Numerai is an ERC20 token, which basically provides a platform for developers and data scientists to experiment and create machine learning models. Using the NMR platform to built these things, the developers can make them with improved reliability. The main goal of the NMR platform is to bring decentralization to the data science field while also allowing developers to compete in creating effective machine learning prediction models.
Founded in 2015, Numerai claims to be the first hedge fund to launch a crypto asset into the market. However, the difference of the NMR for any traditional hedge fund lies in the fact that the Numerai platform relies on the data and predictions produced by tournament participants to participate in the stock market. The NMR platform also claims to be the first hedge fund to make use of machine learning so heavily in its investment strategy.
Richard Craib, who is often noted for his innovative approach to hedge fund management and the revolutionary idea to rely so heavily on artificial intelligence for stock price prediction is the founder and CEO of Numerai. After graduating from the University of Cape Town, and after spending a year at UC Berkeley Craib started his professional career with founding Numerai. An innovation that has taken him to a Forbes 30 under 30 designee position.
The Numerai platform operates with an artificial intelligence aggregation model, called a “meta model”. This meta model then incorporates all the predictions it receives from participants in the application’s network. The Numeraire hedge fund then algorithmically trades equities in the stock market based on this model. Not only does the NMR platform uses the meta model but also allows any of its users to access the model’s application via the network by accessing its suite of products.
Since Numeraire is a software that is acting as a hedge fund that aims to enable users to trade equities on the Ethereum blockchain, the NMR platform broadly caters to two different types of traders.
Here are some uses of the Numeraire coins:
Follow this three-step process to buy your first Numeraire token using the CoinDCX crypto investment app