Dec 6, 2018 10:00 UTC
Dec 6, 2018 at 10:00 UTC
Numerai and Erasure Re-design the ETH Tokens for Total Decentralization
The Numerai’s team latterly announced that it was planning to implement some major changes to the token.
The team is positive to have one of the best tokens in the ETH network and feels that the existing model needs some changes before it can succeed. With such ambitions in mind, the team declared that it was cutting the supply by roughly 50% so it could transition to a more decentralized option.
According to Numerai developers, only a few people use Ethereum, and when they use, they mostly prefer Ether. This implies that most of the tokens on the Ethereum platform are useless. For example, when a user buys a CryptoKitty, they pay in ETH; and when a trader completes an order with the 0x protocol, they don’t importantly need the 0x token.
These are the negative aspects that the team is going to eradicate by enabling Erasure.
What is Erasure?
A decentralized data marketplace, Erasure allows everyone to upload data, stake it with Numerai’s NMR, build a reputation, and get rewards.
With Erasure, all the possible developments made by Numerai team will be open to the world on a decentralized protocol. The Numerai’s NMR team expects to increase the usage of NMR, solve some of Numerai’s issues, and most importantly create an exceptional yet innovative data marketplace.
Erasure Launches a Novel NMR
Erasure has the potential of decentralizing the NMR token, which means that the NMR smart contracts will not be controlled by Numerai.
The developer’s team will disable the NMR token to control Numerai’s hedge fund unless they turn it into a protocol. These developments will help people to use NMR for building prediction markets which can go from sports to journalism as well as all operate on top of Erasure.
With such transformations, NMR owners will get the control over Erasure turning it into a governance token. Not only this, but Erasure will also launch thousands of new use cases to Numerai.