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A bit more about Numerai
Recently Binance ( currently the largest Cryptocurrency Exchange ) added the Numerai Token to its US based exchange. I’ve been involved with the project for a few years now ( see disclaimers ) and if you are into Data Science, and/or Hedge Funds you might already know about them, but what if you just heard and are curious ? I’ll try my best to give you a not so impartial look in layman terms.
Disclaimers : I have been a participant in the Numerai tournaments for a few years and hold/earn NMR, I also worked for them doing UI/UX for a couple of months way back, I've been critical in the past and some days I love them and some others not so much, but overall I want this type of project to succeed (see last section)...Also this post is not sponsored, opinions my own, not investment advice, yada yada. What is it ?
In order to understand the Numerai project you need to understand a few concepts, the first one being a hedge fund which in few words is an investment fund with a specific investment strategy, in the case of Numerai this profile/strategy is something called Market Neutral which basically means they want to do well ( or not as bad ) as the overall market is doing when it goes up and down, something that is notoriously difficult to do in wall street.
Now usually Hedge Funds employ a few highly technical folks that specialize in coming up with strategies to get ( or try to get ) a specific return and so Numerai has abstracted this element and crowdsourced it, if you’ve ever heard about a hedge fund manager getting paid millions, that is in part the job that got crowdsourced here, we don’t get paid millions though but for some contestants it constitutes an additional or primary income stream.
As mentioned this is not meant to be a introduction if you are thinking of competing, if that's your case I'd refer you to their documentation which has improved considerably through the years :https://docs.numer.ai/tournament/learn
The second concept you need to understand is the Cryptocurrency Tokens Numerai uses to pay users that stake on their models.
