Numerai to Cut Token Supply by 10 Million to Become 'Decentralized as F*ck'

Numerai never did a token sale, but people have its token and they are using it.

Now, with the final upgrade of the company's smart contract on ethereum, the maximum supply of tokens will drop from 21 million to 11 million, and the company will throw away the keys to the contract controlling its supply.

"We are going to be decentralized as fuck," Numerai founder Richard Craib told CoinDesk in an interview.

Today, even with only one customer, there are 25,000 stakes of NMR, according to the company, making it ethereum's most-used token.

"We had to be sure those people didn't have to trust Numerai not to mint a whole bunch of tokens."

She said the SEC will look at everything the company has done with the token, not just what it's doing once it has completely decentralized.

With the launch of Erasure, NMR will also become a governance token.

With Erasure's launch, the supply of NMR tokens will rise by almost half again.

Craib says the difference is largely explained by the fact that the company locked up 3 million tokens for a decade in May, but that still leaves 1.7 million unaccounted for.

"It's fundamentally going to be a token about users and usage," he said.