Numerai, a startup backed by Union Square Ventures, considers it is important to have production-grade financial data, which is not easy to find, the Currency Analytics website.
Hedge funds keep production-grade financial data a secret because they spend millions on buying and managing such data.
However, Numeraire provides such data for free, but keep it obfuscated to preserve the underlying assets.
Developers use the data and work through modeling, scoring, staking and earning a spot on the leaderboard.
Sydney Ifergan, crypto expert, said on his Twitter account:
“Using data from Numeraire (NMR) developers train the machine learning algorithms to submit predictions to the hedge fund. They are set to monopolize data, money, and intelligence and eventually decentralize Monopoly. Good.”
Numeraire (NMR) is cryptocurrency running on a decentralized network of autonomous artificial intelligence agents. NMR plays a great role in expanding its community of data scientists as well as boosting the quality of the intelligence it offers.
Numeraire launches Erasure protocol
Erasure is a smart contract based on Ethereum. It allows users to exchange information and express trust about such information by placing money behind it.
Numerai has used Erasure only to buy forecasts for its hedge fund. The startup has developed Erasure Bay, which is an information knowledge marketplace.
Numerai’s Jonathan Sidego told CoinDesk:
“Erasure Bay is a place to request information and to tell information, and to trust the person you are doing the business with. To trust a counterparty in a way that you haven’t been able to trust people before.”
“Erasure Bay proves someone has money they will back their information with. “It’s a simple way of putting skin in the game without a middle man,” he added.
The firm was established in 2015 and created its NMR token in June 2017. The company has sold $11 million worth of the ERC-20-based token in a round led by Paradigm and Placeholder in 2019.
At the time of writing, Numeraire rose 2.87 percent to $13.600. It ranks 69th with a market cap of $61.93 million.