What is Numeraire?
A numeraire is a software acting as an innovative hedge fund that enables users to trade equities on the Ethereum blockchain.
Numeraire operates an AI aggregation model called “meta-model,” incorporating all the predictions it receives from participants in its application network. In other words, incentivization is combined with machine learning, AI, cryptography, and data science for predicting stock markets, thereby allowing users to trade equities as well.
Users can trade based on AI, and a global network can make predictions of data scientists using blockchain technology to stake crypto on certain predictions.
There are two applications aimed at different types of traders. These are:
NMR token utility
NMR is the only utility token for staking on the models in the Numeraire tournaments. Therefore, if the platform chooses a model, the data scientist or the developer gets a fractional payout on their stake.
In a nutshell, Numeraire provides users with unique software that illustrates a perfect method for data scientists and financial advisors to make extra income by submitting trading strategies driven by market data. It is a great crowdsourcing application that acts as a decentralized hedge fund. Indeed, Numeraire is a unique and amazing project ensuring that it is raising the bar for the same networks.
How does Numeraire work?
Numeraire uses the Erasure protocol for incentivizing users to stake their NMR. Suppose a user stakes NMR based on the chosen prediction model based on the correct outcome. In that case, the protocol rewards its users with the NMR tokens. If the user stakes their NMR on the wrong outcome, it destroys their staked NMR by Erasure protocol.
The software operates as an AI aggregator known as a “meta-model” and employs algorithmic trading. The system incorporates all submissions from users who can also upload their prediction models to this platform. The Numeraire software acts as a hedge fund and trades equities based on the selected prediction model, and trades are executed in the stock market. All the users can access prediction models via Numeraire’sNumeraire’s Signals and Tournament apps.
How to buy an NMR token?
As an ERC-20 token, it can be kept in any wallet supporting Ethereum or Bitcoin. The easiest way of purchasing Numeraire is via Binance or Coinbase and then exchanging it for Numeraire.
Hardware wallets and cold wallets such as Trezor or Ledger give you the most secure options for strong cryptocurrencies with great offline storage and backup.