There's just over 1 day left of the Anryze ICO. They've already reached their soft cap with their website showing total sales of over $1.7 million.

What is Anryze?

They're a speech recognition Distrubed Network which aims to allow users to transcribe audio files. In their their Whitepaper they explain that speech recognition is important because when we educate computers to understand human language it will become a revolution in many different areas.
They claim that speech recognition is the first step to educating and creating new neural network models.

How will it work

Anryze say that they recognize speech by taking the waveform, splitting it into utterances by silent and then try to recognize what has been said.
First, due to the number of parameters being large the new platform is trying to optimize their system. To calculate numbers from speech you need to divide speech on frames and then from each frame 39 numbers are extracted that represent the speech.
Next there's a concept of model. There's a mathematical object that gathers the common attributed of each word.
Lastly, there's a matching model. It would take too long to compare all feature vectors with all models so the search can be optimized with various tricks.

Decentralized network

Anryze aim to be the smartest and cheapest decentralized computer system for speech recognition. The new network will consist of 3 different components- computing powers, nodes with a distributed table and a Waves blockchain for payment.
The new system will consit of users and miners. Users will be the customers who want to rent computing power for transcription. Miners will lease their computing power to the platform and receive payment.

The market?

Speech recognition is great for businesses due to text being easy to analyze.
The voice recognition market was estimated to be worth $51.09 billion in 2015 and is estimated to grow at around 11% per year.
In many sectors voice recognition software is helping companies cut costs by reducing the time it takes them to write communications, its much easier for them to record their own voice and then have it transcribed.
The Anryze platform already has agreements in place with some companies to bring them to the platform as soon as its launched. You can check the full list in their Whitepaper:
https://tokensale.anryze.com/assets/file/Anryze%20Distributed%20Network_EN.pdf

Monetizing the platform

The new platform will charge users for transcribing services, the amount will depend upon the length of the audio file. Miners will then be paid with tokens and token holders will receive commission.
Miners will receive 70% of the payment, token holders receive 20% and the team behind the platform receives 10%.

ICO Details

• Minimum cap: $1.6 million (already reached).
• Hard cap: $6 million.
• Token price: $1=50 RYZ.
• Total tokens for sale: 300 million.

Conclusion

The transcribing market is huge and growing year on year. If the new platform can offer transcription services at the rate they state then they're sure to gain mass adoption with businesses in a variety of sectors. The fairly low market cap may offer a good chance to get early gains once the coin hits the exchanges.

Links:

Website: https://tokensale.anryze.com
Whitepaper: https://tokensale.anryze.com/assets/file/Anryze%20Distributed%20Network_EN.pdf
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile