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Numeraire (NMR) is a cryptocurrency that is designed to facilitate the creation of predictive models for use in financial markets. In this article, we will take a deep dive into the history of Numeraire, its founders, and current events surrounding the project.

History of Numeraire

Numeraire was launched in 2017 by Numerai, a hedge fund that uses machine learning algorithms to make investment decisions. Numerai was founded in 2015 by Richard Craib, a South African mathematician and entrepreneur.

The idea behind Numerai was to create a platform where data scientists could develop predictive models for financial markets. Numerai would provide the data and the incentives for the data scientists to compete to create the best models. The winning models would then be used by Numerai to make investment decisions.

In order to incentivize data scientists to participate in the platform, Numerai created Numeraire, a cryptocurrency that would be used to reward successful models. The idea was that by creating a cryptocurrency that was tied to the success of the platform, Numerai could create a decentralized network of data scientists that would be incentivized to work together to create the best predictive models.

The Numeraire ICO was held in June 2017, and raised approximately $7.5 million. The majority of the funds were raised from institutional investors, including Union Square Ventures, Placeholder, and Blockchain Capital.

Since launching the platform and the Numeraire cryptocurrency, Numerai has continued to refine and improve its technology. The platform has attracted a large community of data scientists and has been used to create successful predictive models for financial markets.

Founders of Numeraire

Numeraire was founded by Richard Craib, a South African mathematician and entrepreneur. Craib had previously worked as a quantitative analyst for several hedge funds before starting Numerai.

Craib is joined by a team of experienced professionals, including Steve El-Hage, Numerai’s Chief Technology Officer, and Xander Dunn, the company’s Head of Data Science.

El-Hage brings over 20 years of experience in software development to the Numerai team, having previously worked for companies such as Microsoft and Adobe. Dunn, meanwhile, has a background in physics and data science, having worked at companies such as Uber and Palantir before joining Numerai.

Current Events Surrounding Numeraire

Since launching its platform and the Numeraire cryptocurrency, Numerai has continued to attract a large community of data scientists and has been used to create successful predictive models for financial markets.

In addition to its core platform, Numerai has also been working on a number of new initiatives. This includes the launch of the Erasure marketplace, which allows anyone to buy and sell predictions on any dataset. Erasure is designed to be a decentralized marketplace for information, where users can buy and sell predictions without having to trust a central authority.

Another key development for Numerai has been the launch of the Numerai Signals platform. Signals is a free-to-use platform that provides users with access to a range of financial data, including stock prices and other market data. The platform is designed to be used by data scientists to create predictive models for financial markets.

Overall, Numerai’s focus on predictive modeling and its use of cryptocurrency to incentivize data scientists has positioned it well to capitalize on the growing interest in machine learning and artificial intelligence in financial markets. As more companies look to use data science to make investment decisions, Numerai’s platform and ecosystem of products and services could become increasingly valuable.