To make an incentive based task on 1729.com for user engagement. I have already drafted the task (explaining Numerai and task details). It rewards top 10 submissions with $100 NMR based on CORR + MMC after the round closes. The goal is to release the task on Monday so new users have a week for experimentation before making a submission.
since 1729.com has higher reach to a broader audience working on Blockchain and Machine Learning, this task would put Numerai to a bigger appropriate audience and hopefully will help in Token appreciation by a larger audience.
Timeline
The draft is ready which is just explanation of Numerai and the task details. If the task is released on Monday, the submissions will be made next Saturday. The round takes 4 weeks to close. So, we’d have winners after 5 weeks.
Best case outcome
Many new users join. Top 10 rewarded $100 in NMR (will be distributed by 1729.com, preferably on Coinbase wallet with instant transfer). Hopefully, some of that will stay in the tournament through stakes.
Word of mouth sharing from some influential Crypto and ML twitter handles.
Worst case outcome
No one submits (highly unlikely)
Only 10 submissions, and all rewards are sold. No user turnout.
Success criteria
If the team has some kind of analytics to see how many sign-ups are coming form the task post, we can see how many users joined and set a baseline for counts.
Funding required
Yes, 1729.com tasks needs at least $1000 in Coinbase supported cryptocurrencies. I currently do not have that much to fund. According to them, it’s better if the company funds. can get more reach this way.
P.S. The task is currently hosted on a pseudonymous twitter account on a Ghost blog atm. I’d recommend going through 1729.com and have a look on how the tasks are organized.
Is there a way to prevent existing users to participate? Two straight-forward requirements I could think of: 1. eligible submissions need to be made from a newly created account 2. submissions need to be different to any existing model (different score at least)
I don’t think you’ll be able to police it. Perhaps think of it as an advertising expense, where the prizes offered as part of the promotion don’t actually make it to the group targeted.
Hi - As I watch the payout factor go down each week, I wonder about drawing more NMR into the tourney. Are there other forms of user engagement being considered that would help with what you call “Token appreciation” that wouldn’t result in more staked NMR?
Do you have a target total stake value that you’re aiming for, or is the belief that higher is better? If the latter, I feel like there could/should be a little more nuance here in terms of what the growth goal/target is before you start spending money. Aka “the CoE believes the ideal amount of NMR staked in the tourney should be X for the following reasons.”
As tourney participant, my answer for X is X <= 300k, given that at 300k is when the payout factor begins dropping. What is X from the perspective of Numerai HQ if different from mine? And what is the CoE’s responsibility in terms of incentivizing one X over another?
Is anyone on the CoE looking to figure out ways to get the total staked NMR down below 300k again? If not, why? Would that have an impact on “Token appreciation”?
Sorry for the flood of questions, but this proposal raises many for me.
As someone new to NumerAI and new to this type of experiment, the reason I haven’t had many new submissions isn’t the lack of wanting to do it. The onboarding process is fairly difficult. I’m not a complete newb when it comes to Machine Learning, yet I have a long way to go before I feel comfortable staking the new minimum required NMR. After spending the whole day looking at documentation and tutorial videos, I don’t see myself staking within a months time (even if I were given the chance to win $100). However, that might be the question. Who are you trying to get to come stake? Just trying to add information to the thought process. Thanks for thinking about ways to improve the community.
Actually, the more I think about it, the less I like the concept of paying people to join. There is already plenty of incentive to join and participate. I think the advertising aspect is more important.
That is the crux of the matter. What is the true end goal? More people submitting linear regression model predictions? More people competing at the highest ranks? A new champion model? More people learning about AI? More people getting involved with Numeraire in general? Once that is decided, then we can figure out where to go and who we want to “hire” for $100 reward. Just my open and honest thoughts on the matter.
Running with surajp’s idea and stepping back a bit, perhaps an idea is for the CoE to run a competition, open to everyone, the winner is whoever attracts the most new users to create accounts and make a submission.
Whether it be by targeted advertising, blog posts, or whatever anyone can think of. Incentivise the community to get it out there.
Not sure how you would determine where new users came from, but that is a problem for whoever makes the proposal.
We can try our best to make sure only legit submission are selected. the goal is to reach a broader audience who thinks not being able to stake as a barrier to participating in the tournament. Marketing is a side product of this, but the platform has a great reach and I expect a good amount of new users joining
I wanted to test this with my private funds, and then scaling to a bigger audience with Council’s fund so it won’t be wasted. But I don’t have that much to fund so I made a proposal
Staking isn’t a requirement in this task. We need to encourage new users to start making submission and test their model. Eventually staking would follow. It’s the framework of 1729.com to have some kind of incentive (at least worth $1000 in any crypto. The best distribution setting is to give $100 worth to benefit maximum number of task doers.
exactly. we can create blogs on our own and try to reach to new audience or we can utilize these platforms with great reach to send our message. I’d highly recommend going through 1729.com seeing how that works.
That’s not public but they have 18k followers on Twitter + balajis with 300k followers + his investor network on twitter + thousands of Blockchain influencers. So we can expect it to reach a bigger audience with network effect.
With “Token appreciation”, I meant the NMR token’s valuation, and the general perception. Staking isn’t required in the tournament. This is an attempt to make Numerai reach to appropriate audience through reputed and broader reach mediums. This would not result in stake increase affecting payout factor.
Again, staking isn’t the goal right now. Let us first reach to a broader audience and let them decide if they want to stake or not. I wanted to run a small experiment on 1729.com but due to lack of funds I have made a proposal here. The goal was if that experiment succeeds, Council can fund something like this on a relatively bigger scale.
I have no answer on that. Maybe you can write a post asking about the payout factor so it can be discussed there broadly.
After discussing with some of my friends in ML and Blockchain across the world. It’s mainly staking that’s bottleneck. If I will never have NMR to stake, why participate. The reasons for that are, primarily, financial(high entry to crypto) and technical(no crypto allowed).
Why would should one keep submitting without staking? If you look at Kaggle, there is some reputation tied to an expert, a master, a grand-master. If Numerai is the “Hardest data science tournament on the planet” then the message should reach to appropriate audience. and what could be better than Balaji Srinivasan and top influencers?
Wasn’t the original user acquisition done in similar way with airdropping to top Kaggle users? It’s very similar to that except the fund is very limited and the platform is 1729.com.
If new to crypto, it could be a very good introduction and encouragement. With the 3 NMR minimum stake it is starting to push up a barrier to entry, so I can definitely see a positive in that context.
Concerning 2, one can submit, learn how it works, and get confidence in models without risking a cent. After some time and with some experience, if they are good, they have financial incentive to obtain NMR and start staking, and they will be rewarded.
If they are no good, then they have the choice to continue learning, or discontinue. This is not a bad thing, for the individual or for Numerai.
Concerning top influencers, perhaps they could be communicated with directly.
I’d be inclined towards voting for this proposal if we can ascertain that it’ll get a tweet or an RT from balajis’ twitter account. Also, ~300k followers is about 0.5 lexfridmans on twitter.