02/2023

6 min read

Competition

The Power of Collective Intelligence: Why CrunchDAO is the Best Quant/ML Competition

Before i dive into Why i think CrunchDAO is the Future of Quantitative Finance and Machine Learning Competitions, let’s understand what DAO and how the technology is valuable from a Data Science perspective.

Hakeem Kazeem

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What is a DAO

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DAO stands for Decentralized Autonomous Organization. You can think of DAOs as analogous to companies in the real world. Essentially, DAOs allow for members to create and vote on governance decisions.

In traditional companies, when a decision needs to be made, the board of directors or executives of the company are in charge of making that decision. In a DAO, however, this process is democratized, and any member can create a proposal, and all other members can vote on it. Each proposal created has a deadline for voting, and after the deadline the decision is made in favour of the voting outcome (YES or NO).

This decentralized structure allows for greater transparency, as all actions taken by the organization are publicly visible on the blockchain. Additionally, it removes the need for intermediaries or central authorities, reducing the cost and increasing the speed of transactions.

From a data science perspective, DAOs provide a unique opportunity to leverage collective knowledge from a decentralized network of data scientists and machine learning experts to produce more accurate and reliable predictions for financial markets and other areas where data-driven insights are valuable. This model enables data scientists to collaborate and share their expertise with each other while also providing a new way to monetize their skills and knowledge.

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What is a CrunchDAO

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Basically my last paragraph defines what CrunchDAO is and more.

CrunchDAO is a research team of data scientists leveraging the power of collective intelligence and Web3 to produce and sell predictive financial insights.

In other words, CrunchDao is a group of data scientist giving predictions which are then ensemble to have a ranking or signal , and crunchdao sells this signal to different financial institutions. Learn more about this Here.

As a data scientist, being involved in a CrunchDAO can also provide opportunities for learning and growth, as well as networking with other experts in the field. By contributing to a DAO’s decision-making process and sharing their expertise, data scientists can help shape the future of the industry and play a critical role in driving innovation.

Each Rounds of submissions are opened between friday and tuesday.

CrunchDAO focuses on qualitative members, there is an onboarding session for every new memeber and has limited number of seats on the DAO.

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Why CrunchDAO is the Best Quant/ML Competition

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CrunchDAO like platforms hosts machine learning competitions, but there are several ways in which CrunchDAO stands out as a better option for data scientists who are participating in these competitions.

Decentralized computing network: CrunchDAO’s decentralized computing network of 2,000+ data scientists is unmatched in the industry. This gives them a significant advantage over other platforms, as they are able to tap into a diverse range of perspectives and expertise to produce more accurate and reliable predictions.
Monetization: Unlike other ML competitions where most times the Top 3 Data Scientist or Model are rewarded, CrunchDAO offers a new way for data scientists to monetize their skills and knowledge. By contributing to their network, data scientists are rewarded by earning tokens called $CRUNCH that represent their stake in the organization and the value of their contributions. Remuneration are calculated according to the correlation of their predictions with the stock market and each Data Scientist score is computed on a daily basis.
Focus on financial insights: CrunchDAO’s focus on financial insights sets them apart from other platforms hosting machine learning competitions. Their expertise in this area allows them to produce more accurate and relevant predictions for their clients, giving them a significant competitive advantage in the financial industry.
Civil Duty: Each member of CrunchDAO can vote on the governance for or against any proposal in a decentralized manner i.e all recorded on the blockchain.

Overall, while other machine learning platforms are useful tools for data scientists, CrunchDAO’s combination of collective intelligence, Web3 technology, expertise in financial insights, and decentralized computing network make them a better option for those looking to participate in machine learning competitions.

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Get Started: How to get started with CrunchDAO, you’ll find informations about how to download and create a Wallet, a starter notebook for EDA and feature engineering and how to make submissions.

CrunchDAO Socials

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References

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02/2023

Competition