TLDR; NMR is the staking token of the Erasure protocol, with a set amount of 11 million NMR. These will gradually decrease as NMRs are burned.
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NMR was initially used in Numerai, the hedge fund.
NMR was later extended to be the native token of Erasure protocol. A protocol for building global data marketplaces.
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Users can build a verifiable track record and stake their predictions with NMR. By staking NMR, the seller of a prediction puts value at risk if the prediction goes wrong.
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Griefing factor = degree (e.g. 1:10) to which the buyer is able to destroy their stake.
If the seller stakes 100 NMR, the buyer can destroy both their stakes for 10 NMR.
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1. Numerai hedge fund (@numerai).
2. Erasure Quant.
3. Erasure Bay (@ErasureBay).
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Numerai crowdsources its intelligence from a global pool of data scientists.
The ML models are ranked based on historical data & used for investment decisions. Participants stake their models, and get rewarded (or slashed) with NMR.
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A marketplace for stock market data (a stock-picking tournament).
All predictions are staked (in NMR) --> burned if not accurate. Rewards are paid proportional to the stake (in NMR).
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A marketplace for sourcing ANY kind of information (secrets, predictions etc).
Requests for info are matched with a stake by “fulfillers” who get paid if the information meets the set parameters. DAI used for staking & NMR burnt in the background.
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Governance of the NMR token (=Erasure protocol) is still with the core team. There currently isn't a defined roadmap for the protocol to become community-owned.
Though, @richardcraib hinted at this in December 2018: medium.com/numerai/redesi…
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NMR is valued based on staking demand (projects using Erasure protocol) and a decreasing supply of NMR due to burn-mechanism (~3% of staked tokens are burnt). No minting.
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Simple suggestion:
Change the name of Numerai token to Erasure token (similar what to @AaveAave did) to reflect the protocol & not one application.
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