Is Numeraire Coin (NMR) Token a Scam or Legit?

 

 

What is Numeraire (NMR)? 

 

Numeraire (NMR) is a legitimate digital asset and is the utility token for the Numerai platform. Numerai is a blockchain-based software that operates as a decentralized hedge fund and combines incentivization with artificial intelligence, machine learning, cryptography, and data science to predict the stock market. Numerai has two applications within its software, Numerai Signals and Numerai Tournament, both of which use Numeraire (NMR) as the main payment method and as an incentive to reward participants.

 

How does Numeraire work?

 

The Numerai platform uses the Erasure protocol to incentivize users who stake their NMR tokens on the correct outcome based on their chosen prediction model. If the user's prediction is correct, they are rewarded with NMR tokens. If it is incorrect, their staked NMR is destroyed.

 

The Numerai software operates as an AI aggregator known as the "meta model" and incorporates algorithmic trading based on all submissions from users who upload their prediction models to the platform. All prediction models are accessible through Numerai's Signals and Tournament apps, where users can earn NMR rewards for their participation.

 

The Founders of Numeraire

 

The Numerai project was founded in San Francisco, California by Richard Craib in 2015, and over the years, the company has raised over $21 million in funding. In 2017, Numerai issued 1 million NMR tokens and distributed them to data scientists who participated in tournaments. The intrinsic value of the Numerai project draws from its innovative technology, including its use of AI, machine learning, cryptography, and data science, as well as its unique software that allows financial advisors and data scientists to generate extra income by submitting trading strategies.

 

Supply of Numeraire (NMR) Coins

 

The NMR token sources its value from its use case as the power behind all applications in the Numerai ecosystem and its incentivization of users for their participation. The market value of NMR is influenced by a range of elements and factors, including the volatility of the crypto market. Currently, there are 6,152,748 NMR coins in circulation out of a total of 11,000,000 NMR. The finite supply of NMR acts as a mechanism against inflation and ensures that no new NMR tokens will be minted once the supply is exhausted.

 

In conclusion

 

Numeraire (NMR) is a legitimate digital asset and is not a scam. The Numerai platform offers a unique and innovative solution for trading equities and incentivizing users with its NMR token. However, as with any investment, it is important to do your own research and understand the risks involved before making a decision to invest.