Numeraire (NMR)

Numeraire (NMR) is a cryptocurrency token created by Numerai, a hedge fund formed by a team of quantitative scientists and hedge fund veterans. NMR is running on the Ethereum blockchain. Launched in April 2017, NMR has been making strides in the crypto community since then. Numerai is a data science hedge fund which uses machine learning, AI, and cryptocurrency tokens to create predictive models. Numerai focuses its predictive models on the stock market and they are crowdsourced from data scientists. The scientists receive payouts in NMR tokens when their models are proven accurate enough to benefit the hedge fund. This is comparable to a sort of prediction market, with NMR being the currency of the trade. The unique thing about NMR is that it is asset backed. NMR tokens are backed by burning the funds held by Numerai. This makes sure that the NMR supply is limited, thus stabilizing its price over time. NMR is used to access more features of Numerai’s hedge fund. Any scientists who want to earn rewards from the hedge fund need to purchase NMR tokens. It can also be used to pay fees or fund initiatives related to the hedge fund. NMR is available to buy/sell on a few crypto exchange websites such as Binance, Huobi, and Bithumb. It can also be bought with a credit/debit card on Go Crypto. Prices of NMR have been steadily increasing and the future looks positive for this crypto.