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

The History and Origin of NMR Coin1. 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.