Numeraire NMR Price

What is Numeraire (NMR)?

Launched in February 2017, Numeraire represents a groundbreaking development in the realm of machine learning and blockchain technology. Created by Richard Craib, Geoffrey Bradway, Xander Dunn, and Joey Krug, Numeraire introduces a unique cryptographic token, NMR, designed to address the challenge of overfitting in machine learning. This token is utilized in an innovative auction mechanism that incentivizes data scientists to create models that perform well on new, unseen data, rather than merely fitting historical data.

Numeraire is anchored in the Ethereum blockchain as an ERC20 token. The platform's distinctive feature is its mechanism for distributing tokens. Initially, Numerai distributed 1 million Numeraire to data scientists based on their historical performance in Numerai's tournaments. The platform is designed to mint a fixed number of Numeraire weekly until reaching a cap of 21 million. This approach ensures ongoing engagement and rewards for data scientists participating in the platform's machine learning competitions.

At its core, Numeraire is not just a cryptographic token but a novel solution to a perennial problem in data science. By leveraging blockchain technology and the unique economic incentives of its token, Numeraire aligns the interests of data scientists with the goal of creating robust, generalizable models. This alignment not only advances the field of machine learning but also contributes to the broader vision of a more efficient and transparent approach to data analysis.

What is unique about Numeraire (NMR)?

Numeraire (NMR) is distinctive for its integration of machine learning with blockchain technology, offering a novel solution to overfitting by using NMR tokens in machine learning competitions.

Who are the founders of Numeraire (NMR)?

Numeraire was created by Richard Craib, Geoffrey Bradway, Xander Dunn, and Joey Krug.

Who are the backers/investors of Numeraire (NMR)?

Numeraire has many investors including Union Square Ventures (USV), Renaissance Technologies, Coinbase, Placeholder, Paradigm, Dragonfly Capital, Coinfund among others.

What is the consensus mechanism of Numeraire (NMR)?

Numeraire (NMR) operates as an ERC20 token on the Ethereum blockchain, which uses a Proof of Stake consensus mechanism.

Where can I buy Numeraire (NMR)?

You can buy Numeraire (NMR) on Binance, Gate.ioMEXCBitgetOKX cryptocurrency exchanges.