Numeraire

Numeraire (NMR) is an Ethereum-based platform that allows developers and data scientists to experiment and create machine learning models with improved reliability. The platform's primary goal is to bring decentralization to the data science field and enable developers to compete in creating effective machine learning prediction models. Numerai was founded in late 2015 in San Francisco and claims to be the first hedge fund to launch a cryptocurrency on the market. Unlike traditional hedge funds, Numerai relies on the data and predictions produced by tournament participants to participate in the stock market. They claim to be the first hedge fund to use machine learning extensively in its investment strategy. The Numeraire token is unique in 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. The models entered for the tournament allow Numerai to actively participate in stock market trading based on the results revealed by participating projects, making it one of the few hedge funds to rely significantly on AI-generated data predictions. As an ERC-20 token, NMR is secured by the Ethereum proof-of-stake (PoS) consensus mechanism, where validators and block creators are selected based on the amount of NMR tokens they are currently staking. This makes the consensus much more scalable and easily incorporated in different use cases compared to proof-of-work (PoW) consensus mechanisms. Numeraire is growing in popularity as the hedge fund performs better and more data scientists participate in the weekly tournament.