Numeraire (NMR) is a cryptocurrency token running on the Ethereum platform. The Numerai platform, on the other hand, can be defined as a hedge fund company. The company aims to crowdsource a professional financial model without compromising the privacy of data. Detailed information about what is Numeraire coin NMR and how does it work, how much is the price, how to buy, etc. is located in the continuation of the article. You can browse here for information about Bytecoin (BCN).
What is Numeraire coin (NMR) and how does it work?
Numeraire (NMR) is a cryptocurrency token running on the Ethereum platform. The Numerai platform, on the other hand, can be defined as a hedge fund company. The company aims to crowdsource a professional financial model without compromising the privacy of data. It uses a mix of data science, machine learning, artificial intelligence and cryptography for this.
NMR coin is used both as a condition of the competition and as a reward in the competitions held on the platform. Every week, Numerai holds a competition where scientists access updated data and use that data to build their financial models. The models are then tested in real-world markets for three weeks, after which the 100 best-performing models are rewarded with Bitcoin for their efforts.
Scientists who want to participate in the competition are expected to put NMR shares in their projects “to prevent unapproved changes”. Scientists with successful models get back the NMR tokens they put into the project, as well as the Bitcoin reward. The NMR tokens in the projects of the losing scientists are burned. Therefore, losing scientists also lose their NMR coins.
How much is NMR coin? Where to buy NMR coins?
“Reliable” cryptocurrency exchanges can be preferred to buy Numeraire coins. As of August 10, 2021, the price of 1 NMR is around $39.21.
Note: The information contained in this content is for informational purposes only. It is not investment advice.
For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency