Numeraire

The founder and CEO of Numerai is Richard Craib. He graduated from the University of Cape Town in 2008 and later acquired a bachelor's degree from Cornell University, and spent a year at UC Berkeley. Craib is known for his innovative approach to hedge fund management and the revolutionary idea of relying heavily on artificial intelligence for stock price prediction. He has been recognized as a Forbes 30 under 30 designee.

As an ERC-20 token, NMR is secured by the Ethereum proof-of-stake (PoS) consensus mechanism. This means that validators and block creators are selected based on the amount of NMR tokens they are currently staking. Unlike proof-of-work (PoW) consensus mechanisms, PoS does not rely on high consumption of electrical or computing power to create new tokens, making the consensus much more scalable and easily incorporated in different use cases.

The Numeraire (NMR) token has a maximum supply of 11,000,000 tokens. Unlike many other cryptocurrencies, NMR did not undergo an initial coin offering (ICO). Instead, Numerai distributed 1 million NMR tokens among 12,000 of the platform's most active users. On a weekly basis, NMR tokens are burned as a result of the Numerai tournament. Participants who submit losing machine learning models and predictions in the competition lose their staked NMR tokens, which are then permanently removed from circulation.