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Israeli New Shekel (ILS) to Numeraire (NMR) Instantly
Purchase Numeraire (NMR) with Israeli New Shekel (ILS) easily at Switchere and benefit from fast, secure transactions.
About
Numeraire (NMR)
Numeraire (NMR) is the cryptographic token underpinning Numerai, an innovative hedge fund and decentralized intelligence platform that leverages artificial intelligence and crowdsourced machine learning models to make predictions in global financial markets. Numerai tackles the challenge of information asymmetry and model overfitting in traditional finance by providing obfuscated financial data to a global network of data scientists. These participants build predictive models and compete in a weekly tournament, contributing to a collective "meta-model" that guides Numerai's trading strategies. This unique approach operates at the intersection of blockchain technology and advanced data science.
The NMR token, an ERC-20 digital asset, is central to Numerai's ecosystem and its unique tokenomics. Data scientists stake NMR tokens on the performance of their submitted models, demonstrating confidence and aligning their incentives with the fund's success. Accurate predictions that contribute positively to the meta-model are rewarded with more NMR, while poor performance can lead to staked tokens being "burned" or lost. This staking mechanism fosters a competitive yet collaborative environment, enhancing the quality of the collective intelligence. NMR serves as a crucial utility token, facilitating participation, reward distribution, and maintaining the cryptographic security of the prediction marketplace, positioning Numerai as a distinct Web3 infrastructure for AI-driven quantitative trading and sophisticated DeFi applications.
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Frequently asked questions
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What is the ILS/NMR trading pair and what is its core purpose?
The ILS/NMR trading pair represents the direct exchange rate between the Israeli Shekel (ILS) and Numeraire (NMR). Its core purpose is to provide a fiat on-ramp for users to purchase NMR, an ERC-20 token on the Ethereum blockchain, using Israeli currency. This is crucial for data scientists participating in the Numerai tournament, as they need NMR to stake on their predictive models. -
How can I purchase Numeraire (NMR) using an Israeli Shekel (ILS) bank transfer?
To purchase NMR with an ILS bank transfer, you must use a cryptocurrency exchange that supports ILS deposits and lists NMR. First, complete the KYC/AML compliance process on the exchange. Then, initiate a deposit from your Israeli bank account. Once the ILS funds are credited, you can place an order on the ILS/NMR order book. If a direct pair is unavailable, you may need to first buy a major digital asset like BTC or ETH and then trade it for NMR. -
What is the role of NMR staking after acquiring the token via an ILS fiat on-ramp?
After purchasing NMR with ILS, its primary utility is for staking within the Numerai ecosystem. Data scientists stake their NMR on machine learning models they submit to the Numerai data science competition. A successful predictive model earns the staker more NMR, while a poor model results in the staked tokens being burned (slashed). This 'Proof of Intelligence' mechanism aligns incentives and helps the Numerai hedge fund gather valuable trading signals. -
Are there specific security measures to consider when transferring NMR bought with ILS to a digital wallet?
Yes. When transferring your Numeraire (NMR) after a fiat-to-crypto transaction, security is paramount. Always double-check that the receiving digital wallet address is correct and is an ERC-20 compatible address, as NMR is an Ethereum-based token. For significant amounts, consider using a hardware wallet for cold storage. Be mindful of Ethereum network gas fees for the blockchain transaction and only use reputable exchanges with strong KYC policies for the initial ILS purchase. -
Why might the ILS/NMR trading pair have lower liquidity compared to major pairs like USD/NMR?
The ILS/NMR pair typically has lower liquidity because the Israeli Shekel (ILS) is a regional currency with a smaller global trading volume compared to the US Dollar (USD). Major cryptocurrency exchanges prioritize pairs with high trading volume and demand. Consequently, the ILS/NMR order book may be thinner, potentially leading to higher slippage on large trades. This is common for many fiat on-ramps outside of major world currencies like USD or EUR.
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