Numeraire

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Discover Numeraire's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Numeraire?

Numeraire (NMR) is an ERC-20 token that powers Numerai, a blockchain-based hedge fund platform. It uses artificial intelligence and machine learning to develop advanced prediction models for the stock market. Users can stake NMR tokens on specific predictions, with successful predictions rewarded with more NMR. The platform operates on the Ethereum network and employs a unique incentivization system to ensure high-quality predictions.

How is Numeraire used?

Numeraire (NMR) is a digital asset token central to the Numerai ecosystem. It is used for staking, allowing participants to back their predictive models with NMR tokens, ensuring only those with a proven track record participate. The token incentivizes data scientists to contribute valuable predictions to the platform, which utilizes AI and machine learning to generate quality data for investments.

Key Uses of Numeraire (NMR)
  • Staking and Prediction: Users stake NMR tokens on the outcomes of their prediction models. Successful predictions are rewarded with more NMR, while incorrect predictions result in the loss of the staked tokens.
  • Payment Method: NMR acts as the main payment method within the Numerai platform.
  • Trading: NMR can be traded on various cryptocurrency exchanges, allowing users to make a profit based on the difference between the buying and selling prices.
  • Reward and Incentive: NMR is used as an incentive to reward participants in the Numerai Tournament app, where users can upload trading algorithms and bet on the most likely outcome.
  • Hedge Fund Software: Numerai uses NMR to power its hedge fund software, which enables users to earn NMR and Bitcoin based on network participation.

Overall, Numeraire (NMR) plays a crucial role in the Numerai ecosystem, facilitating prediction, staking, and trading activities while incentivizing users to contribute valuable data and predictions.

How do I store Numeraire?

To store Numeraire (NMR) tokens, you have several options based on your needs and preferences:

KuCoin Account

You can store your NMR tokens in your KuCoin account, which provides quick access to trading products like spot and futures trading, staking, and lending. Ensure you set up a strong password and upgrade your security settings to prevent unauthorized access.

Non-Custodial Wallets

For maximum security and control, you can withdraw your NMR tokens to a non-custodial wallet. This includes hardware wallets like Ledger and Trezor, Web3 wallets, or paper wallets. This option gives you complete control over your private keys but may be less convenient for frequent trading.

ERC-20 Compatible Wallets

As NMR is an ERC-20 token, you can store it in any wallet that supports Ethereum, such as desktop wallets like My Ether Wallet (MEW), mobile wallets like Atomic Wallet and Trust Wallet, and hardware wallets like Ledger and Trezor.

Atomic Wallet

Atomic Wallet is a popular option that supports over 1,000 coins and tokens, including NMR. It offers private and secure storage without registration or KYC requirements, and provides 24/7 online support.

MetaMask

MetaMask is another ERC-compatible wallet where you can store your NMR tokens. It is a popular choice for interacting with the Ethereum ecosystem.

Remember to always keep your private keys secure and never leave your tokens on exchanges whenever possible.

How to buy Numeraire?

To buy Numeraire (NMR) tokens, you can follow these steps:

Using Coinmama
  1. Create an account: Sign up on Coinmama.com.
  2. Get verified: Complete the verification process.
  3. Buy Numeraire: Select NMR from the list of available cryptocurrencies and follow the payment instructions.
Using Coinbase
  1. Create a Coinbase account: Download the Coinbase app or sign up on Coinbase.com.
  2. Add a payment method: Connect a bank account, debit card, or initiate a wire transfer.
  3. Start a trade: Select Numeraire from the list of assets and enter the amount you want to buy.
  4. Finalize your purchase: Preview and confirm your purchase.
Using Kriptomat
  1. Create and verify your account: Sign up, verify your email, phone number, and identity.
  2. Add funds: Deposit money using a bank transfer or credit card.
  3. Buy Numeraire: Select NMR, enter the amount, and confirm your purchase.
Using KuCoin
  1. Create a KuCoin account: Sign up with your email address, mobile phone number, and country of residence.
  2. Secure your account: Set up Google 2FA, anti-phishing code, and trading password.
  3. Verify your account: Upload a valid Photo ID.
  4. Add a payment method: Connect a credit/debit card or bank account.
  5. Buy Numeraire: Use your payment method to buy NMR on the KuCoin spot market.
Using Pionex
  1. Create a Pionex account: Sign up on Pionex.com.
  2. Deposit funds: Add money to your account.
  3. Buy Numeraire: Select NMR and follow the purchase instructions.
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History of Numeraire

Numeraire (NMR) was introduced to the crypto market on June 23, 2017. The initial NMR price was $44.5. The company behind Numeraire, Numerai, was founded in 2015 by Richard Craib and is based in San Francisco, California. Numerai raised $21.5 million during its crowdsale event from April 2016 to June 2020, securing investments from prominent firms like Union Square Ventures, Paradigm, and Placeholder.

