Introduction to NMR（Numeraire）
Numeraire is an ERC20 Ethereum token. Ethereum tokens are represented as smart contracts that are executed on the Ethereum blockchain. The source code to Numeraire’s smart contract is publicly available. All minted Numeraire are sent to Numerai. The Ethereum smart contract dictates there will never be more than 21 million Numeraire minted. Numerai will send 1 million Numeraire to data scientists based on their historical ranking on Numerai’s leaderboard. After the initial distribution, the smart contract will mint a fixed number of Numeraire each week until the maximum is reached. By performing well in Numerai’s machine learning competition, data scientists will earn Numeraire on an ongoing basis. When data scientists are confident of the predictions they have made, they send Numeraire to the Numeraire Ethereum smart contract. The receiving contract will hold the data scientists’ Numeraire for some holding period t, with t suciently large to judge performance on new data. After t has passed, Numerai will send a message to the contract with information on which data scientists’ predictions performed well on new data. Those data scientists whose predictions performed well earn dollars based on the auction mechanism, and their Numeraire are returned. Those data scientists whose predictions did not perform well on new data risk having their Numeraire destroyed. The irreversible destruction of these Numeraire will be publicly verifiable on the Ethereum blockchain.
Circulating: 2,689,916 NMR