What is Numerai?
Image from Numerai's website
Hi Steemians,
Today we are going to talk about Numerai, a hedge fund with a huge potential.
What is Numerai?
Numerai is a hedge fund which allows data scientists to build machine learning models and submit their predictions based on Numerai's data. Numerai encrypts its trading data before sharing it with the data scientists to prevent them from mimicking the fund's trades themselves.
By crowdsourcing all the data to data scientists, Numerai has created a collaboration platform of 12,000 data scientists to produce quality predictions and in return offering them a new token called Numeraire (NMR).
NMR runs on Ethereum smart contracts and it has so far distributed 1,000,000 tokens to 12,000 participating scientists.
The best performing data scientists will receive additional Numeraire (NMR). However, if their predictions turn out to be wrong then Numerai will destroy their NMR tokens on the blockchain and they won't get paid.
Why should you care?
Numerai has already raised $7.5 million in traditional venture capital from Union Square Ventures, Joey Krug (Augur), Fred Ehrsam (Coinbase), and Olaf Carlson-Wee (Polychain).
Also, Numerai has not been involved in any ICOs!
Numerai's token NMR is now trading on Bittrex at just under $100, up nearly 125% since 23rd June 2017.
The power of crowdsourcing brains of 12,000 data scientists can turn Numerai into a gigantic hedge fund hence I wouldn't be surprised to see 1 NMR trading at over $1000 in 12 months time.
I would like to hear your thoughts on this new token. Do you think it can outperform traditional hedge funds?
Until next time,
Rick
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it seems a very promising Ethereum token
Indeed, It does!
The real question is should we buy NMR now around $100 or wait for a dip?
I admittedly feel stupid about this one cause I had the opportunity to pick some up at around 30$ but btc tied up in other coins. At first I thought it may be a pump and dump but It doesn't look like its dropping in price at all. I feel like its long gone at this point cause its too risky to enter. There must be something about this coin for it to gain so much in one day. Checkout the most updated chart for it.
Such a crazy market right now.
I know, it was a crazy day yesterday. NMR is now trading around $150!
I think it should stabilise around $100-$150 range but let's wait and see.
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