Numeraire Crypto For Pakistani Investors

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 and is it available to the ever-growing community of crypto investors in Pakistan?

Let’s find out…

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.

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 for Pakistani

Here are three benefits of this ecosystem.

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 can Pakistanis 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.

Since 2021, Coin Labs have been assigned a fee discount code from Binance. Thus, if you sign up for Binance through Coin Labs, you can benefit from the fee discount and participate in the bonus event earning up to $500.

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 or CNIC.

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 for Pakistanis

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 Crypto For Pakistani Investors.
Therefore, we are not responsible for the investment decision in Numeraire Crypto For Pakistani Investors and the resulting loss.

Numeraire Crypto For Pakistani Investors Basics

Here are some factors that investors should consider before investing in Numeraire Crypto For Pakistani Investors.

Cryptocurrency Features	Numeraire Crypto For Pakistani Investors (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 Crypto For Pakistani Investors in 2024

These are indexes mesuring the investment reliability of Numeraire Crypto For Pakistani Investors 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 Crypto For Pakistani Investors.
Check out how we evaluate cryptocurrencies on the crypto rating description page.

Numeraire Crypto For Pakistani Investors Price

Here are the price and recent trading volume of Numeraire Crypto For Pakistani Investors. (Data of 2024-11-02 00:35:00)

Price Items	Price and Trading Volume of Numeraire Crypto For Pakistani Investors
Numeraire Crypto For Pakistani Investors 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 Crypto For Pakistani Investors through the links in the table below.

Metadata Source	URL
🌎 Official Website
📖 White Paper
🛰️ Source Code (GitHub)
🐦 Twitter
🤖 Reddit
🎺 Message Board

Where to Buy Numeraire Crypto For Pakistani Investors

Here are the top ten world crypto exchanges where traders can buy Numeraire Crypto For Pakistani Investors in 2024.

Top10 Exchanges	Listed Status	Page URL
Binance	상장	https://www.binance.com/en/trade/NMR_USDT
Coinbase	상장	https://exchange.coinbase.com/trade/NMR-USD
Kraken	상장	https://pro.kraken.com/app/trade/nmr-usd
KuCoin	상장	https://www.kucoin.com/ko/trade/NMR-USDT
Bitfinex	비상장
OKX	상장	https://www.okx.com/trade-spot/nmr-usdt
Huobi	비상장
Bitstamp	비상장
Bybit	비상장
Gate.io	상장	https://www.gate.io/trade/NMR_USDT

Frequently Asked Questions