When was NMR coin issued? Learn about the origin of NMR coin in one article

NMR coin, the native token of Numerai's decentralized data science platform, emerged in 2017 as a means to reward model contributors and facilitate platform governance.

Sep 30, 2024 at 05:06 pm

The History and Origin of NMR Coin

1. Inception of NMR Coin

NMR coin is the native token of Numerai, a decentralized data science and machine learning platform.
It was launched in November 2017 through an initial coin offering (ICO).

2. Purpose of NMR Coin

To facilitate data science competitions and reward participants for contributing high-quality models.
To govern the Numerai platform, including proposing and voting on protocol upgrades.
To incentivize stakers to secure and validate the Numerai network.

3. Origin of the Name "NMR"

NMR stands for "Numerai Network Token."
It derives from the platform's focus on numerology (the analysis of numbers) and its use of mathematical models for data analysis.

4. Key Features of NMR Coin

Proof-of-Work (PoW) Mining: Initially, NMR coin was mined using a PoW algorithm.
Proof-of-Stake (PoS) Staking: In 2021, Numerai introduced PoS staking as an alternative to PoW.
Decentralized Governance: NMR holders can participate in on-chain governance, voting on proposals and staking their coins to earn rewards.

5. NMR Coin Distribution

Seed Sale (2017): 9% of total supply sold to early investors.
ICO (2017): 25% of total supply sold to the public.
Foundation Reserve:* 20% of total supply reserved for future platform development.
Team Allocation:* 20% of total supply allocated to the Numerai team.
Treasury:* 24% of total supply held in treasury for ecosystem growth and platform maintenance.
Data Scientist Rewards:* 2% of total supply used to reward data scientists for model submissions.

6. Evolution of NMR Coin

Over the years, Numerai has implemented several protocol upgrades to enhance the utility and security of NMR coin.
Notably, in 2022, the network transitioned to a more scalable and interoperable blockchain via a bridge to Optimism.

Conclusion

NMR coin plays a pivotal role in the Numerai ecosystem, serving as a medium of exchange, governance mechanism, and incentive for participation. Its origin lies in the platform's focus on data science and the need for a decentralized token to facilitate its operations and reward contributors. As Numerai continues to evolve, the utility and value of NMR coin are likely to grow in tandem.

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