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What is Numeraire (NMR)? How to buy Numeraire Crypto in India?

What is Numeraire (NMR)? How to buy Numeraire Crypto in India?

What is Numeraire (NMR)?

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.

Who are the founders of Numeraire (NMR)?

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.

How does Numeraire Work?

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. 

Key Features of Numeraire

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. 

  • Signals: This is an avenue that is used to upload stock market strategies that support a specific stock or trading style.
  • Tournament: Owning to the meaning of the term used, this is a weekly competition where users submit trading algorithms about the stock markets allowing anyone to bet on the most likely outcome.
  • Erasure protocol: The ecosystem is built on the Erasure protocol, a collection of smart contracts on the Ethereum blockchain.

How to use Numeraire?

Here are some uses of the Numeraire coins:

  • Users can make predictions: Users need to stake Numeraire Coins to make predictions.
  • NMR for services: NMR is the Numeraire network’s digital asset token used to pay for services.
  • Exchange Numeraire’s Native Token: NMR may be purchased and traded in exchange for fiat money or other digital currencies.
  • Trade NMR: One can keep their NMR token in a crypto wallet for trading purposes.

How to buy Numeraire (NMR) in India 

Follow this three-step process to buy your first Numeraire token using the CoinDCX crypto investment app

  • Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
  • Verify the account: You need to complete your KYC, to buy NMR tokens on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
  •  Buy NMR: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
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