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How Numeraire works

Numeraire (NMR) is a cryptocurrency that powers Numerai, a hedge fund that leverages artificial intelligence (AI) and machine learning to make investments in stock markets worldwide. Here’s how it works:

Key Components
  1. Signals: Users upload stock market strategies that support specific stocks or trading styles. These strategies can be based on various technical indicators and are available for other users to monitor and duplicate.

  2. Tournaments: Weekly competitions where users submit trading algorithms for the stock markets. Users stake their NMR tokens on their predictions, which are then analyzed and scored based on their accuracy. The scoring and payout period occurs every four weeks, allowing the system to gather more data between payouts for its AI model.

Staking and Rewards
  • Users stake their NMR tokens on specific predictions. If the prediction is correct, the user is rewarded with more NMR tokens. If the prediction is incorrect, the staked tokens are lost.
  • The more tokens staked, the higher the risk/reward ratio.
  • Rewards are automatically disbursed to the user’s wallet at the end of the month, coming from newly minted NMR tokens.
Erasure Protocol
  • The Erasure protocol ensures the removal of human intervention from trade execution. It operates as a set of smart contracts on the Ethereum blockchain.
  • These contracts automatically execute upon the completion of pre-set protocols.
Consensus Mechanism
  • Numeraire uses a Proof-of-Stake consensus mechanism to remain valid.
  • NMR transactions require 35 network confirmations before they reach finality.
Token Details
  • NMR is an ERC-20 token with a maximum supply of 11 million tokens.
  • It is tradable on various cryptocurrency exchanges and can be stored in Ethereum-compatible wallets.
Functionality
  • Users can make predictions on the stock market using AI and machine learning.
  • The platform generates quality data for investments by utilizing AI and machine learning.
  • Users can trade NMR tokens on any ERC-20 compatible DEX, including Uniswap and SushiSwap.
Community and Development
  • Numerai has a strong community of users and developers who contribute to the growth and development of Numeraire.
  • The platform has potential for further growth and adoption in the financial sector, offering opportunities for both individual traders and institutional investors to make better predictions and improve their investment strategies.
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Numeraire's strengths

Numeraire (NMR) has several strengths that contribute to its value and potential:

  1. Pioneering Technology: Numeraire is an innovative approach to hedge fund management, leveraging machine learning, blockchain, and crowdsourced predictions. This unique combination sets it apart from traditional hedge funds and makes it more efficient and accurate.

  2. Advanced Predictive Capabilities: The platform's use of artificial intelligence and machine learning enables it to create accurate prediction models for stock markets. These models are tested in real-life markets, ensuring their effectiveness.

  3. Utility and Staking Mechanism: NMR tokens are used for staking on predictions, which incentivizes users to participate and ensures the accuracy of the models. This mechanism also rewards users with NMR tokens for correct predictions, further enhancing the platform's utility.

  1. Limited Supply: The total supply of NMR tokens is capped at 8,888,888, which enhances its scarcity and value proposition. This limited supply also helps prevent inflation and maintains the token's value.

  2. Security: The Numeraire network is hosted on the Ethereum blockchain, ensuring a high level of security through the use of smart contracts. The Erasure protocol further ensures that NMR staked on incorrect predictions are destroyed, maintaining the integrity of the incentivization system.

These strengths collectively contribute to Numeraire's value and potential for growth in the cryptocurrency market.

Numeraire's risks

Numeraire (NMR) is associated with several risks, including:

  • Volatility Risk: NMR's value can fluctuate significantly due to changes in market conditions, making it a moderate risk investment.
  • Liquidity Risk: The market for NMR can be thin, making it difficult to buy or sell large quantities without significantly affecting the price.
  • Currency Risk: NMR's value can be affected by the performance of other cryptocurrencies, such as Bitcoin.
  • Exchange Risk: Using exchanges to trade NMR can expose users to risks such as hacking and loss of funds.
  • Short History Risk: NMR has a relatively short history, making it difficult to predict its long-term performance.
  • Demand Risk: The success of NMR depends on its adoption by users, and a lack of demand can negatively impact its value.
  • Forking Risk: Changes to the underlying blockchain technology can lead to forks, which can impact NMR's value and functionality.
  • Code Defects: NMR's code can contain defects that can be exploited, leading to security breaches and other threats.
  • Regulatory Risk: Changes in laws and regulations can affect the use, transfer, exchange, or value of NMR.
  • Electronic Trading Risk: Technical issues with trading platforms can impact NMR's value and usability.
  • Cyber Security Risk: NMR is susceptible to hacking and other cyber security threats, which can result in losses for users.

These risks highlight the importance of thorough research and risk assessment before investing in NMR.

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Did Numeraire raise funds?

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Numeraire’s team

  • Richard Craib: Founder of Numerai, the company behind Numeraire. Craib is a visionary in combining AI with hedge fund management and has a background from prestigious institutions like the University of Cape Town and Cornell University.

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