrencies, check out our handy guides:
If you hold these cryptos on the same exchange where you plan to buy CTXC, you’re ready to move on to Step 3. If they’re stored in a separate wallet, you’ll need to transfer them to the exchange.
For example, if you’re using Huobi Pro, you’ll need to hover your mouse over “Balances” in the top menu and click “Deposit & Withdraw”. Next, select the coin you want to trade (either BTC, ETH or USDT on this platform) and click “Deposit”. You can then copy the wallet address or QR code and transfer BTC, ETH or USDT into your account.
Step 3. Buy CTXC
The final part of the process is to click through to the trading page, search for the pair you want to exchange and then enter the details of your transaction. If you’re using Huobi Pro, for example, you can do this by clicking on the “Exchange” tab at the top of the screen.
Next, search in the box provided for the currency pair you want to trade, such as “CTXC/BTC”, and choose either a limit or market order. You can then enter the amount of CTXC you want to buy or the amount of BTC you want to spend.
Make sure you take a moment to review all the details of your transaction before clicking “Buy CTXC”.
How to sell Cortex
If you want to sell your Cortex Coin, you’ll once again need to click through to the exchange or trading page on your chosen platform. However, this time make sure you enter your transaction details in the “Sell CTXC” tab.
As CTXC is only available in a limited range of currency pairs, remember that you may not be able to directly exchange your tokens for the currency you want.
Which wallets can I use to hold CTXC?
Once you’ve purchased your Cortex Coin, most users recommend moving them off the exchange and into secure storage. Doing so will help you avoid the risk of hacking and theft associated with exchange platforms.
CTXC is an ERC20 token on the Ethereum blockchain, so you’ll need to choose a wallet that’s compatible with these types of tokens. For example, you may want to use the MetaMask browser extension, the MyEtherWallet web interface, or a hardware wallet like the TREZOR or Ledger Nano S.Back to top
How Cortex works
The Cortex project aims to combine AI with blockchain to greatly improve the functionality and use cases of smart contracts. While Ethereum’s introduction of smart contracts was seen as a giant leap forward for the world of blockchain, these contracts still have limited capabilities.
By adding AI algorithm support to smart contracts, Cortex will enable developers to create AI decentralised apps (dapps). This will allow smart contracts to autonomously react to external signals, and developers can also submit interactions that are dependent on other contracts.
What does this mean in the real world? The Cortex whitepaper suggests several possible dapps that could be deployed on the platform:
- Information Services: Personalised recommendation system, search engine, news writing services.
- Finance: Credit, intelligent investment advisory.
- AI Assistant: Automatic Q&A, industry knowledge map, speech synthesis, face attribute prediction.
- Simulation Environment: Auto-driving, Go and other reinforcement learning applications.
Cortex also allows machine learning researchers around the world to submit and optimise their own models to the Cortex storage layer. Other users can then use these models, and the contributors of those models are rewarded. It’s all tied together by the Cortex Virtual Machine (CVM) which is fully compatible with the Ethereum Virtual Machine (EVM) and which synchronises results across the network.Back to top
What to consider if buying Cortex
Before buying any cryptocurrency, do your own research to determine the true value of a project. Cryptocurrencies are complicated and volatile, and buying any digital coin or token comes with a high level of risk attached.
If you’re thinking of buying some CTXC, consider the following:
- Supply. According to CoinMarketCap, at time of writing (June 2018) the circulating supply of CTXC was 149,792,458, out of a total supply of 299,792,458. Interestingly, this total supply of coins is the same as the speed at which light travels in a vacuum, measured in metres per second.
- Distribution. The Cortex Coin tokens are to be distributed as follows:
- Mining rewards: 50.03% (150 million)
- Early investors: 20.01%
- Project Foundation: 24.95%
- Advisors/academics/community: 5%
- Whitepaper. This article only skims the surface of how Cortex works. For a detailed explanation of the tech behind the project, the Cortex whitepaper is an extremely useful resource.
- Roadmap. It’s a good idea to check out a project’s roadmap to get an idea of any tech upgrades or releases that could drive price movements. Cortex’s mining testnet is set for launch in Q3 2018, while its smart AI contract testnet is slated for Q1 2019. The mainchain launch is scheduled for Q2 2019, which will also see the ERC20 Cortex Coin tokens burned and converted to mainchain coins on a 1:1 ratio.
- Team. Cortex is led by CEO Ziqi Chen and based in Singapore. It also features an impressive list of advisers, including the inventor of public key cryptography, Professor Whitfield Diffie, and FBG Capital founder Vincent Zhou.
By considering any factors that could influence the level of success Cortex achieves, you’ll be well placed to decide whether or not you should buy any CTXC.Back to top
Disclosure: At the time of writing the author holds ADA, IOTA and XLM.
Image sources: Shutterstock