What is Numeraire?
Numeraire (NMR) is a revolutionary Ethereum-based token that powers Numerai, a San Francisco-based hedge fund that utilizes the power of crowdsourced artificial intelligence to make investments in major stock markets around the world. Numeraire holders can stake their NMR tokens every week on specific predictions, with successful predictions being rewarded with more NMR.
Numerai is a network that functions as a hedge fund and enables users to trade equities on the Ethereum blockchain. The platform utilizes the latest advancements in artificial intelligence (AI) and machine learning to make investments in stock markets globally. Numerai aims to provide quality data that is clean, regularized, and usable, making it easier for users to make informed investment decisions.
One of the major problems of making forecasts for the stock market is the reliance on historical data. Most data analysis models use historical data to make predictions, which can degrade the quality of data and make it completely useless. Numerai addresses this problem by using AI that utilizes current data to make predictions. By using machine learning, platform users can make trades based on more relevant and up-to-date data.
The Numerai platform is essentially a global artificial intelligence tournament that aims to solve the stock market. Users can download data, build a model, and upload their predictions. The platform turns the stock market into a big data science problem and incentivizes participants to make correct predictions. The platform encrypts the data and provides it free of charge.
To achieve its vision of providing quality data, Numerai offers two applications for different types of traders: Signals and Tournament. The Signals application is where stock market predictions and market strategies are uploaded. Users can stake their NMR tokens on these predictions and are incentivized with more NMR for uploading accurate projections. The Tournament application allows users to submit trading algorithms in a weekly contest, fostering competition and allowing anyone to bet on the most likely outcome. Both applications support staking.
The Numeraire token, NMR, is required to operate the platform. NMR is an ERC20 token and acts as the platform's cryptocurrency. It serves as a utility token, executing all software operations and is used for staking the outcomes of predictions. The token is also distributed as incentives to participants of the Signals and Tournament applications.
Numerai was founded in 2015 by Richard Craib, a graduate in mathematics and economics from Cornell University. Prior to Numerai, he worked as a data scientist at an asset management firm. Craib, along with Geoffrey Broadway and Xander Dunn, launched the platform's whitepaper on February 20, 2017. The project raised over $26.5 million through five rounds of funding from 2016 to 2021 and did not conduct an initial coin offering (ICO). Instead, the project issued one million tokens and distributed them to various data scientists based on their contributions to the platform.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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