Interview with Numerai CTO: So how exactly does Erasure, which raised tens of vast amounts, play the role of "Data Lego"?
Set alongside the prediction market for the results of public events such as for instance Augur and Gnosis, Erasure is devoted to making almost any information (including private data) available for sale.
Original Title: "Dialogue Erasure: A brand new DeFi Scene with 11 Million USD Financing"
Borrowing is indeed the core demand of the marketplace.
Regarding CeFi, Renrenbit's Q1 financial report unmasked that its net profit exceeded US$1. 297 million.
When it comes to DeFi, the lock-up value of Maker, compound, and Synthetix has long occupied significantly more than 70% of the full total lock-up value of DeFi.
When confronted with the validated business model, the late players no more pursue new stories. They chose [pragmatic]: With ready-made services and products and logic, they spend their energy on fighting for the marketplace and resources.
There is nothing wrong with this, a good type of rationality.
In the end, the great start of 2020 failed to give us the courage to inform new stories.
But now, many people continue to be wanting to widen the boundaries of DeFi. And counting on the brand new story, this March got 11 million US dollars led by Placeholder and Paradigm. Within the last round of US$7 million financing, USV was their early investment institution.
How come Placeholder vote for Erasure? Joel Monegro, the proponent of the "Fat Protocol", values the imagination of Erasure. Whenever we regard information as a commodity, what exactly is the value of services and products that may filter/eliminate inferior information? It really is called "Data Lego".
Why did USV vote for Erasure? USV boss Fred Wilson values the team's power to innovate. Erasure could be the latest product created by the crowdsourced fund Numerai. In comparison to having an earth-shattering idea at the start, they have experienced 3 innovations.
Numerai was originally to supply financial data for data scientists, for users to teach models to submit predictions on the stock exchange, and the winners get incentives.
* For the very first innovation, they introduced tokens and became the most used application of tokens on Ethereum.
* The 2nd innovation, to be able to deal with a lot of users who submitted unreliable prediction results and wish to decide to try their luck to earn rewards, a stake mechanism was introduced to mortgage NMR to result in their data results.
* For the 3rd innovation, they abstracted this group of mechanisms and created a mortgage-delivery-satisfaction/punishment staking agreement. And based on this agreement, an information trading market ErasureBay was developed, which just happened to start the journey of DeFi. From the product perspective, Erasure is in fact very simple, anonymously, post a request, mortgage 500NMR to collect answers, and set a penalty ratio of 0. five. Because Xiao Wang has verified his true identity and has good credit, he only has to mortgage 100NMR and set a penalty ratio of just one. 0.
Xiao Dai and Xiao Wang could be buyers and sellers of each other.
When Xiao Wang thought that Xiao Dai failed to meet his needs, Xiao Wang used five NMR to destroy Xiao Dai's 10 NMR at a ratio of 0. five: -
When Xiaodai believes that Xiaowang hasn't met her needs, Xiaodai spends 10NMR at a ratio of just one. 0: 1 to destroy the other party's 10NMR.
From the perspective of the scene, Erasure becomes interesting.
Besides the outsourcing market like "Who can draw me an emoji, I will reward 10 yuan", maybe you can:
* On the blind date internet site, netizens rushed to discover that the other party was a scumbag? Deduct the deposit;
* The exchange receives 100 applications for listing each day, first in line with the funds put on post the stake, and priority is directed at individuals with more stake;
* A lot of rumors on Weibo? Before posting the stake, I directly filter bloggers who are not afraid of taking a loss with a stake of more than 100 yuan. Read this, you basically understand what Erasure is.
Should you want to learn details, you are able to have a look at the event of DeFi Labs today: I invited the CTO of the Numerai team, Anson Chu to talk in the group. Additionally it is their first show in the Chinese community.
These could be the translation, enjoy:
@ 代代 | DeFi Labs
Numerai is really a veteran project, and friends who entered in 2017 ought to know it. Let Anson Chu introduce it first.
@Anson Chu | Erasure
Hi everyone, i am Zhu Guangzu. I came to be in Hong Kong and studied computer science in the usa. Before I worked in the machine learning number of Uber, now I am the CTO of Numerai. Pardon me!
Numerai hedge funds are situated in the usa and have been trading on the worldwide stock exchange since 2017. The hedge fund is promoted by the Numerai Data Science Competition and has held it's place in operation since 2015.
Numerai Tournament, Erasure Quant and Erasure Bay will vary applications on the basis of the Erasure protocol. Numerai Tournament and Erasure Quant are both competitions used to predict the stock exchange.
The main difference is that Numerai Tournament uses obfuscated data, while Quant does not use obfuscated data. Our latest application, Erasure Bay, is really a market for several kinds of data-not just stock forecasts.
@ 代代 | DeFi Labs
Numerai has fully gone through a few rounds of product innovation. We can note that the original version of Numerai is much like a hedge fund that includes the wisdom of everyone, while Erasure Bay is similar to market of information and forecast data. What prompted you to make this change?
@Anson Chu | Erasure
Numerai Tournament could be the "decentralized artificial intelligence core of the Numerai hedge fund. The more data it could access, the better the performance. Our strategy is always to provide it with an increase of and much more data until it could access the planet. " All of the data on it.
Erasure is definitely an agreement to get and sell home elevators a decentralized network, and Erasure Bay could be the easiest way to make this happen. By integrating in to social media platforms like Twitter, we can quickly reach a wide audience.
Our hope is to utilize this protocol to construct more and more applications such as for instance Erasure Bay (an information market for several kinds of information), in order that 1 day most of the data in the world will be sold there.
The problem is that many data in the world just isn't for sale. It really is traditionally difficult to get and sell data. The blockchain will help solve this problem. This is the reason we established the Erasure Agreement.
