The Numeraire network is an Ethereum-based system that allows data scientists and developers to carry out experiments and also facilitates the creation of machine learning models while improving their overall reliability. The major goal of the network is to provide the world of data science and software development with decentralization technologies to generally improve the effectiveness of machine learning systems in the world.
The network was founded in San Francisco in early 2015, and according to the team that is responsible for its creation the platform is said to be their first hedge fund that was launched in the cryptocurrency space. Unlike the regular hedge funds available, the Numeraire network relies on predictions and metrics provided by stock market participants. They also claim to be a pioneering platform in the application of machine learning extensively in their investment strategy.
Who are the Founders of Numeraire(NMR)?
The Numeraire network was established by Richard Craid, a largely respected professional across the world of information technology, and also serves as the CEO of the platform. Carib is a graduate of the University of Cape Town and obtained his degree in 2008. Later on, they acquired an additional bachelor’s degree from Cornell University and then moved on to UC Berkeley for a year after. He started his professional career with the Numeraire platform, a company that has made him a part of the Forbes 30 under 30 positions.
In general, Richard Craid has been repeatedly cited in several papers relating to hedge fund management and his revolutionary technology that relies on artificial intelligence to predict price variations for the stock market. Apart from that, the platform has also created one of the single largest data science tournaments in the world.
What is Numeraire(NMR) used for?
The Numeraire system operates as an artificial intelligence aggregation system which is known as a “meta-model” and is a system that incorporates the predictions it gets from the network participants who partake in its system. The hedge fund protocol uses an algorithm that trades equities in the stock market, purely based on the models submitted by users who have access to the network to use those available models by observing its usability across the array of products available on its ecosystem.
The NMR token also holds value to the network participants because besides trading it with other participants on the network, it can also be traded with other pairs of cryptocurrencies to earn profits for its holders such as VET and BTT.
What Is the Unique Point of Numeraire(NMR)?
The Numeraire platform and its dedicated token are different from most of the platforms available and the most basic form of this difference lies in the basic concept behind its development. Apart from being reported as the first cryptocurrency to be designed and released by a hedge fund, the platform also has a couple of additional benefits. One of these many benefits includes its use as a form of reward system for scientists who perform exceptionally well in the platform’s tournaments. This implies that the token essentially becomes significantly more valuable as more people become part of the tournament and partake in the competition.
Additionally, the models used for the tournaments also allow the Numeraire to be an active participant in the variations of the stock market and trading models based on the outcome of projects participating in the tournament. This approach is used by the platform to access stock trading and makes the Numeraire platform one of the available hedge funds that completely rely on a data prediction system that is based on an AI system.
How many Numeraire(NMR) coins are in circulation?
The max supply of NMR tokens available was pegged at 11,000,000. The capped supply of the token supply was put at 21 million initially, however, the network later announced that it was going to halve the maximum supply by half in mid-2019.
According to a press release from 2028, the Numeraire network stated that it had three million tokens under lock until 2028, and it also stated that the tokens would be allocated to individuals that participated in the tournament as a form of incentive. The Numeraire network also stated that an initial coin offering was not held. Instead, the network decided to apportion 1 million NMR tokens among 12,000 network participants with the highest data usage based on their statistics.
The Numeraire network also carries out a token burn every week because participants of the tournaments who enter losing models or lose their stakes have to be taken care of.
Is the Numeraire(NMR) Network secured?
The Numeraire token was designed under the ERC-20 specification and as such, the platform is secured by a dedicated proof of stake consensus algorithm. This implies that the network’s validators and participants who execute block creation are chosen based on the amount of NMR tokens they currently have in the stake. Generally, ERC-20 tokens have grown in popularity over the years and one of the reasons for this is their offering of overall increased use versatility. However, the Ethereum network still offers its participants the same amount of security as other blockchain networks operating under similar security systems.
Other popular consensus algorithms like the proof of work rely on the use of high amounts of electrical and computation power, however, the Ethereum network requires significantly fewer resources. This generally increases the scalability of the system while also opening it up to a variety of other use cases.
How do I buy Numeraire(NMR?
One of the major strong points offered by the Numeraire network to its participants is the level of security and the ability to earn tokens from a platform that also makes stock market predictions. Given that some of these predictions have been accurate in the past, the network’s usage has completely grown and is currently available at several exchanges. As such, these tokens can be easily purchased by the following steps.
- Create an account with a crypto exchange platform. NMR is available in Binance, DigiFinex, and Bilaxy.
- After, you will need to transfer a specific amount of fiat money to your crypto account through the funding options.
- Once the transaction is confirmed, you can purchase your NMR tokens.
The PTPWallet platform supports many cryptocurrencies simultaneously such as Numeraire (NMR). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Numeraire wallet because offers a simple and interactive interface making it easy for people to navigate its system.