A hedge fund called Numeraire uses weekly competitions to crowdsource predictive trading algorithms. Numeraire has altered the process of producing prediction models by holding a weekly competition that rewards data scientists for creating trading models that perform well. A data collection that is accessible to all participants is the foundation for the prediction models that data scientists propose. They are compensated according to the precision of the model they submitted and, if any, the number of Numeraire tokens (NMR) they staked for a particular event. The Numeraire network's digital asset token, abbreviated NMR, is used to pay for services. The Erasure system, on which products like Numerai's Classic Tournament and Numerai Signals are based, uses NMR as its token. It is constructed on Ethereum and adheres to the ERC20 token standard. NMR can be purchased and traded in exchange for fiat money or other virtual currencies.Learn More
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