In a world where cryptocurrencies like Bitcoin and Ethereum dominate headlines, there’s a hidden crypto coin with a massive upside potential – Numeraire (NMR).
This coin primarily dominates the market of data-driven finance. But what is it all about? Let’s discover.
What is Numeraire (NMR)?
Started by a hedge fund, NMR is software that allows users to trade stock and equity on the Ethereum blockchain.
It is a blockchain network that provides clean and usable data from which the users can predict upcoming market conditions. Numeraire also claims that its data is totally based on artificial intelligence.
Primarily, the fundamentals, which usually refer to historical data, are used to predict the upcoming future of a particular stock or the whole stock market, leaving the current data aside. NMR solves this problem, as it uses the current data of the stock through AI and machine learning to analyze the stock’s potential.
Origins and Development
Numerai is the parent company of the NMR token and was founded in San Francisco in 2015. Richard Craib founded Numerai and gathered a $21.5 million investment from 2016 to 2020.
During this period, Numerai launched the NMR token in 2017 on the Ethereum Network. The platform issued one million tokens soon after its launch, which were provided to numerous data scientists based on their work with the platform.
Since 2021, Coin-Labs.com has partnered with Bybit and is few of the highest-ranking of affiliate program contracts.
Therefore, if you sign up for Bybit through the button above, you will get the most discounted fee benefit and participation in a bonus event offering up to $500.
How does Numeraire Work?
Without wasting any time, let’s explore how Numeraire works.
Understanding the Prediction Models
Numerai’s software relies on the Erasure protocol to create incentives for users who stake their NMR tokens.
When a user stakes NMR tokens in alignment with the correct outcome predicted by their chosen model, they are rewarded with additional NMR tokens.
In practical terms, Numerai’s software essentially operates as a hedge fund, actively trading equities based on the predictions generated by the chosen models from the platform’s user community.
These trades are executed within the stock market environment. Importantly, all prediction models that users submit are made accessible to anyone through Numerai’s Signals and Tournament applications.
The Role of Data Scientists in Numeraire
NMR has hired several data scientists who continuously work on developing profitable algorithm strategies using AI and machine learning.
Technology Behind Numeraire
Here are the components behind Numeraire Technology.
Blockchain Technology
Numeraire (NMR) is built on blockchain technology, which provides a secure and decentralized foundation for its operations. Blockchain ensures transparency and immutability of transactions, making it suitable for handling financial assets like NMR tokens.
Encryption and Security Features
- Multi-factor Authentication: Enabling MFA adds an extra layer of security by requiring users to provide multiple verification forms before gaining access to their accounts.
- Cryptography: The use of advanced cryptographic techniques to secure data and transactions. This includes encryption of sensitive information to protect it from unauthorized access.
- Private Keys: Users are provided private keys granting access to their NMR tokens and accounts. These keys should be kept secure since they are essential for authorizing transactions.
Smart Contract Functionality
Numeraire leverages smart contracts, self-executing contracts with predefined rules and conditions. Smart contracts facilitate various functions on the platform, such as staking, rewards distribution, and governance, providing transparency and trust in automated processes.
Numeraire Ecosystem
Here are the two applications that Numeraire provides for different types of traders.
Signal
The Signals application lets users share their stock market forecasts and trading strategies.
This platform allows traders to upload their predictions, providing insights into which stocks they believe will perform well and their trading methodologies.
Notably, users can stake Numeraire (NMR) tokens on their uploaded projections, which means they are willing to bet on the accuracy of their forecasts.
Users can also earn NMR tokens as a reward for contributing to the platform with their insights. This incentivizes users to share high-quality predictions and strategies.
Tournament
The Tournament application transforms stock market prediction into a weekly competition.
Users can submit their trading algorithms designed to predict market outcomes. These algorithms compete against each other in a tournament-like setting.
What makes this unique is that anyone, not just the creators of the algorithms, can participate by placing bets on which algorithm they think is most likely to make accurate predictions.
