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- Started in: 2017
- Mainnet release: 2019
- Based in:
- “hedge fund built by a network of data scientists“
- Numerai never did a token sale, but people have its token and they are using it. The numeraire (NMR) was launched in June 2017 as an early departure from the initial coin offering (ICO) template. Now, with the final upgrade of the company’s smart contract on ethereum, the maximum supply of tokens will drop from 21 million to 11 million, and the company will throw away the keys to the contract controlling its supply.
- According to Numerai, there are currently about 7 million NMR in existence. CoinMarketCap pegs that number at 2.3 million. Craib says the difference is largely explained by the fact that the company locked up 3 million tokens for a decade in May, but that still leaves 1.7 million unaccounted for.
- From this article (19-2-2020):
"With a fair launch without ICO, the first few NMR were airdropped to attract the first users (data scientists). Then Numerai conducted a $11 million token sale with Paradigm and Placeholder VC at $5,50 per token. Also, the founder Richard Craib recently bought $1M of NMR for more skin in the game."
"Its hedge fund, has concluded a $3 million token sale of its native token, NMR. Purchasers of the tokens include Union Square Ventures, Placeholder, CoinFund, Dragonfly Capital and Numerai founder Richard Craib.
The company conducted an initial token sale last year, raising $11 million from Paradigm and Placeholder. However, while this previous round was mostly used to fund the operations of Numerai's hedge fund, the newly-raised $3 million will focus on Erasure."
"On all three [of Erasure's] platforms, users are required to deposit NMR or the stablecoin DAI as stakes before posting information. These stakes are forfeited if the information they provide is deemed inaccurate."
"The network’s native utility token, Numeraire, is given as a reward for accurate predictions staked on the platform, but can also be burned as punishment for sub-par submissions."
- Whitepaper can be found [insert here].
- Code can be viewed [insert here].
- Built on:
- Programming language used:
How it works
Privacy Method being used
Oracle Method being used
Their Other Projects
- Erasure protocol went live on mainnet in 2019. Numerai’s ErasureBay (15-3-2020) live on mainnet.
- A marketplace for any kind of information, where the buyer can slash the seller if they don’t like the information. It’s Numerai’s first non-finance product Erasure Bay—A decentralized marketplace for information
- From this article (19-2-2020):
"Numerai developed the Erasure Protocol on Ethereum, allowing users to build a reputation over time, and put money at risk using Numeraire (NMR), a stake and burn token to show confidence on their takes. The introduction of a negative economic incentive creates new types of collaborations. New kind of applications will be built on Erasure, that were not possible before, starting with the Numerai Tournament, ErasureQuant and ErasureBay."
"It is currently used as the underlying technology of Numerai's data scientist tournaments, as well as its stock prediction marketplace Erasure Quant and the information marketplace Erasure Bay."
- Numerai started as a marketplace for data that its hedge fund could use to make investments. With the full debut of Erasure, its software on ethereum, Numerai will open up that marketplace to any fund that wants to incorporate other people’s work.
- Supports any currency
- Low popularity
- Staking can be used by investors to safeguard predictions and keep them for themselves
- From the announcement (12-10-2020):
"Numerai is now the first hedge fund to source original stock market signals, built from any dataset, from anyone in the world. Numerai has allocated $50 million in cryptocurrency rewards for the most original signals. It’s called Numerai Signals and it lets Numerai source and reward stock market signals built with any model, trained on any dataset."
- Can be found [Insert link here].
- Bug bounty program can be found here. Max payout is 100 NMR (29-6-2020).
- Blockchain Security DB (29-6-2020) shows 1audit. The latest was in 5-2019.
"Since inception the number of requests have grown steadily as awareness of the platform has increased, culminating in a total of slightly more than 130. To date $14,000 in $DAI has been staked on the platform. The nature of this increasing step function shows many small requests, with an intermittent spike in cumulative stakes as users request services with large bounties."
Projects that use or built on it
Pros and Cons
- From Richard Craib's tweet (1-1-2020):
"I bought $1 million of NMR from @numerai yesterday. Board approved a 20% discount with a 1 year lock up. I want to have more skin in the game alongside the growing NMR stakers and holders."
Team, Funding, Partnerships, etc.
- Full team can be found [here].
- Richard Craib, founder
- Has the same advisors as 0x protocol
- Ehrsam, Fred; investor/advisor
- Benet, Juan; investor/advisor
- Krug, Joey; investor/advisor
- Carlson-Wee, Olaf; investor/advisor
- Has investment from Union Square Ventures