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Text to Voice API: What It Is and How It Works?

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A text to voice or text to speech API converts written text into an audio form. Now, text to voice APIs can produce speech that sounds natural and can be difficult to distinguish from an actual human voice.

Text to voice applications are finding new uses, from broadcasting to video production and many others. This technology is something every business should know about.

How Does Text to Voice Work?

Text-to-speech has been available since the early 1970s when it was used as assistive technology for blind persons. They could “read” written text by having the device read it back to them.

It was later expanded for use by those who have difficulty speaking. They could type the message into a computer, and the TTS device would speak it for them.

 

The first TTS devices produced speech that sounded robotic or artificial. Now, the technology has advanced to the state where it is difficult to tell whether it is a human or TTS device.

Devices can now add inflection and respond to punctuation, like exclamation points or question marks. This technology is also known as “read aloud.”

 

Text to voice technology works by reading strings of characters typed into a keyboard. It then matches these characters with known units of sound in a particular language that are stored in a sound database. For example, it knows the sound of the letter “p” or combinations, like “at”.

It then produces a sound that matches the phoneme, or language snippet, from its sound file. In this case, it would produce the word “pat” by combining p+at. Now, machine learning allows the device to mimic human voices in a way that makes it sound like that person is speaking, and many are quite convincing.

Uses for a Text to Voice API

Text to voice systems are no longer limited in use to those who need assistance reading or speaking. An application programming interface (API) allows them to integrate with many types of software. Some text to speech systems can even support multiple languages or dialects.

 

Read-aloud technology is being used to help kids learn to read. It can be used to read a document or book manuscript for editing purposes. It is also being used by YouTubers to generate “faceless” videos where they write what they want to say and allow the technology to do the voiceover for the video. Speech synthesis technology opens new frontiers in many areas.

How Businesses Use Text to Voice

Almost everyone has interacted with a text to voice API because it is the technology behind business call centers. When a customer calls into the system, it can route calls or provide a message according to how the customer responds using their dial pad. For instance, it can route them to the correct support person when they press “1”. This software can also transform your text messages into a custom message to send to potential customers.

 

Text to voice technology offers many possibilities for automation. Businesses use them to send messages out to a contact list for lead generation. This means you can send the message out to a large contact list without the need for individual cold calling.

Your sales team will only need to respond to potential customers who indicated they were interested, which allows you to launch a more targeted campaign.

Text to voice can also develop an automated support system that helps educate customers and provide answers to basic questions they might have.

Language is no longer a barrier in call center operations. Many systems can support multiple languages, so you can send calls anywhere in the world. You can set them up to send appointment reminders, alerts, and any other type of message.

Text to speech allows you to preschedule automated voice messages to mobile or landlines. Systems can call the number and detect whether a human, fax, or voice mail answers.

It can then provide a message and an interactive response. It is an excellent resource for outbound call centers and many other business types. Systems are easy to set up and are convenient to use for call centers and customers, making them an excellent resource for many business needs.

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Business

Who are Crypto Market Makers and Market Takers?

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Understanding liquidity and trading dynamics is essential for those entering the cryptocurrency market. This knowledge helps young investors handle unpredictable crypto markets with minimal losses. At the heart of these dynamics lie two central roles: crypto market maker and taker. Their activities create a liquid, efficient, and dynamic trading environment essential for the healthy functioning of any financial market.

What is a market maker? What is a taker? And what are their roles in crypto trading? This article unveils these common questions for beginner investors.

What is Market Liquidity?

In simple terms, market liquidity is the ease with which an asset can be quickly bought or sold without changing its price. High liquidity is synonymous with a stable market, where transactions can occur seamlessly and with minimal slippage. In contrast, low liquidity leads to a more volatile market, where trades can significantly impact the asset’s price. Crypto volatility, inherent in the digital assets market, highlights the importance of liquidity for maintaining market stability and investor confidence.

Who are Market Makers?

A market maker is an individual, a financial entity, a crypto market making company, or a high-frequency trader responsible for providing liquidity to the market by continuously buying and selling cryptocurrencies at publicly quoted prices. A crypto market maker operates on a market maker platform, using advanced algorithms to quote both buy and sell prices for particular crypto assets around the clock.

The role of market makers extends beyond simply facilitating trades. They also help narrow the bid-ask spread. That’s the difference between the highest price that buyers are ready to pay and the lowest price that sellers would accept. This narrowing reduces trading costs for all market participants and contributes to more efficient trading.

Market makers take on the risk of holding cryptocurrencies in their inventory, exposing them to volatility. They manage this risk through various strategies, including hedging and adjusting their quoted prices based on market conditions.

Calculating profit and loss (PnL) is crucial for crypto market makers because it helps them evaluate their performance. How to calculate PnL? Here is a short instruction:

  • Realized PnL. It is the profit or loss made on completed transactions. It’s calculated by subtracting the buying price from the selling price for each trade. If a market maker buys 1 token at $10,000 and sells it at $10,200, the realized PnL for this trade is $200.
  • Unrealized PnL refers to the profit or loss on positions that have not yet been closed. It’s calculated based on the current market prices compared to the prices at which the assets were initially bought or sold. If a market maker holds 1 token that was purchased for $10,000, and the current market price is $10,500, the unrealized PnL is $500.

A market maker must consider the value of their holdings, which can fluctuate with market movements. These changes directly affect the PnL. If the market value of the inventory increases, it positively impacts the PnL, and vice versa.

Who are Market Takers?

Market takers in crypto are individuals or entities that execute trades based on the prices provided by market makers. When a market taker decides to buy or sell a cryptocurrency, they choose the best available price in the market, thus “taking” the liquidity out. This role is not less important in the trading ecosystem, as it ensures that transactions are executed, contributing to the market’s volume.

The difference between maker vs taker is crucial in understanding trading fees on various platforms. Typically, market takers pay slightly higher fees than market makers. That’s the cost of taking liquidity out of the market. Low fees for makers stimulate market participants to provide liquidity rather than take it out.

What is Market Making in Crypto?

Market making involves using automated systems and algorithms by market-making companies to provide liquidity on exchanges. These systems constantly change buy and sell orders based on real-time market conditions to ensure they are providing competitive prices. The goal is to profit from the spread between buying and selling prices while minimizing the risk posed by market volatility.

The significance of market-making extends to stabilizing crypto prices. In markets where liquidity is low, a large order execution can move prices, creating an arbitrage opportunity but also increasing the risk for regular traders. Market makers reduce such risks by ensuring that there is always enough volume on both sides of the order book (to buy and to sell).

Market makers and market takers in crypto play complementary roles in the crypto ecosystem. Their interplay forms the backbone of the cryptocurrency trading landscape. By ensuring liquidity, minimizing price volatility, and facilitating efficient trade execution, they create a favorable environment for investors. As the crypto market continues to grow and more participants come in, the roles of makers and takers will undoubtedly adapt to new challenges and opportunities.

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