These contents come in our master plan.
@ 代代 | DeFi Labs
Technically speaking, are you able to shortly introduce the architecture of Erasure Protocol and Erasure Bay? Which parts are decentralized and which parts are centralized?
@Anson Chu | Erasure
The Erasure protocol is 100% decentralized and open source. Generally speaking, it's a group of libraries, patterns and smart contract frameworks that will help you build decentralized applications based on staking and punishment.
The agreement uses smart contracts as a "factory" to generate a flexible and secure "agreement". We believe it will support another generation of decentralized applications.
Erasure Bay is really a decentralized application built on top of the Erasure protocol. The application form is just on the client side and directly interacts with Ethereum. The web site we built is fast and convenient to use.
Every transaction on Erasure Bay will establish a new staking and penalty agreement between buyers and sellers. The agreement has been fine-tuned to the actual needs of each transaction.
@ 代代 | DeFi Labs
Regarding usage scenarios, besides the data market, have you got other in the pipeline application scenarios? For example , the outsourcing market?
@Anson Chu | Erasure
We are expectant of that all data from all over the world will in the course of time be used on Erasure. Besides the data market, we can also note that Erasure could be put on a great many other situations: dating applications, spam filters, labor markets and also real estate transactions.
It is possible to find out more about these ideas in.
@ 代代 | DeFi Labs
We realize that Augur and Gnosis are two representative decentralized prediction market projects. What exactly is the primary difference between Erasure Bay and them? Will there be whatever Erasure Bay can perform but Augur and Gnosis can not?
@Anson Chu | Erasure
Augur and Gnosis are prediction markets for an individual prediction type-the outcome of public events. Erasure Bay is really a market where almost any information (including private data) can be bought and sold.
Technically speaking, both Augur and Gnosis depend on centralized oracles to resolve disputes between a group of people in one smart contract. Erasure Bay generates a custom staking and penalty contract between each buyer and seller, which will be more flexible and customizable.
Joey Krug, the co-founder of Augur, is a consultant to Numerai and a pal of the organization since 2016. He appeared inside our Building The Meta Model on Numerai video.
He's also among the authors of the 2017 NMR white paper.
@ 代代 | DeFi Labs
Because it is any information, it involves the matter of information quality. We realize that Erasure Bay is really a decentralized market. If there is some painful and sensitive information or illegal information, what should we do? Do you have a content review mechanism?
@Anson Chu | Erasure
All reported content will be deleted from the Erasure Bay internet site. Because the protocol itself is decentralized and the information is encrypted, there is no-one to filter or censor the content.
@ 代代 | DeFi Labs
We realize that the oracle is really a bridge between on-chain and off-chain data. Can Erasure Bay be used as an oracle means to fix meet the needs of on-chain data?
@Anson Chu | Erasure
Erasure Bay may be used as an off-chain to on-chain solution, but its method is significantly diffent from the oracle.
As an oracle machine, you'll need to make sure that the information is 100% accurate. If the correct rate of the oracle is just 99. 9%, all of those other system will be destroyed. If somebody disagrees with caused by the oracle, then this sort of event will either be resolved separately off-chain or even a vote will be initiated.
In Erasure, you are able to never assume that such a thing is 100% reliable. When using Erasure, you are able to get a grip on the chance by staking and setting penalty coefficients. This is a more flexible means of data processing, which prompts users and applications to properly handle uncertainties and risks.
@ 代代 | DeFi Labs
I saw that you put up a twitter specifically to produce requests and will be offering.
Why use Twitter to post requests? Do you have plans to build up your personal demand release market to expand more users?
@Anson Chu | Erasure
We post requests to social media to greatly help them attract more potential sellers. The reason we started with Twitter is that Twitter could be the main location for our community and followers.
We also made a decision to use Twitter to discover the Erasure Bay application itself, because we want the first requests on Erasure Bay to be as organic and diversified as possible, instead of trapping users in a box about where certain information ought to be applied.
We believe that the easiest method to attract more users is always to let users decide where to send the request. In the foreseeable future, we want to integrate with every platform including WeChat and Telegram.
@ 代代 | DeFi Labs
There is a commit reveal plan, where data buyers can see the information before everyone else. But what about data that is not time painful and sensitive? Can data buyers choose never to ensure it is public?
@Anson Chu | Erasure
The customer can choose whether to "reveal" the result. Buyers on Erasure Bay can choose never to disclose what they have purchased. Actually , we are expectant of that many of the private data and information sold will never be disclosed.
@ 代代 | DeFi Labs
Under the preset penalty coefficient, if I am not satisfied with the seller's service, the result will be that I take advantage of a small amount of money to punish most of his money. But about satisfaction, let's say there is a dispute?
Because of the penalty coefficient mechanism, if the information buyer just isn't satisfied with the ultimate result, the information seller may lose the pre-staken NMR tokens. If the 2 disagree, can the information seller appeal? If there is no such mechanism now, can there be any want to introduce it in the foreseeable future?
@Anson Chu | Erasure
In the standard arbitration process, you have to disclose all information to a reliable third-party arbitrator. This can be impractical when working with private data.
In Erasure, buyers and sellers unilaterally resolve disputes through staking and punishment. No arbitration is needed.
@ 代代 | DeFi Labs
The end result just isn't to entangle [right] [wrong] but to spotlight [satisfied] and [not satisfied]. A game process.
Postscript Anson later said which our industry wants to say "trustless", but believes that crypto could also be used to "Build Trust". I think so.
To talk about this system today, I also hope that along with working hard in the core market, many people are prepared to continue steadily to innovate and expand the boundaries of DeFi.
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