NMR

Overview of NMR

Numeraire (NMR) is a cryptographic token predominately used within the Numeraire network. The digital asset was launched by its founder, Richard Craib, in 2017. The NMR token was designed with the primary purpose of being used within the Numerai ecosystem - a hedge fund where anonymous data scientists compete to create the best predictive models. NMR plays a vital role as a reward token in this system. It follows the ERC-20 token standard, which makes it compatible with all wallets that support Ethereum-based cryptocurrencies. Some of the exchanges which support trading of NMR include Poloniex, Bittrex, Kraken, and Coinlist.

Pros and Cons

What Makes NMR Unique？

The primary innovation of Numeraire (NMR) stems from its unique use within the Numerai ecosystem. Unlike many cryptocurrencies which mostly aim to be digital currencies, stores of value, or platforms for building applications, NMR was specifically designed as a reward token for data scientists.

In the Numerai ecosystem, data scientists from around the world compete to create the most predictive models. Once their models are submitted, they are tested for efficiency, and NMR is provided as an incentive for the most efficient models. This drives competition among data scientists, and encourages innovation in predictive modeling and machine learning.

This unique use case sets NMR apart from most other cryptocurrencies, because its primary purpose is not to act as a medium of exchange or a decentralized application platform, but as a propellant of data science innovation within a specific platform. However, like many other cryptocurrencies, NMR is built on the Ethereum platform and conforms to the ERC-20 token standard, which means it can be stored in any Ethereum-compatible wallet and is traded on multiple exchanges. These particular traits are shared with numerous other digital currencies.

How Does NMR Work？

Numeraire (NMR) operates as a cryptocurrency that is primarily used within the Numerai ecosystem, a hedge fund where anonymous data scientists compete to create the best -- and most valuable-- predictive models. The fundamental principle behind NMR is offering a token of value as a reward for efficiency and innovation in data science.

Exchanges to Buy NMR

Here is a list of ten exchanges that support the trading of the NMR token, along with some common trading pairs:

1. Binance: This global cryptocurrency exchange supports NMR transactions. Some common trading pairs on Binance include NMR/USDT, NMR/BTC, and NMR/ETH.

2. Coinbase Pro: This leading exchange platform from the United States supports the buying, selling, and trading of NMR. On Coinbase Pro, you can trade NMR with pairs like NMR/USD and NMR/BTC.

3. Kraken: A well-regarded cryptocurrency exchange that supports NMR. Trading pairs available on Kraken include NMR/USD and NMR/EUR.

4. Bittrex: On Bittrex, one of the older and more established exchanges, you can trade NMR in pairs like NMR/BTC and NMR/ETH.

5. Poloniex: NMR is also supported on Poloniex where common trading pairs include NMR/BTC and NMR/USDT.

How to Store NMR？

Numeraire (NMR) is an ERC-20 token, hence it can be stored in any wallet that provides support for Ethereum-based tokens. These include both hardware and software wallets. Here are various types:

Hardware Wallets: These are physical devices that store cryptocurrencies offline in a secure manner, making them highly resistant to hacking attempts and digital theft. Ledger and Trezor are two of the most popular brands for hardware wallets and are good options for storing NMR tokens due to their robust security features.

Software Wallets: These are applications that can be installed on a computer or mobile device. They can be convenient for access and transactions, though they can be less secure than hardware wallets if the device they're installed on is compromised. MyEtherWallet and Metamask are examples of software wallets that can store NMR tokens.

Should You Buy NMR？

Purchasing NMR token is mainly suitable for individuals or entities who are interested in the Numerai project or individuals who wish to actively participate in the Numerai ecosystem as a data scientist. The NMR token could appeal to those who have a vested interest in data science initiatives and want to support an innovative digital platform that directly rewards the best algorithms developed by its participants. It may also attract investors who are intrigued by the unique use case of NMR and would like to hold a diverse cryptocurrency portfolio.

FAQs

Q: In which exchanges can NMR tokens be purchased？

A: NMR tokens can be acquired from various exchanges including Binance, Coinbase Pro, Bittrex, Kraken, Poloniex, and other platforms supporting Ethereum-based tokens.

Q: What's a major distinction of Numeraire from other cryptocurrencies？

A: Numeraire stands out due to its unique application as a reward for efficiency and innovative data modeling within the Numerai platform, as opposed to being primarily a transactional currency or application platform.

Q: Where can I find the most updated number of NMR tokens in circulation？

A: Reliable cryptocurrency market data providers such as CoinMarketCap or CoinGecko are recommended for the most accurate and current amount of circulating NMR tokens.

Q: How does NMR operate within the Numerai ecosystem？

A: In the Numerai ecosystem, data scientists stake NMR tokens on their predictive models; efficient models are rewarded with NMR while ineffective models have the potential of losing staked NMR.