Prediction market startup Numerai raises $11 million in ICO Forex Trading News
Numerai is an American prediction market company and hedge fund that recently raised $11 million in an ICO so it can launch the Erasure project. What Numerai does is “… incentivizing the construction of an artificial intelligence hedge fund with Numeraire, a cryptographic token on the Ethereum blockchain.” The network that Numerai uses, the Numeraire network was introduced in 2016, providing cryptographic and blockchain ecosystem based on tokens for motivating anonymous data scientists to create different predictive models.
The startup’s platform uses Numeraire tokens in the trading market predictions. According to press, the funds from the ICO will go towards the company’s Erasure project. Erasure is the decentralized unit of the company’s marketplace.
The unit will give the opportunity to all scientists and users to actually sell their predictive models to any investment fund of their choice through the public network with the help of the InterPlanetary File System (IPFS), a peer-to-peer network. Apart from the interesting market model of Erasure, the unit will also enable any predictive models to be done on any asset. Erasure will help the hedge fund diversify its product base significantly.
