CrowdWiz: Wisdom of Crowds and Blockchain
The wisdom of Crowds is a principle that explains how the aggregation of thoughts and knowledge of individuals in a crowd are better at performing tasks such as problem-solving, decision making, and predicting than individual experts. An area that could greatly benefit from the wisdom of crowd is investment and cryptocurrencies.
An Estonian start-up called CrowdWiz created investment products using the public Ethereum blockchain platform based on the principle of the wisdom of crowds. CrowdWiz is in the process of creating the “world’s first crowd wisdom fund.” The product is called WizFund, a self-governed crypto fund, in which users participating in the fund will vote on how and where the fund should be invested. Since the WizFund utilizes the decentralized system of the blockchain structure, there is no fund manager who makes all the decisions on behalf of the investor; the wisdom of the crowd determines the next move of the fund. This kind of system enables a transparent investing environment where no party has an unfair advantage over other parties. Hence, this platform enables participants to minimize risks and lower costs. In addition, the wisdom of crowd and the blockchain structure will help maximize the profits of all participants and enhance them with a variety of investments and financing opportunities. Through this fund, less experienced investors will be able to take part in investing without having to do the extensive research that is usually required for investing. CrowdWiz were able to integrate a leading technology and the crowd of wisdom to create a business chance that will benefit the whole and not just certain individuals.
Source:
https://medium.com/@Crowdwiz.io/what-is-crowd-wisdom-and-why-we-are-using-it-2aa49874a7d2