databuff writes "Less than 24 hours ago, Jeff Sonas, the creator of the Chessmetrics rating system, launched a competition to find a chess rating algorithm that performs better than the official Elo rating system. The competition requires entrants to build their rating systems based on the results of more than 65,000 historical chess games. Entrants then test their algorithms by predicting the results of another 7,809 games. Already three teams have managed create systems that make more accurate predictions than the official Elo approach. It's not a surprise that Elo has been outdone — after all, the system was invented half a century ago before we could easily crunch large amounts of historical data. However, it is a big surprise that Elo has been bettered so quickly!"