NMR
Reputation Ratings

NMR

Numeraire 5-10 years
Website https://numer.ai/
Browser
OTH RELPs
Github
White Paper
Avg Price
-1.13%
1D

$ 37.43 USD

$ 37.43 USD

Market Cap

$ 267.61 million USD

$ 267.61m USD

24h trading volume

$ 22.83 million USD

$ 22.83m USD

7d Vol

$ 283.564 million USD

$ 283.564m USD

Circulating supply

6.27 million NMR

Related information

Issue Time

2017-02-21

Platform pertained to

--

Current price

$37.43USD

Market Cap

$267.61mUSD

Volume of Transaction

24h

$22.83mUSD

Circulating supply

6.27mNMR

Volume of Transaction

7d

$283.564mUSD

Change

24h

-1.13%

Number of Markets

150

Github Messages

More

Warehouse

None

Github's IP Address

[Copy]

Codebase Size

1

Last Updated Time

2015-04-07 16:03:39

Language Involved

Python

Agreement

--

Token conversion

/

Current Rate0

Available

0.00USD

Calculate

Historical Price

Introduction

Markets

3H

-1.39%

1D

-1.13%

1W

+18.71%

1M

+17.34%

1Y

+106.91%

All

-10.46%

Aspect Information
Short Name NMR
Full Name Numeraire
Founded Year 2017
Main Founders Richard Craib
Support Exchanges Poloniex, Bittrex, Kraken, and Coinlist, etc.
Storage Wallet Hardware and software wallets, etc.

Overview of NMR

Numeraire (NMR) is a cryptographic token predominately used within the Numeraire network. The digital asset was launched by its founder, Richard Craib, in 2017. The NMR token was designed with the primary purpose of being used within the Numerai ecosystem - a hedge fund where anonymous data scientists compete to create the best predictive models. NMR plays a vital role as a reward token in this system. It follows the ERC-20 token standard, which makes it compatible with all wallets that support Ethereum-based cryptocurrencies. Some of the exchanges which support trading of NMR include Poloniex, Bittrex, Kraken, and Coinlist.

Overview of NMR

Pros and Cons

Pros Cons
Innovative Use Case in Data Science Primarily Limited to Numerai Ecosystem
Supports the Ethereum Ecosystem Price Can Be Highly Volatile
Accepted by Multiple Exchanges Potential Network Congestion Issues
Inherent Value as a Reward Token Regulatory Risks

Pros:

1. Innovative Use Case in Data Science: The NMR token is used in the Numerai ecosystem, which is an innovative data science project. This project involves a global community of data scientists who create predictive models. The token plays an integral part in this ecosystem as it serves as an incentive for data scientists to participate and create the best predictive models, thereby driving innovation in data science.

2. Supports the Ethereum Ecosystem: NMR is an ERC-20 token, and this makes it compatible with the Ethereum ecosystem and all Ethereum supporting wallets. Ethereum's extensive network and established reputation potentially increase the accessibility and ease of use of the NMR token.

3. Accepted by Multiple Exchanges: NMR tokens are supported by numerous cryptocurrency exchanges including Poloniex, Bittrex, Kraken, and Coinlist. This wide acceptance improves liquidity and accessibility for users who want to buy or sell NMR tokens.

4. Inherent Value as a Reward Token: The NMR token carries inherent value within the Numerai ecosystem. The token serves as the reward provided to data scientists for creating winning predictive models, thus creating an attraction for participation in the ecosystem.

Cons:

1. Primarily Limited to Numerai Ecosystem: While the innovative use of NMR in the Numerai ecosystem is a positive factor, it also confines NMR usage mainly within this ecosystem. The limited application could affect its wider adoption in the broader crypto market.

2. Price Can Be Highly Volatile: Like most cryptocurrencies, the NMR token is prone to high volatility. The price of the token can change rapidly in a very short time, which could pose investment risks.

3. Potential Network Congestion Issues: Being an ERC-20 token, NMR operates on the Ethereum network which occasionally faces congestion issues. This could lead to slow transaction times and increase transaction costs.

4. Regulatory Risks: Cryptocurrencies including NMR are still relatively young and face potential regulatory risks globally. Any negative regulatory changes or actions could impact the value and viability of the NMR token.

What Makes NMR Unique?

The primary innovation of Numeraire (NMR) stems from its unique use within the Numerai ecosystem. Unlike many cryptocurrencies which mostly aim to be digital currencies, stores of value, or platforms for building applications, NMR was specifically designed as a reward token for data scientists.

In the Numerai ecosystem, data scientists from around the world compete to create the most predictive models. Once their models are submitted, they are tested for efficiency, and NMR is provided as an incentive for the most efficient models. This drives competition among data scientists, and encourages innovation in predictive modeling and machine learning.

This unique use case sets NMR apart from most other cryptocurrencies, because its primary purpose is not to act as a medium of exchange or a decentralized application platform, but as a propellant of data science innovation within a specific platform. However, like many other cryptocurrencies, NMR is built on the Ethereum platform and conforms to the ERC-20 token standard, which means it can be stored in any Ethereum-compatible wallet and is traded on multiple exchanges. These particular traits are shared with numerous other digital currencies.

Its innovative use case combined with its integration with the established Ethereum platform gives NMR a unique position in the vast landscape of cryptocurrencies.

How Does NMR Work?

Numeraire (NMR) operates as a cryptocurrency that is primarily used within the Numerai ecosystem, a hedge fund where anonymous data scientists compete to create the best -- and most valuable-- predictive models. The fundamental principle behind NMR is offering a token of value as a reward for efficiency and innovation in data science.

Here's a more detailed look at how the process works in the Numerai ecosystem:

1. Numerai regularly distributes encrypted datasets to a global network of data scientists. As the data is encrypted, the scientists do not know exactly what they are modeling, thus maintaining the privacy of the data.

2. These data scientists independently work to create predictive models based on this data and then stake their NMR tokens on these models. Essentially, they are betting on their models being successful.

3. Predictive models are evaluated based on their performance. The scientists whose models perform best are rewarded with NMR tokens, thereby incentivizing good performance, while those who don't perform well risk losing their staked NMR.

4. The winning models are then used by the Numerai hedge fund for making investments. In other words, Numerai combines the winning models to create a meta-model, which guides the fund's investment strategy.

This unique approach of utilizing a cryptocurrency to drive data science innovation on a hedge fund platform is the key operating principle of NMR. It offers a new way to intertwine machine learning, finance, and blockchain technology.

Circulation of NMR

NMR's price has fluctuated significantly since its launch. In early 2018, the token was trading for around $10.00. However, by the end of the year, the price had fallen to around $0.50. The price of NMR has since rebounded somewhat, and is currently trading for around $2.00.

There is no mining cap for NMR. This means that there is no limit to the number of NMR tokens that can be created. However, the new NMR tokens are only created when the Numerai platform needs to generate revenue or reward its users.

The total circulating supply of NMR is currently around 11 million tokens. This number fluctuates over time as the Numerai platform creates new NMR tokens and distributes them to its users.

Exchanges to Buy NMR

Here is a list of ten exchanges that support the trading of the NMR token, along with some common trading pairs:

1. Binance: This global cryptocurrency exchange supports NMR transactions. Some common trading pairs on Binance include NMR/USDT, NMR/BTC, and NMR/ETH.

2. Coinbase Pro: This leading exchange platform from the United States supports the buying, selling, and trading of NMR. On Coinbase Pro, you can trade NMR with pairs like NMR/USD and NMR/BTC.

3. Kraken: A well-regarded cryptocurrency exchange that supports NMR. Trading pairs available on Kraken include NMR/USD and NMR/EUR.

4. Bittrex: On Bittrex, one of the older and more established exchanges, you can trade NMR in pairs like NMR/BTC and NMR/ETH.

5. Poloniex: NMR is also supported on Poloniex where common trading pairs include NMR/BTC and NMR/USDT.

6. HitBTC: HitBTC, known for its wide variety of tokens, allows NMR trading. Common pairs include NMR/BTC and NMR/USDT.

7. Uniswap: As a decentralized exchange, Uniswap supports ERC-20 tokens like NMR. The most common trading pair on Uniswap is the NMR/ETH pair.

8. KuCoin: This Singapore-based exchange also trades NMR with pairs like NMR/BTC and NMR/USDT.

9. Gate.io: At Gate.io, another exchange with a wide variety of tokens, NMR can be traded with USDT.

10. Bitfinex: A reliable cryptocurrency exchange that serves customers globally, Bitfinex facilitates NMR trading. On Bitfinex, users can trade NMR with popular pairs such as NMR/USD.

Exchanges to Buy NMR

The listed currency pairs may change depending on the exchange and market conditions. Therefore, always refer to the exchange for the most up-to-date pairs information.

How to Store NMR?

Numeraire (NMR) is an ERC-20 token, hence it can be stored in any wallet that provides support for Ethereum-based tokens. These include both hardware and software wallets. Here are various types:

1. Hardware Wallets: These are physical devices that store cryptocurrencies offline in a secure manner, making them highly resistant to hacking attempts and digital theft. Ledger and Trezor are two of the most popular brands for hardware wallets and are good options for storing NMR tokens due to their robust security features.

2. Software Wallets: These are applications that can be installed on a computer or mobile device. They can be convenient for access and transactions, though they can be less secure than hardware wallets if the device they're installed on is compromised. MyEtherWallet and Metamask are examples of software wallets that can store NMR tokens.

3. Online Wallets: These are wallets run on a server and are accessible through any web browser. While they provide convenience, they also carry some risk as private keys are typically stored by a third party. Wallets like those provided by major exchanges like Coinbase or Binance fall in this category. It's crucial to use trusted platforms if you choose this kind of wallet.

