Ethereum Blockchain Utilizes AI and Predictions for Stock Market Trading
The Ethereum blockchain is incorporating artificial intelligence (AI) and predictions from data scientists to enhance stock market trading strategies. This initiative, spearheaded by Numeraire, offers two main applications: Signals and the tournament.
Signals enables users to upload their trading strategies and earn rewards in Numeraire’s native token, NMR, based on their performance. On the other hand, the tournament is a weekly competition where participants submit algorithms that predict market movements. Winners receive newly minted NMR tokens while losing predictions result in burnt stakes. Scoring and payouts occur every four weeks.
Numeraire utilizes the predictions generated by its network to feed into a “meta-model” that algorithmically trades equities. This allows any user on the platform to leverage these aggregated insights for their own trading purposes.
Numeraire, founded in 2015, has raised $21.5 million without conducting an initial coin offering (ICO). Instead, one million NMR tokens were issued to 12,000 data scientists as a reward for their past contributions. By incentivizing predictions with crypto tokens, Numeraire aims to revolutionize finance, although some express doubts about the long-term viability of prediction-based trading.
The company continues to expand its network of data scientists interested in this innovative token model.
yPredict: AI-Powered Crypto Predictions Startup Raises over $3.8 Million
yPredict, an AI crypto startup, has successfully raised over $3.8 million in its presale with the aim of utilizing machine learning tools to analyze cryptocurrency price movements.
The company’s platform combines traditional time series models with modern AI techniques such as the ARIMA statistical model from the 1970s and Long Short-Term Memory neural networks. By blending these approaches, yPredict claims to provide highly accurate price predictions and pattern recognition for major cryptocurrencies like Bitcoin and Ethereum.
yPredict also plans to launch a marketplace that connects quants and traders through a subscription model. With the volatile nature of the crypto market, platforms like yPredict believe that advanced analytics can offer valuable insights to traders.
The company intends to expand its prediction models and data science team throughout 2023, with the goal of launching a beta version of its marketplace and integrated trading terminal by the end of the year.
With the constantly evolving crypto markets, leveraging technology for enhanced insights presents an attractive proposition. Building on its successful presale, yPredict aims to make sophisticated crypto analytics accessible to retail investors across the crypto-verse.
Hot Take: Unlocking Advanced Crypto Analytics for Traders
The integration of AI and predictions into stock market trading on the Ethereum blockchain by Numeraire and the emergence of yPredict’s AI-powered crypto predictions startup reflect a growing trend towards utilizing advanced analytics in the cryptocurrency industry.
These developments aim to provide traders with greater insights and accuracy in predicting price movements, ultimately enabling more informed investment decisions. By leveraging machine learning techniques, these platforms strive to tame the volatility and speculation inherent in the crypto market.
As technology continues to evolve, it is likely that we will witness further advancements in AI-powered analytics in the cryptocurrency space. This could potentially democratize access to sophisticated trading tools and level the playing field for retail investors.
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