Bittime - Artificial intelligence (AI) technology is increasingly dominating various fields, there is a platform that is changing the way financial predictions are done.
It's called Numerai, and behind this platform is an innovative and interesting concept. Let's take a deeper look at what Numerai is and how the platform leverages artificial intelligence for financial market predictions.
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What is Numerai?
Numerai is a platform that combines blockchain technology and artificial intelligence to predict financial markets.
This platform allows data scientists from all over the world to participate in competitions to develop effective predictive models.
These models are then used to make market predictions, with the aim of generating profits for investors.
Numerai enables data scientists from different parts of the world to collaborate and compete in developing effective predictive models.
Through the use of blockchain technology, Numerai creates transparency in the use and evaluation of predictive models.
By leveraging artificial intelligence, Numerai aims to improve the efficiency of financial markets and help investors make better decisions.
History of Numerai
Numerai's history began in 2015 when Richard Craib, a 29-year-old entrepreneur and data expert from South Africa, founded the company.
Craib has a background in mathematics and statistics, and he is interested in combining his knowledge in data analysis with the world of finance.
Initially, Craib worked as a data scientist at a hedge fund in New York. However, he began to feel frustrated with the traditional way of working in the financial industry, where a lot of information was not utilized optimally and the prediction methods used were not necessarily effective.
From his disappointment, Craib decided to create Numerai with a vision to change the way financial market predictions are made. He wanted to create a platform that leveraged artificial intelligence to produce more accurate and efficient predictive models.
In 2016, Numerai officially launched its platform. The platform allows data scientists from around the world to participate in financial prediction competitions using market data provided by Numerai.
Data scientists can develop their own predictive models and submit them back to the platform for assessment.
Over the next several years, Numerai continued to experience significant growth and development.
They continue to improve and expand their platform, attracting interest from data scientists and investors around the world. At the same time, they also began to apply blockchain technology to ensure security and fairness in the use of predictive models.
To date, Numerai remains one of the main players in the artificial intelligence-based financial market prediction industry.
They continue to innovate and develop to strengthen their platform and improve the quality of the predictive models produced.
With a clear vision and commitment to innovative technology, Numerai continues to make a positive impact in the world of global finance.
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How Does Numerai Work?
Numerai has several processes in place to create an ecosystem where data scientists can contribute to the development of accurate predictive models, while investors can access and use these models in their trading decisions.
By leveraging artificial intelligence and blockchain technology, Numerai aims to increase the efficiency and accuracy of financial market predictions. Here's how Numerai works which you can understand in more detail.
1. Funding and Data
Numerai obtains financial market data from various sources and encrypts it to maintain confidentiality. The company then shares this data with data scientists registered on the platform.
2. Model Development
Data scientists use the data provided by Numerai to develop their own predictive models. They use various data analysis techniques and artificial intelligence to produce these models.
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3. Encryption and Model Delivery
After developing their model, data scientists encrypt it and send it back to Numerai. This is done to protect the intellectual property of these predictive models.
4. Validation and Trading
Numerai tests and evaluates predictive models delivered by data scientists using real market data. Models that provide accurate predictions will receive points and incentives from the platform. These models are then used by investors in making their trading decisions.
5. Use of Blockchain Technology
Numerai uses blockchain technology to ensure security and fairness in the use of predictive models.
This allows Numerai to verify model ownership and ensure that prediction results are not manipulated.
How Does NMR Token Work?
The NMR (Numerai) token is a utility token used in the Numerai ecosystem. Here is how the NMR token works
1. Payout for Predictive Models
Data scientists who submit their predictive models to the Numerai platform are rewarded with NMR tokens in exchange for their contributions. The more accurate and effective the model submitted, the more NMR tokens the data scientist receives.
2. Payment for Accurate Predictions
In addition, investors who use predictive models provided by Numerai in making trading decisions can also provide rewards in the form of NMR tokens to models that provide accurate predictions.
3. Staking for Model Validation
Data scientists can stake any number of NMR tokens as collateral for the predictive models they deliver. This aims to ensure that the models provide accurate predictions and are not manipulated.
4. Governance
The NMR token also has a role in decision making in the Numerai ecosystem. NMR token holders can choose to participate in decision-making processes, such as voting on protocol changes or platform policies.
5. Internal Economy
The NMR token is also used as an internal payment tool within the Numerai ecosystem. This includes payments to developers, transaction fees, or other incentives within the platform.
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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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