Numeraire: A Token For Connecting Machine Intelligence With The Stock Market Was Just Launched (And Without an ICO!)
It's rare to see these days a coin launched without an ICO, but when there's scientists involved - and not speculators - this seems the only logical choice.
Numeraire, a token for connecting machine intelligence with the stock market, was just deployed yesterday on the Ethereum blockcahin. Over 1,2 millions tokens were sent to over 19,000 scientists all over the world (according to the Numerai blog post on Medium). There was no ICO.
It's not the first time Numerai (the organization behind Numeraire) makes payments, the novelty is that they're making them in Ether, and not in Bitcoin. From the blog post:
Numerai has made over $200 000 in payments to our users. We have used bitcoin to make these payments. The problem with bitcoin is that it exists on a different blockchain to the Numeraire token. This drastically limits the extent to which decentralized applications based on Numerai can be automated and unstoppable because these applications cannot receive payment in bitcoin, they can only receive and use ether.
If Numerai made payments in ether, then a decentralized application on Ethereum could automatically use that ether to fund its operations (for example, its gas costs). Bitcoin payments make sense for people not for decentralized autonomous organizations (DAOs). We want to move more of Numerai onto Ethereum to accommodate DAOs. Making payments in ether will have large cascading effects for the kinds of applications that can interface with Numerai.
Today we are announcing that we are abandoning bitcoin. It will be phased out of Numerai by September 30th. From that point on, all payments will flip into ether and Numeraire.
These tokens can be used by scientists to make predictions on the Numreai website, by staking them. If their predictions are correct, then they may win some more, if not, their tokens will be destroyed by the blockchain. I don't have more details about this, but it looked intriguingly enough for a mention, maybe some of my followers will be interested about that.
Here's the official website of Numerai. Oh, and it's not just some tokens. It's a "hedge fund built by a network of data scientists."
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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I am definitely interested in the results of this experiment. Scientists are not famous for volunteering predictions, let alone making predictions concerning something they know nothing about.
Crypto and blockchain are going to revolutionize the way we interact with the things on internet, great initiative to support machine learning in stock market and thanks @drogosroua for sharing this inteesting news.
great thank you for sharing ,its good information
upvoted resteemed
nice post iam in this thank you.
Thanks for the updates and news @dragosroua!
I'll check it.
Interesting concept @dragosroua. Wonder if anybody except the scientists are going to use these tokens, lol.
thank you for sharing
What does this mean for an average Joe? Is this a possible product to invest in?
I don't think so. But it's a nice experiment with crypto, though.
Thanks for sharing this, will certainly check it out
Thanks!
This is very interesting. They're website is pretty slick, but couldn't help being reminded of the EOS webpage when I first landed on it.
Will be interesting to see what and whether they can pull it off!