4. Mobile Wallets: These are apps designed for smartphone devices offering convenience and usually providing a user-friendly experience. Trust Wallet and Coinomi are some options that support ERC-20 tokens like NMR.

coinomi Wallet

5. Paper Wallets: Less common than the others but considered one of the most secure ways of storing cryptocurrencies. It involves printing out your public and private keys on a piece of paper which is then stored in a secure place. A service like MyEtherWallet enables you to generate a paper wallet for your NMR tokens.

Each type of wallet has its own balance of security and convenience, and the best one for an individual depends on their specific needs, computer skills, and what they intend to do with their NMR tokens. It's vital to keep the private key secure, to have strong security software and to keep your wallet software up to date.

Should You Buy NMR?

Purchasing NMR token is mainly suitable for individuals or entities who are interested in the Numerai project or individuals who wish to actively participate in the Numerai ecosystem as a data scientist. The NMR token could appeal to those who have a vested interest in data science initiatives and want to support an innovative digital platform that directly rewards the best algorithms developed by its participants. It may also attract investors who are intrigued by the unique use case of NMR and would like to hold a diverse cryptocurrency portfolio.

Here are some suggestions for those considering buying NMR:

1. Research Thoroughly: Acquiring comprehensive knowledge about Numerai, its mission, services, technology, and its token (NMR) is critical. Participating in any cryptocurrency investment without understanding the utility of the token and platform could lead to undesirable outcomes.

2. Understand the Risks: As with all cryptocurrencies, buying NMR carries a certain degree of risk. Prices can be extremely volatile. Investors must be fully aware of the risk before making investment decisions and be prepared for significant fluctuations in value.

3. Stay Updated: Keep up to date with news about Numerai and NMR, as major developments or announcements can significantly impact NMR's value.

4. Consider Professional Advice: If you're new to cryptocurrencies, it may be beneficial to consult with a financial advisor who understands cryptocurrency investments.

5. Secure Wallet Storage: If you decide to buy NMR, make sure to store the tokens in a secure, reliable Ethereum-compatible wallet, keeping private keys confidential.

Remember, crypto investments can be risky and volatile, always invest what you can afford to lose and do not make hasty investment decisions under pressure or due to FOMO (Fear of missing out).

Conclusion

Numeraire (NMR) is a unique cryptocurrency primarily utilized within the Numerai ecosystem, a platform where data scientists compete to produce efficient predictive models, contributing to the innovation of data science and machine learning practices. Launched in 2017 by Richard Craib, the NMR token operates on the Ethereum network as an ERC-20 token. This token has gained popularity due to its unique application and promising use case in data science.

As part of its utility, NMR tokens are staked and rewarded on the Numerai platform, offering data scientists a monetary incentive for the contribution of effective models. Recognized by multiple cryptocurrency exchanges, and integrated within the Ethereum network, NMR has solid technological infrastructure driving its circulation.

The development prospects of NMR largely depend on the growth and success of the Numerai platform. If Numerai gains further recognition and user adoption, the demand for NMR tokens could potentially increase, which may contribute to price appreciation. However, like any other cryptocurrency, NMR is subjected to market volatility and regulatory risks, so the guarantee of appreciation or profit is uncertain.

Individuals interested in purchasing NMR should conduct detailed research and consider obtaining professional financial advisory. As with any investment, NMR owners should be fully aware of the risks involved, and only invest what they can afford to lose. Significant considerations include the token's unique role within the Numerai platform, the wider adoption of the platform, and overall market conditions affecting cryptocurrency values.

FAQs

Q: In which exchanges can NMR tokens be purchased?

A: NMR tokens can be acquired from various exchanges including Binance, Coinbase Pro, Bittrex, Kraken, Poloniex, and other platforms supporting Ethereum-based tokens.

Q: What's a major distinction of Numeraire from other cryptocurrencies?

A: Numeraire stands out due to its unique application as a reward for efficiency and innovative data modeling within the Numerai platform, as opposed to being primarily a transactional currency or application platform.

Q: Where can I find the most updated number of NMR tokens in circulation?

A: Reliable cryptocurrency market data providers such as CoinMarketCap or CoinGecko are recommended for the most accurate and current amount of circulating NMR tokens.

Q: How does NMR operate within the Numerai ecosystem?

A: In the Numerai ecosystem, data scientists stake NMR tokens on their predictive models; efficient models are rewarded with NMR while ineffective models have the potential of losing staked NMR.

Risk Warning

Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.

User Reviews

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yikks7010
Numeraire, with its unique approach to crowdsourced quantitative models, has caught my attention. Its success relies on the effectiveness of its crowdsourcing model and continuous advancements in the field of decentralized finance.
2023-11-21 04:06
6
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Jenny8248
NMR is a unique cryptocurrency used in a hedge fund strategy tournament called Numerai. It incentivizes data scientists to create predictive models.
2023-12-21 06:15
3
0