AI Hedge Funds Are Moving To Ethereum Network - Should You?
Numerai, a hedge fund made by South African developer Richard Craib, has started to incentivize its unidentified information scientists with Ethereum's native token Ether rather than Bitcoin.
What is Numeraire?
In December of 2016, Craib introduced a concept named Numeraire, a Blockchain and cryptographic token-based ecosystem wherein information scientists are incentivized to produce a more efficient marketplace for traders. 12,000 data scientists within the Numeraire ecosystem were issued one mln crypto tokens to build an intelligence hedge fund that focuses on learning practical and more effective procedures of securities.
In an interview, Craib disclosed that all the data of the Numerai hedge fund is shared across its network of information scientists in an abstract way. Data scientists which are developing an system have access to the numbers but can not comprehend or link the amounts to trades.It is all about those "smart contracts"For more than six months since the release of Numeraire, over 12,000 data scientists within Numerai's ecosystem were compensated to this Numerai AI hedge fund system's evolution.
It’s all about those “smart contracts”
Since February, over $ 200,000 has been incentivized by Numerai in Bitcoin to its info scientists. However, since its contract that was smart and the Numeraire token are found in addition to this Ethereum network, the hedge fund struggled to create a harmonious and practical method of incentivizing its information scientists.
With tokens of applications that are decentralizedEther, the native token of Ethereum, is compatible with the tokens of decentralized applications launched in addition to the Blockchain, and that's why it's used as a currency peg for investors participating in initial coin offerings (ICOs).
Hence, for a decentralized autonomous organization (DAO) like Numerai, which sends out payments and executes intelligent contracts autonomously, it is more efficient in terms of time and price to pay out stakeholders with Ether.
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