At the end of each weekly contest, the most successful algorithms, as determined by their accuracy, receive rewards, including NMR tokens.
Benefits of Numeraire
Here are three of its Benefits.
Enhanced Financial Predictions
Numeraire and the Numerai platform harness collective intelligence and cutting-edge AI algorithms to improve financial predictions.
Users’ data-driven models contribute to more accurate and up-to-date forecasts in the stock market.
By combining various prediction models, Numerai seeks to enhance the quality and reliability of financial predictions, potentially leading to better investment decisions.
Risk Management
The Erasure protocol, integrated with Numerai, incentivizes users to make precise predictions and stakes.
This system encourages responsible risk management as users are rewarded for accurate predictions and penalized for incorrect ones.
The Numeraire ecosystem promotes a disciplined approach to trading and investment, reducing the potential for reckless decision-making.
Community-Driven Development
Numerai fosters a vibrant and collaborative community of data scientists, traders, and developers contributing to the platform’s growth and success.
By allowing users to upload their prediction models, Numerai taps into the collective expertise of its community, resulting in continuous development and improvement of its AI-driven financial models.
Numeraire (NMR) vs Other Cryptocurrencies
Here’s its comparison with two of the most strong cryptocurrencies in town.
NMR vs BTC
Numeraire is primarily designed for use within the Numerai ecosystem, where it serves as a utility token for staking and participating in data-driven financial predictions. Bitcoin is often considered a digital store of value and a peer-to-peer digital currency. Its primary use case is as a medium of exchange and a hedge against traditional financial systems.
NMR vs ETH
Numeraire is tailored for data-driven finance within the Numerai platform, emphasizing staking and data science competitions. Ethereum is a versatile blockchain platform designed to create decentralized applications (DApps) and execute smart contracts, underpinning the DeFi and NFT ecosystems.
NMR Tokenomics
Here are the tokenomics for Numeraire (NMR).
Token Supply and Distribution
- Circulating Supply: 6,319,760 NMR
- Total Supply: 10,821,146 NMR
- Max Supply: 11,000,000 NMR
- Market Cap: $81,024,071 USD
- Fully Diluted Valuation: $141,028,263 USD
- Total Value Locked (TVL): $2,855,543 USD
- Fully Diluted Valuation / TVL Ratio: 49.38
Staking and Earning
Here are the six steps that will help you get started with staking.
- Sign up or log in to your Binance account.
- Deposit a supported cryptocurrency into your Binance account for initial capital.
- Access the “Earn” section on Binance, where financial products are available.
- Look for NMR staking options, and select the one that suits your preferences.
- Lock a specific amount of NMR for a set period per the chosen staking product’s terms.
- Keep track of your staked NMR and rewards, considering any flexibility or fixed terms associated with the staking product.
How to Buy NMR Tokens on Binance
You must follow six steps to buy NMR tokens on Binance.
Creating an Account
After clicking on the link below, which will take you to Binance’s Registration Page, you must provide your email and create a password. A link will be sent to your email, and your email will be verified upon clicking on it.
Remember to provide an email address that you can access.
Verification Process
Although you are now a registered user, you cannot trade without verification of your account. Binance will require the front and backside photo of your national identity card.
You will also be required to provide a live photo to Binance so that they can check that this is the correct person with the national identity card.
Setting up 2FA
Binance will ask you to set up a Two-Factor Authentication for security reasons. You just have to go to the settings and tap the security option. You will see a 2FA option there, and you will have to enable it by sliding it to the right side.
Funding Your Binance Account
Binance provides several ways of funding your account, including credit/debit cards, bank transfers, and P2P transactions.
Placing an Order
You will have to search NMR on the search bar, and upon clicking on it, you will be redirected to the buying page. There, you must provide the quantity of NMR you want to buy and click on the buy button.
Storing Your NMR Tokens Safely
After executing your trade, you can store it anywhere. You can store it on your Binance wallet or in your personal crypto wallet.
