Numeraire (NMR)

3 дек. 2021 г.

Numeraire (NMR) - A Cryptographic Token for Coordinating Machine Intelligence and Preventing Overfitting

The innovation behind the Numerai platform in using all the new tech to its advantage, including Machine Learning, Artificial Intelligence, Data Science as well as the blockchain. The platform manages to get the best possible predictions of market trends by rewarding anonymous scientists for the best models, benefiting the company as well as the scientists.

Overview
⦁ Richard Craib is the founder and CEO of Numerai - an AI-run, crowd-sourced hedge fund based in San Francisco. His professional career started with founding Numerai and has taken him to a Forbes 30 under 30 designee position. He is often cited for his innovative approach to hedge fund management and the revolutionary idea to rely so heavily on artificial intelligence for stock price prediction.
⦁ Numerai is an Ethereum-based platform whose main goal is to bring decentralization to the data science field and allow developers to compete in creating effective machine learning prediction models.
⦁ Numerai and the Numeraire token are unique in terms of the idea behind their creation. This is reportedly the first cryptocurrency to be created and released by a hedge fund. One of the main benefits of the NMR token is that it is awarded to data scientists whose models perform well in the Numerai tournament. This means that the token becomes more valuable as more people enter the tournament and start competing.
⦁ Not only that, but the models ventured for the tournament allow Numerai to actively participate in stock market trading based on the results revealed by participating projects. This innovative approach to stock trading makes Numerai one of the few hedge funds to rely significantly on AI-generated data predictions.
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⦁ This coin has been operating on the market since 2014, and it has been traded since 2017.
⦁ Grayscale have registered a trust on NMR, but have not opened it yet.
⦁ Revolut (Europe's largest neobank) has provided an opportunity to buy these coins for euros.
⦁ CIO of Panter Capital has recently invested 10 mln USD into NMR.
3,065 models are building the world's open hedge fund by predicting the stock market.
⦁ NMR is traded on multiple markets, including Coinbase PRO that allows all U.S. based residents to legally obtain this coin. This gives institutional investors a direct access to UMA
⦁ NMR advisors include Coinbase co-founder Fred Ehrsam, Polychain capital founder Olaf Carlson-Wee and Ash Fontana, a board member at Kaggie.
⦁ The board of directors of Numerai include the founder and CEO Richard Craib (a Forbes 30 under 30 awardee), Georey Bradway, and Xander Dunn.
⦁ In fact it is one of the first projects that provides Decentralised Finance (DeFi) services.

Details:

The Numeraire cryptocurrency is the product from the hedge fund company Numerai which incentivizes scientists to predict financial models using encrypted data provided to them. The cryptocurrency was launched about a year after the hedge fund, to overcome the challenges the project faced operating on the Bitcoin network. The company uses a mix of data science, machine learning, artificial intelligence and cryptography to achieve their goal of crowdsourcing an excellent financial model without sacrificing the secrecy of data.

Numerai allows scientists to download their data, which is encrypted for protection, from the company website. The data is then used by the scientists to create models which predict market movements. The models are created using a mix of machine learning algorithms and artificial intelligence.

Numerai pays the scientists with the top models in Bitcoin and gives further incentives in its native ERC20 token Numeraire (NMR). NMR is also used by scientists, who are supposed to stake tokens on their models to prevent tampering.

Numeraire Technology
Numerai holds a competition every week where scientists get access to updated data, and use it to create their financial models. They then upload it on the platform. The models are then tested in real-world markets for three weeks, after which the scientists with the top 100 performing models are rewarded with Bitcoins for their efforts.

The scientists are expected to stake a number of Numeraire tokens (NMR) on their models to prevent tampering. The scientists with the successful models get back their NMR tokens as well as an additional Bitcoin payout.
The Numeraire tokens staked on losing models are burned (i.e., the scientists who lose the competition also lose their NMR tokens).

Erasure Protocol
The Erasure Protocol can be used to create smart contracts that enable the Numerai staking mechanism. Numerai staking runs on the ETH blockchain using the Erasure Protocol powered by the token NMR.


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3 дек. 2021 г.

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