Let’s start by talking about the name!
After postponing working on this project for so long because I simply couldn’t think the perfect name for it, or find an available domain name, I finally decided to settle for Haystack News. Why?
a) I love idioms. People use them all the time and they manage to convey a long meaning with a word or short sentence. Haystack stems from the idiom “A needle in a haystack”. Which loosely means trying to find something really small and unobtrusive from a large collection of other objects. I believe the project is directly related to doing just that; Finding and focusing on upcoming news and events from all the noise out there on the hundreds of news websites and thousands of social media profiles.
b) I really wanted to adopt a new form domain name instead of going with the flow of dot coms or dot io’s. Dot news is perfectly suited to the purpose of project and best of all, the word haystack was still available for it!
What is the problem?
Haystack News is solving a problem in being able to plan ahead effeciently. Cryptocurrency traders need as much knowledge as possible in order to be able to plan their trades effectively. Although there are hundreds of factors that go in to planning trades, the effect of news on the markets is well established. So much so that there is a well known phrase to establish this link;
Broken down, this basically means that if the news has already broken out, it is already too late to buy in, as the smart trades have already taken place and you are left behind buying at already inflated prices. However, if you already know what news may be coming out, ahead of time, you are in a perfect position to buy ahead of the pack and in an even better position to sell at a desired profit. This is the problem that Haystack News solves for traders!
Why is it a good problem for me to solve?
Although I am not a trader myself, I have a keen interest in the fundamentals of it and learning the ropes slowly. However, I do have a strong background in the architecture behind predicting or forecasting upcoming or planned news. I held the position of Product Manager at a company, based in Amsterdam, that did exactly that. The company, Zapaday, was a product mostly aimed at the Media and publishing market to help large publishers plan their editorial calendars for publication. Eventually, Zapaday was acquired by one of the largest Newspapers in the Netherlands, ANP.
I have repurposed the idea behind Zapaday to focus on the cryptocurrency market. To help traders maximise profits by planning ahead.
What is the current status of the project?
Currently, the site is live but in a beta phase, with fundamentals of the project are up and running. The upcoming news and events are being sourced from a dozen major and minor news websites with a focus on cryptocurrency. Using NLP through Amazon Comprehend, dates in the future are recognised automatically and the sentence leading up to that mention are referenced as the event being triggered in the future. The information gathered from this is then all sent to Haystack News’ calendar where it is then listed on the website on the date the news is predicted for.
Currently there are no other platforms that are sourcing upcoming news and events in this way. Most websites that offer upcoming news for crypto are doing so on a crowdsourced model. Whereby users of the platform are submitting events themselves.
Haystack News is already in a position where it is already sourcing and creating more events than this other crypto calendars, all on an automated basis. However, we still plan to open up to the crowdsourcing model in the near future so that our users will be able to add important events occurring that our AI model failed to source.
What is on the roadmap?
- Automatic detection of what coin the articles relate to and show the icon of that coin
- Community driven submissions (not just AI)
- Analytics and interactions on each article such as views, shares and the ability to comment
Add any article to your personal calendar
- Build up more news sources to find more events. (If you have suggestions for good sources, please let me know)
Update design / algorithm based on user feedback!
I hope it is received well by the community as I realise the only way to grow this product to something successful is with your help! I am looking for all feedback, positive or negative, your opinions really matter to me as this is a long term project.