Future Prospects of Numeraire
Below are our views on growth and possible technological advancements.
Predicted Growth and Expansion
It’s always tricky to predict the future, but according to many experts, two views can be identified for NMR’s future. WalletInvestor believes there is not much growth we could expect in the coming years, but TradingBeast thinks differently. TradingBeast analysis says that we could expect the price of NMR coins to reach $14 by 2030. So, when two top statistics firms contradict each other, it is difficult for us to say.
Possible Technological Advancements
There isn’t much data regarding the future technological updates of NMR. However, it’s possible that the platform might be working on improving the AI system to accurately forecast prices by considering market sentiments and global economic conditions.
Conclusion
NMR’s primary purpose is to facilitate staking and incentivize participation in data science competitions and quantitative trading on Numerai’s platform. This specialized utility has led to a dedicated community of data scientists and contributors who engage in a collaborative pursuit of financial predictions.
We Coin-Labs.com provides only objective information about Numeraire.
Therefore, we are not responsible for the investment decision in Numeraire and the resulting loss.
Numeraire Basics
Here are some factors that investors should consider before investing in Numeraire.
| Cryptocurrency Features | Numeraire (NMR) |
|---|---|
| Publisher or Developers | Numerai |
| Headquarters (Registration Number) | |
| Symbol | NMR |
| Platform | |
| Published Date (CMC Registration) | 2024-11-01 |
| Max Supply | 11,000,000 NMR |
Reliability Score of Numeraire in 2024
These are indexes mesuring the investment reliability of Numeraire conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 6 Exchanges |
| Number of Available Pairs Worldwide | 183 Pairs |
| Market Cap of the Cryptocurrency | 162,802,784 USD (Rank #261) |
The table above shows the result of investment suitability evaluation for Numeraire.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
Numeraire Price
Here are the price and recent trading volume of Numeraire. (Data of 2024-11-02 00:35:00)
| Price Items | Price and Trading Volume of Numeraire |
|---|---|
| Numeraire Price | 14.307 USD |
| Price Change 24h | -1.86% |
| Price Change 7d | -3.34% |
| Trading Volume 24h | 3,452,784 USD |
| Trading Volume Change 24h | 13.04% |
Cryptocurrency Metadata
You can check the development status and social media information of Numeraire through the links in the table below.
| Metadata Source | URL |
|---|---|
| 🌎 Official Website | |
| 📖 White Paper | |
| 🛰️ Source Code (GitHub) | |
| 🎺 Message Board |
Where to Buy Numeraire
Here are the top ten world crypto exchanges where traders can buy Numeraire in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/NMR_USDT |
| Coinbase | Listed | https://exchange.coinbase.com/trade/NMR-USD |
| Kraken | Listed | https://pro.kraken.com/app/trade/nmr-usd |
| KuCoin | Listed | https://www.kucoin.com/ko/trade/NMR-USDT |
| Bitfinex | Not listed | |
| OKX | Listed | https://www.okx.com/trade-spot/nmr-usdt |
| Huobi | Not listed | |
| Bitstamp | Not listed | |
| Bybit | Not listed | |
| Gate.io | Listed | https://www.gate.io/trade/NMR_USDT |
Frequently Asked Questions
What is the current price of Numeraire?
Numeraire price today is 14.307 USD. Furthermore, the price of Numeraire has fluctuated by -1.86% from 24 hours ago, and by -3.34% from a week ago.
Where is Numeraire listed?
Currently, it is listed on a total of 6 among the world top 10 exchanges.
What is the market cap of Numeraire now?
Currently, Numeraire has a market cap of 162,802,784 USD, which is ranking 261 among cryptocurrencies worldwide.
How much is the trade volume of Numeraire?
Currently, 7,343,926 NMR coins are circulating through 183 market pairs. As a result, in the last 24 hours, 3,452,784 USD of NMR coins were traded in the market.
