Beauty And The Blockchain: Perfect365 Is Taking Cryptos To The Beauty Market

For long, the crypto world has been male-dominated, but that’s about to change in a purely good way as Perfect365 spearheads the introduction of cryptocurrencies into the beauty industry. Perfect365 is an app based on Augmented Reality (AR) technology that uses facial recognition patterns to create the perfect makeup looks for its users.

Attracting Women
The new exciting venture features Perfect365’s partnership with Kin. Kin is a cryptocurrency created by Kik. This new move is aimed at attracting more females to the crypto space. According to a survey carried out by Forbes, only about 5% of the female population actually wants anything to do with cryptocurrencies. In fact, another survey conducted by Perfect365 indicates that only 12% of them own cryptos. That said, it’s pretty clear why the partnership between Kin and Perfect365 is surely a great idea.

Speaking about the joint venture, Kin’s president, Dany Fishel, said that Kin’s network is expanding across various other apps and that introducing the cryptocurrency into the Perfect365 AR app is a huge step forward in boosting female participation in the crypto market. Dany expressed optimism that Kin will find even more use cases and possibly become the most popular crypto in the world. With such strong support, Kin joins the growing list of altcoins standing up to Bitcoin.

How It Works

The integrated system between Kin and Perfect365 works by allowing users to earn Kin tokens by answering surveys. Once they’ve earned, they can then spend the tokens to access premium features on Perfect365. Meanwhile, the two partners will be developing more ways for the users to earn. At the moment, the collective ecosystem boasts around 100-million-strong customer base.

Using Perfect365, users can employ the face recognition functionality to try out new beauty looks. They can use facilities from the various supported beauty brands like NARS, Sony Pictures, Hot Tools, Anna Sui, NYX Professional Makeup, Ipsy, among others. In the future, users will be able to create and share their own new beauty looks.

Commenting on the new development, Sean Mao, who is Perfect365’s CEO, said that by being the first ever AR-based digital beauty platform, Perfect365 aims to pioneer the development of new exciting features and technologies that bring value to users and partners at large. By integrating Kin in the system, the app offers its users even more value as they can participate more actively in the growing economy.

At the moment, the app is in a testing phase by select android users in India, US, Canada, and Australia. However, it’s not accessible to Apple users. This comes at a time when cryptocurrencies are gaining popularity across various sectors.


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Author: Nick James
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Alibaba Invests in Chinese Facial-Recognition Startup

It underscores the e-commerce giant’s move into businesses that use artificial intelligence

Chinese e-commerce giant Alibaba Group Holding Ltd. is leading a $600 million funding round in SenseTime Group Ltd., which makes surveillance systems using facial recognition for law enforcement and commercial applications.

The funding values Beijing-based SenseTime at more than $4.5 billion, according to a person familiar with the company. It also underscores Alibaba’s move into businesses that use artificial intelligence, the technology that underpins facial recognition.

Alibaba affiliate Ant Financial Services Group has developed a mobile-payment system based on facial recognition, and Alibaba is also using AI to develop so-called smart cities where technology is used to dispatch police, speed traffic flow and regulate other public services.

Smart cities and cloud computing are likely areas of cooperation with Alibaba, SenseTime Chief Executive Xu Li said in an interview.

“They have strong infrastructure capabilities to build a cloud and deliver fundamental resources, while we may be good at building computer vision and related infrastructure,” Mr. Xu said. “The capabilities between us complement each other quite well.”

Alibaba’s Executive Vice Chairman Joe Tsai said in a statement his company was impressed with SenseTime’s technology that allows computers to recognize images, as well as its development of deep-learning technology, in which software mimics the way neurons in the brain process information.

Alibaba’s share in the $600 million Series C funding round wasn’t disclosed. Other investors include Singapore state investment company Temasek Holdings Pte. Ltd. and Chinese electronics retailer Suning.com Co.

Founded in 2014, SenseTime is among a handful of Chinese AI startups that got their start selling facial-recognition systems to local police agencies. With a vast network of surveillance cameras, China is using facial recognition to identify criminal suspects as well as to influence behavior, such as discouraging jaywalking.

The technology also has commercial applications, with some companies now using it instead of badges to grant employees access to their workplaces. Mr. Xu said SenseTime would use the new funding to focus on expanding the technology’s commercial applications and AI capabilities.

SenseTime is also developing algorithms for autonomous driving, in which it currently partners with Honda Motor Co. , and is also working with Shanghai’s government to use AI to ease traffic congestion.

 


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Author: Liza Lin 
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