Numeraire refers to a cryptographic token. This had been designed for coordinating machine intelligence by Numerai. This is meant to solve cryptographic problems within machine learning industry. The machine learning competitions become prone to over fitting. So, the creator of this token came up with a solution that offers a new auction system to make this over fitting economically unwise. Forbes has called this token the world’s first cryptocurrency which has been issued by hedge funds. The company had been created by a 29 year old South African Richard Craib. Together with his team, he created the technology which can mask the fund trade data before it is shared with anonymous data scientists.
Numeraire basically creates a platform which lets financial companies work together in an anonymous way much like hedge fund managers to improve their hedge fund management. This anonymously produces a machine learning Artificial Intelligence which can better manage financial securities. The main reason why this Numeraire token needed to be created is because financial firms will not usually work together to benefit one another. This is a competitive world which does not encourage information sharing at all. So, Numeraire has been able to come up with a system which enables scientists to work in unison using encrypted blockchain technology to enhance machine learning AI.
Numerai will make use of AI to create a smart and autonomous hedge fund. This can work in discreet ways based upon data which is collected by the data scientists. This platform will depend upon a technique which is homomorphic encryption and which ensures that these scientists cannot view details of the trades carried out by the companies. But the scientists will be able to create machine learning tools and models for analyzing the trades and will pave the way for efficiency in financial securities. The data scientists are unknown and Craib or his team will never know who they are before hiring them. the data scientists get paid through digital currencies which again preserves their anonymity.
Numerai remains a unique platform which encourages its users to build smart machine learning algorithm for better managing of hedge funds. So, it ensures smarter management of the financial securities. It is a complex operation no doubt which has much to do with mathematics and blockchain technologies. It is believed that the currency is going to encourage data scientists to come up with better predictions for stock markets and this will in turn improve hedge fund performances. So, it will be able to give back more wealth to the anonymous workforce.
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