- Numeraire (NMR) is an Ethereum based platform founded by Richard Craib in 2015.
- The platform aims to decentralize data science where developers and data scientists can create machine-learning models to predict stock market moves and earn rewards.
- Numeraire claims it is powered by 4,515 staked AI models, with a staking value of US$13.96 million.
The global crypto market was down 3.95% to US$1.52 trillion at 4:47 am ET on Monday. Bitcoin (BTC) fell 3.54% to US$33,454.97, and Ethereum (ET) declined 4.55% to US$2,447.31.
Numerai or the Numeraire (NMR) token was also down as part of the broader market decline, slipping by 4.69% to US$18.60 at 4:44 am ET on Monday.
The token ranks 306th based on its market capitalization, as per coinmarketcap.
What Is Numeraire (NMR)?
Numerai is an Ethereum based platform founded by Richard Craib in San Fransisco in 2015.
The platform aims to decentralize the data science field where developers can experiment and create more reliable machine-learning models and earn rewards in cryptos. The platform offers cryptocurrency staking to provide incentives to data scientists. It claims to be the first hedge fund to launch a cryptocurrency and conducts weekly data science tournaments globally.
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The machine learning models are built at these tournaments using abstract financial data to predict stock market moves. The developers are rewarded based on their performance. They need to submit the best machine learning models to power Numerai’s global equity hedge fund. The platform does not trade in cryptos, but it has been created as an institutional-grade market-neutral hedge fund using crypto incentives.
Numerai’s founder Craib was named in the ‘30 under 30’ list of Forbes in 2017. He is known for his new approach to hedge fund management, mainly his reliance on AI for stock price prediction.
The platform is backed by Peter Diamandis, Union Square Ventures, and Renaissance Technologies cofounder Howard Morgan. The NMR token is used to reward tournament participants - data scientists whose model performs well in the tournament. The token value increases as the number of participants grow.
The platform relies on data and predictions produced by tournament participants, unlike traditional hedge funds in the stock market. Numerai provides users with quality hedge-fund data for free to build their machine learning models, which allow Numerai to use and actively participate in the stock market trading depending on the results shown by these models.
NMR is the sole utility token for staking on the models in Numerai tournaments. If the platform selects a model, the developer or the data scientist gets a fractional payout on their stake.
The NMR token has a market capitalization of US$109.5 million. Its circulating supply is 5.89 million NMR out of the total supply of 10.95 million.
The token can be traded on Binance, OKX, DigiFinex, MEXC, BingX, etc.
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Numerai is powered by 4,515 staked AI models, with a staking value of US$13.96 million. Crypto assets are highly volatile, and investors must exercise caution before investing in them.
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