Erasure is built in such a way that anybody from anywhere has the capacity to forecast the market, place bets with the NMR token and monitor what happens without stress.
Numerai built the Erasure Protocol. Numerai came up to be a hedge fund by the efforts of Richard Craib five years ago. Richard was recognized by Forbes in the year 2017 as one of those below the age of 30 to make significant impact in Finance. He was aged 29 at the time of recognition.
The first amount of money Erasure got through a fundraising campaign was $1.5 million and that was in April 2016. It was Naval Ravikant and his likes that saw the opportunity presented by the firm and invested in it. Few months later, another campaign led to the realization of $6 million.
Prior to the creation of NMR, data scientists from different countries liked to participate in giving Numerai their own version of what could be used to forecast the stock market. They were encouraged to do so for the sake of getting some BTC.
Roughly one year later, Numerai built its NMR token—an ERC20 type. This token was used to reward those that continued supporting the development models for top-notch forecasts.
Reasons to pick Erasure Protocol
Nothing like Erasure Protocol existed before its time. Its creation was necessitated by the need to make full use of “trapped information” by improving on its standard.
Numerai said many people, even though they would have loved to use some information, had no choice than to forget it since they couldn’t have been sure of the authenticity of such information. By the way, even the person who revealed the information can do nothing about it most of the time due to some challenges, which could be monetary or something else.
With Erasure and Quant coming into the scene, it is now easy to be sure of the information provided. Contributors are encouraged to provide information that helps traders make profit, and they are pleased to buy more predictive tools for another time.
Quant is not the only good thing from Erasure. The protocol has also found a means of making testable facts available to anyone through the use of its ErasureBay.
Quant makes it possible for members of Erasure Protocol to do the following through its interface:
- Make forecast on the stock market
- Write it in code before posting to IPFS
- Record their times and dates
- Evaluate forecasts based on their level of correctness
- Tell the world about how accurate the forecasts are
Contributors are encouraged to do more when they remember that they will be given the Numeraire token (NMR).
Quality control is assured by preventing spamming. Users are also able to identify whose forecasts do not work, so they don’t have to go back to them again.
There is something called the “griefing factor” on Erasure. It is a means of convincing buyers to purchase a prediction model. Sellers stake their tokens for buyers to pull down if they are not satisfied with what they get.
Buyers are more attracted to sellers whose griefing factors are big since they are sacrificing more of their tokens to gain some trust.
Joining is easy
It is not difficult to get started on the protocol and its products. The only requirements for registration are the MetaMask web wallet and your email address.
You can go to https://erasurequant.com/signup once you are ready for it.
After entering a username name and email address, all is set to click the “sign up” button.
Users have a page where they can see their activities overtime. They can see what they have gained or lost previously and also calculate how many tokens were given up. Past performances are also made available on a chart.
Those who want to enter their own forecasts can do so with the CSV style. Once prepared, you can send it across by going to the summary page. You will locate the button for upload when you look towards the left.
Many first timers find it difficult to complete a CSV document that meets Erasure’s standards. The process has been simplified on this page.
It is possible to never run out of important updates from this community. To get first-hand information, follow Numerai on its twitter account or frequently visit the Medium for blog posts concerning the latest news and additional products.