Numeraire (NMR) is a platform that combines artificial intelligence (AI) and data science to predict the stock market. Users can make predictions and stake their tokens as collateral. If their prediction is correct, the user gets a reward, if wrong, their tokens are burned.
Uniqueness of Numeraire (NMR)
Numeraire (NMR) was the world's first cryptocurrency issued by a hedge fund, and has had increasing popularity since its launch in 2017. Numeraire is backed by a well-known venture capital firm, so it is no surprise that it is still the choice of crypto investors today.
The following are some of the unique features of Numeraire.
1. Algorithm-Based Staking Model
One of Numeraire's main features is the algorithm-based staking model it uses. NMR holders can enter their tokens into the Numerai protocol to participate in algorithm models and contribute to improving the performance of existing prediction models.
2. Regular Updates
The team behind Numeraire regularly updates the Numerai protocol and prediction model. This update includes algorithm improvements, added new features, and overall performance improvements. This keeps Numeraire relevant and competitive in the changing environment of the world of finance and crypto.
3. Artificial Intelligence Based Prediction Model
Numeraire is used in the Numerai platform, which is an algorithmic trading platform that utilizes artificial intelligence to create financial market prediction models. NMR holders can contribute their own prediction models to the platform and participate in algorithmic trading contests.
4. Strong Community
Numeraire has a strong community of developers, users and enthusiasts who contribute to the development and improvement of the platform. This community is actively involved in exchanging ideas, updates and trading strategies.
5. Innovation in Cryptocurrencies
Numeraire is one of the first projects to use an algorithm-based staking model in the crypto industry. This innovation has become a model for other projects in terms of how to involve token holders in the development and management of the platform.
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Problems Addressed by Numeraire (NMR)
Numeraire (NMR) allows users to trade stocks on the Ethereum blockchain. This platform removes human emotions from your trading strategy. Instead, users build machine learning models to predict the stock market using abstract financial data.
Numeraire (NMR) was designed to address several problems in the financial and crypto industry, including:
1. Limitations of Prediction Models
The financial industry often faces problems with predictive models that are not always accurate or effective. Numeraire addresses this problem by leveraging artificial intelligence and algorithms powered by an algorithm-based staking model. This allows NMR holders to participate in the development of better financial market prediction models.
2. Lack of Transparency and Accountability
In some cases, prediction models and trading strategies in the financial industry can lack transparency, making it difficult for investors to understand or verify their performance. With Numeraire, prediction models and trading strategies are built on accountable blockchain, increasing transparency and accountability.
3. Knowledge and Access Gaps
Many individual investors or small algorithm developers often do not have access to the data or resources necessary to build powerful predictive models. Numeraire addresses this problem by providing an open, community-based platform where anyone can contribute to the development and improvement of prediction models.
4. Lack of Incentives and Participation
NMR holders are often faced with a lack of incentives to participate in the development of prediction models and algorithmic trading. With an algorithm-based staking model, Numeraire provides strong incentives for token holders to contribute their models to the platform and participate in trading contests.
5. Uncertainty and Risk
The financial industry is often faced with high levels of uncertainty and risk. With Numeraire, NMR holders can use predictive models powered by artificial intelligence and algorithms to manage risk and make better investment decisions.
Also read: There is LINK and NMR, here are the 10 best AI tokens for February 2024
Benefits of Numeraire (NMR)
Numeraire's interface is designed to be simple and concise, making it easy for users to find the most frequently used features. You can stake tokens and make predictions without any previous experience.
Apart from that, NMR also has several benefits, such as:
1. Erasing Human Emotions
Data is collected from more than 7,500 programmers and then traded algorithmically on the stock market based on AI models.
2. Access to Many Stocks
Numeraire provides access to more than 5,000 popular assets from various countries.
3. Flexible
Advanced users can create AI models using Python and R scripts.
4. Compatibility
Numeraire operates on the Ethereum blockchain, allowing users to trade tokens on any ERC-20 DEX and store them in popular wallets such as MetaMask.
How Numeraire (NMR) Works
The Numeraire system uses a model called Metamodel to combine all predictions from its users. The system then automatically reviews the predictions to see who was right. Users who bet NMR tokens on the correct outcome will be rewarded, while those who are wrong will lose their tokens.
Here is how Numeraire (NMR) works.
1. Prediction Model
Users or "quants" at Numerai develop prediction models using artificial intelligence and machine learning techniques. These models are designed to predict the price movement or performance of certain financial assets, such as stocks, currencies or cryptocurrencies.
2. Model Qualification
Models developed by users at Numerai are then tested and evaluated against real financial market data. Only those models that provide high performance are accepted and used in real trading.
3. Algorithm-Based Staking Model
This is where the role of Numeraire (NMR) comes in. NMR holders can put their tokens into the Numerai protocol and “stake” their tokens behind models they believe will perform well. By doing this, they endorse the models and have a financial incentive to ensure that the models provide accurate predictions.
4. Competition and Rewards
Numerai holds weekly competitions where models who perform well can win prizes in the form of cryptocurrencies, including NMR. These rewards provide additional incentives for developers to improve the quality and accuracy of their models.
5. Use of NMR in the Numerai Ecosystem
In addition to being used for staking behind prediction models, NMR can also be used in various other functions in the Numerai ecosystem, including paying transaction fees, accessing additional features, or participating in various incentive programs.
6. Governance
NMR holders also have voting rights in decisions that influence the development and management of the Numerai platform. They can use their voting rights to vote or provide input regarding changes or improvements in the platform.
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Important Components of Numeraire (NMR)
NMR has 2 main components, namely:
1. Signal
Users can upload stock market strategies that support specific stocks or trading styles.
2. Tournaments
Tournaments are held every week, allowing users to submit trading algorithms for the stock market. Predictions are rated based on their accuracy. Tournament winners get NMR tokens.
Staking on Numeraire (NMR)
After making a prediction or voting on another user's prediction, you can stake tokens to bet. The more tokens you stake, the higher your risk/reward ratio. If your prediction is correct, the prize will be automatically paid to your wallet at the end of the month.
Token NMR
NMR is the primary utility token for the Numeraire network. Users must have NMR to participate in any feature or service on Numeraire. For example, you bet NMR on predictions, make payouts and reward tournament participants.
Removal Protocol
To ensure no human intervention in trade execution, Numeraire uses the Elimination protocol. This protocol operates as a series of smart contracts on the Ethereum blockchain.
Although NMR lives on the Ethereum (Proof-of-Work) blockchain, the system uses a Proof-of-Stake consensus mechanism. NMR transactions require 35 network confirmations before reaching finality.
Numeraire (NMR): A New Era of Trading Betting
Numeraire combines advanced AI algorithms, data scientists and user input to create an entirely new trading experience. This platform helps teach various strategies and techniques to new traders, while providing opportunities for experienced traders to earn higher ROI. Therefore, Numeraire is expected to continue to be adopted in the future.
How to Buy Numeraire (NMR) on Bittime
You can buy and sell Numeraire (NMR) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Numeraire (NMR) is available on Bittime with the market pair NMR/IDR . To be able to buy NMR IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Numeraire (NMR) on Bittime .
Monitor the price chart movements of Numeraire (NMR), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Numeraire Predictions (NMR): AI Crypto that is Ready to Soar in 2024
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Get to Know Numerai: Artificial Intelligence Platform for Financial Predictions
DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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