What Is Numeraire (NMR)?
NMR is the native token of Numeraire, which is a blockchain-based project that provides data scientists with the possibility of developing machine learning models that predict stock market movements.
The Numeraire crypto project is based on the Ethereum network and its native token is built using the ERC-20 token standard. If you’re curious about the current NMR price, check out the Numeraire price chart above.
How does Numeraire work? In essence, Numeraire is a weekly data science tournament. It provides data scientists with hedge fund data on which they have to apply machine learning models developed using Python and R scripts.
The models are tested by engaging in active stock market trading. 100 most successful models are chosen as winners of the tournament. In order to participate in the tournament, data scientists have to stake NMR tokens. The winners of the tournament get their staked tokens back in addition to rewards in BTC.
The Numeraire crypto project employs the Proof-of-Stake (PoS) consensus mechanism. Thus, the network is secured by validators who assess and create new blocks. In order to become validators, users have to stake NMR tokens.
The Founder of Numeraire
Numeraire was developed by Numerai, which is a hedge fund company. It was founded by Richard Craib in 2015. He has a degree in mathematics and economics. Numerai is his only project as there’s no other information about his previous work experiences. In 2017, Craib received the "Forbes 30 under 30" title.
The Purpose of NMR
NMR token is the first crypto asset developed by a hedge fund. The tokens are mainly used to reward data scientists who manage to create successful machine learning models for stock market predictions.
Besides that, as mentioned before, Numeraire coins have to be staked to participate in Numerai tournaments, as well as to become a validator in the PoS consensus mechanism. NMR token stakers receive more NMR tokens as staking rewards.
Just don't forget to analyze the Numeraire price chart placed above. This is especially important if you're thinking about trading this token.
Tokenomics of NMR
The max supply of Numeraire tokens is 11 million. Initially, 1 million NMR coins were distributed to 12,000 participants of the Numerai tournament that took place in 2017. Thus, no initial coin offerings (ICOs), or any other type of offerings, were held. Following that, NMR tokens are minted in a fixed quantity each week. The tokens will be minted until the maximum supply is met.
The NMR price is subject to change, so keep that in mind if you've decided to invest in Numeraire tokens. This is the case mostly because the Numeraire price tends to fluctuate due to the swings of the entire crypto market that have a significant impact on most crypto assets overall.
