This guide aims to provide a clear and detailed walkthrough for Add Numeraire to Trust Wallet, the native token of the Numerai project—a hedge fund structured by a network of data scientists, to Trust Wallet. Known for its robust support of a vast array of cryptocurrencies including ERC-20 tokens, Trust Wallet offers a secure way to store, manage, and trade your Numeraire tokens. Following this guide step-by-step will ensure that Numeraire is successfully integrated into your Trust Wallet.
What Is Numeraire?
Before delving into the technical process, let’s understand what Numeraire is. Numeraire (NMR) is the foundational cryptocurrency of Numerai, an innovative hedge fund that utilizes a global network of data scientists to predict stock market movements. NMR is used as a stake in Numerai’s data science tournaments. Participants can stake their NMR on their models’ predictions, and earnings are determined based on the accuracy of these predictions, promoting a unique synergy between finance, data science, and machine learning within the blockchain space.
How To Add Numeraire to Trust Wallet
Step 1: Install and Configure Trust Wallet
The initial step to adding Numeraire to your Trust Wallet involves installing the app on your mobile device. Trust Wallet is available for both iOS and Android platforms and can be downloaded from the respective app stores. After installation, follow the prompts to either create a new wallet or import an existing one. It’s critical to securely store your recovery phrase as it’s your only way to regain access to your wallet if needed.
Step 2: Utilize the Wallet’s ‘Receive’ Function
To prepare for receiving Numeraire tokens, you’ll need to locate your wallet’s receiving address. Open Trust Wallet, tap on the “Receive” button, and search for Ethereum, given that Numeraire is an ERC-20 token. Copy the Ethereum receiving address as this will be used to receive NMR tokens.
Step 3: Locate Numeraire
Numeraire might not automatically appear in your Trust Wallet’s token list. To add it, tap on the icon in the top-right corner and search for “Numeraire” or “NMR.” If the token is listed, you can easily enable it to show in your wallet. If it’s not listed, you’ll need to manually add it as outlined in the next step.
Step 4: Manual Addition of Numeraire (If Required)
If Numeraire is not pre-listed in Trust Wallet, you can add it manually by:
- Tapping on “Add Custom Token.”
- Changing the network to Ethereum, as NMR is an ERC-20 token.
- Entering the contract address for Numeraire, which can be found on the official Numerai website or reputable crypto asset tracking platforms.
- Filling in “Numeraire” for the name, “NMR” for the symbol, and setting the decimals as per the token’s specifications (usually 18). After completing these steps, Numeraire will be added to your Trust Wallet.
Step 5: Acquiring Numeraire Tokens
Numeraire tokens can be acquired by participating in Numerai tournaments, purchasing them on a cryptocurrency exchange that lists NMR, or through other legitimate distribution methods. Once you’ve obtained Numeraire tokens, withdraw them to the Ethereum address in your Trust Wallet, ensuring you select ERC-20 as the transfer network to successfully transfer your tokens.
Step 6: Numeraire Tokens Management
With Numeraire tokens in your Trust Wallet, you now have the ability to manage them directly within the app. Trust Wallet allows you to view your NMR balance, send tokens to other addresses, and utilize NMR for transactions on decentralized exchanges (DEXs) or within the ecosystem that supports Numeraire’s use case.
Can I Add Numeraire to Trust Wallet?
Yes, adding Numeraire to Trust Wallet is straightforward following the outlined steps. Trust Wallet’s extensive support for ERC-20 tokens, including NMR, makes it an ideal platform for securely managing your digital assets.
About Numeraire
Numeraire represents a significant innovation in merging blockchain technology with data science and finance. The NMR token is central to Numerai’s ecosystem, facilitating a novel and collaborative approach to stock market predictions through staking mechanisms that incentivize accurate data modeling.
Conclusion
Adding Numeraire to Trust Wallet is a simple process that enables you to securely manage your NMR tokens. Whether you’re a data scientist participating in Numerai tournaments, holding NMR as an investment, or using it for transactions, Trust Wallet provides a convenient and secure platform for all your digital asset management needs. As with any cryptocurrency transactions, always ensure to follow best practices for security and conduct thorough research when engaging in the cryptocurrency space.