Numeraire is a unique cryptocurrency project that combines the power of blockchain and artificial intelligence. Developed by the hedge fund Numerai, this project rewards data scientists who make accurate predictions in a global AI tournament with its native token, Numeraire (NMR).
About Numeraire
At its core, Numeraire is a token that's used for staking in an AI competition. Data scientists around the world are invited to participate in this tournament, where they submit their predictions and back them up with NMR tokens. The accuracy of the predictions determines the number of tokens they earn. Incorrect predictions result in the loss of the staked tokens.
The Use of Blockchain
Numeraire employs Ethereum blockchain for its operations, giving the project immutability and transparency for its transactions. This enables participants to have faith in the system's fairness and integrity. The use of blockchain also ensures the seamless distribution of rewards to participants.
Creating a Network Effect
The goal of Numeraire is to create a network effect around data. By rewarding data scientists for their accurate predictions, it encourages more participation and fosters a global community around predictive modelling. This unique approach has made Numeraire a notable project within the crypto space.
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