Prices are in USD.
|Market Cap Rank||#232|
|Price Change 24H||-1.18%|
|Price Change Percentage 24H||-2.94%|
|Market Cap Change 24H||$-3,664,279.25|
|Market Cap Change Percentage 24H||-1.59%|
|Circulating Supply||5,797,281 nmr|
|All Time High||
May 16, 2021
|All Time Low||
November 27, 2018 -
|Community||https://reddit.com/r/numerai , https://community.numer.ai/channel/erasure , https://twitter.com/numerai|
Numeraire is a hedge fund that runs on data science. According to the website, Numeraire is hardest data science tournament on the planet. Participants of this tournament strive to create powerful data models. The company uses these models to increase their investment yields. The rewards of this tournament are paid out in its coins (NMR).
Hedge funds are an investment opportunity for the richest individuals in the world. Hedge funds invest in everything. The key is to make as much profit for investors as possible. To do this, hedge funds have to carry out price projections. Getting an accurate projection is very hard.
This is where Numeraire comes in. The platform enables many people to contribute in creating data models. These data models generate more accurate price projections.
The goal of Numeraire was to create a hedge fund that is second to none in profits. This is a very interesting value proposition. The company provides the protocol to interface machine learning to the share trading system.
Data science is the basis of the Numeraire project. It is tough to predict the stock market. To solve this, Numeraire holds weekly tournaments. The entity provides users with training data with a unique id. Each id corresponds to a stock with a few hidden attributes. The target represents future performance. The users’ goal is to train a model to predict the future performance of a stock.
The tournament starts every Saturday at 18:00 UTC. There is a submission deadline every Monday at 14:30 UTC. Participants that submit their predictions late are not subject to rewards. Each submission receives a score depending on how close it is to the actual targets.
Users receive rewards for their prediction according to the score they receive. Initially, users received rewards through PayPal. However, the entity had a disagreement with PayPal. The developers decided to switch to Bitcoin. This still proved not to work.
Therefore, the developers created the Numeraire token. The NMR token is an ERC-20 token on the Ethereum blockchain. When submitting their predictions, users have to stake NMR tokens. The payout partially depends on how much NMR you stake.
To stake coins, users have to hold their coins in an Erasure smart contract. If your model fails, you do not receive your coins back. Numeraire access your coins and burns them.
In a sense, NMR coins are minable. That is if you consider the prediction submission process mining. Users receive a reward in accordance with how their predictions perform. Numeraire issues about 14,000 new coins every week in rewards. The total number of coins issued stands at 1.2 million.
One thing to note is that Numeraire also burns some coins every week. If a prediction performance is very low, the platform burns the coins that the user staked. This keeps the value of NMR coins very high. Moreover, it is an incentive for users to submit the best submissions.
The total circulating supply of Numeraire tokens stands at 4,440,191. Further, the total supply is 10,974,705. The value of one coin is $31.97. This is not awfully terrible. As it stands, NMR ranks 87th in market cap share. This is with a market cap of $142,242,362.
The founder of Numeraire is Richard Craib. He is a graduate of UC Berkley and Cornell in mathematics and economics. Further, he was a market analyst for a hedge fund shortly after graduating. Looking at this, it is clear that Craib has the necessary experience to operate a hedge fund successfully.
Other key team members include Geoffrey Bradway, Xander Dunn and Joey Krug. These team members are vastly experienced in finance, blockchain technology and marketing. Therefore, we can say that Numeraire is in safe hands.
Moreover, Numeraire depends on a network of data researchers. The performance of the hedge fund depends on the accuracy of the predictions they submit. So far, things are working out well for Numeraire.
The company takes the security of its users very seriously. Numeraire blockchain is one of the most secure networks that exist. The distributed nodes in the system work together to maintain the security of the network. In other words, they ensure the state of the network remains constant. This way, they keep out third parties.
Moreover, the platform applies encryption on the data sets they share with users. This way, critical information remains obstructed. Furthermore, this helps attain efficiency in the market. This is a great selling point for Numeraire.
Another selling point is the trust of the public. Numeraire ensures it maintains public trust by using smart contracts. These smart contracts guarantee users that the supply cap of Numeraire coins will remain at 21 million.
This is not to say that the public fully trusts Numeraire. People noted that 1.7 million coins could not be accounted for. Later, the public found out that Richard Craib kept 400,000 NMR coins for himself. It is never a good look when the creator of a token keeps a substantial amount for himself. Even so, the coin still has the edge in the market.
Numeraire set out to become the most profitable hedge fund in the world. As it stands, it seems like they are on track to achieve this goal. Moreover, the development is keeping up with the evolving economy.
The shift in focus to Erasure is a crucial move. Erasure is a relatively new decentralized data marketplace. It allows anyone to upload their predictions. Further, users can stake their predictions with cryptocurrency, build a track record and earn money.
The coins power all the operations of the Erasure marketplace. This means that Numeraire will see more adoption with the success of Erasure. Looking at the current market setup, this will happen sooner rather than later.
Therefore, Numeraire coins are an asset to own. The adoption of this coin will only go up. However, it is hard to predict the value of this coin long term. The company regularly burns coins when users lose a stake. This means that NMR’s total supply will gradually decrease.
There are two main exchanges that trade Numeraire coins. These include Bilaxy, Bitfinex and Bittrex. These exchanges are totally safe and account for the most trading volume of Numeraire coins. You can easily add this coin to your portfolio from these exchanges.
Moreover, you can easily store your NMR coins. You can hold your NMR coins on any wallet that supports Ethereum based tokens. His is because NMR coins are ERC-20 tokens. Some examples include Atomic Wallet, MyEtherWallet and Trust Wallet.
Numeraire is a one of a kind platform. It is introducing the advantages of blockchain networks to the world of hedge funds. In turn, Numeraire coins are seeing immense success in the market compared to competitors. As it stands, NMR ranks 87th in market cap share.
Additionally, a great team of professionals spearhead the operations of Numeraire. We only see great things happening to this cryptocurrency. The only thing they need to do is iron out trust issues with the public.