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About Numbers Protocol (NUM)
Numbers Protocol is a decentralized network for maintaining authenticity and ethics with respect to online photos and videos. The project says it is aiming to create trust and promote data integrity within the digital media space. NUM is the native token. It’s used to pay for services and incentivize various operators within the Numbers’ ecosystem. NUM can also be staked to the platform to confer governance rights.
According to Number’s whitepaper, the protocol’s decentralized image network leverages both Web3 and ledger-based technologies to store and authenticate digital photos and videos.
The network itself is comprised of two key components, those being network operators and the data library, which work in tandem to ensure operational efficiency.
Network operators encompass both storage suppliers and validators who actively ensure the integrity of images registered on the platform. For their efforts, network operators are provided NUM-based rewards.
Numbers’ data library comprises a series of key technologies including IPFS and Filecoin integration for content and metadata storage, a distributed ledger for saving immutable integrity records and platform native NFTs to record image/video ownership.
Within the Numbers’ ecosystem, each individual piece of content is equipped with its own ‘Web3 identity’ comprising integrity records that capture context, ownership, and creator signatures, allowing digital images to be traceable, verifiable and unique. Should a photo or video registered be modified in any way, the corresponding post-creation records are appended to the content’s existing integrity record, DAO Maker said.
Individual creators and image owners can participate in the network by paying an NUM-denominated fee to register their image to the platform. As noted by the project’s whitepaper, individual photo/video assets get archived with a Web3 storage solution while the accompanying contextual and integrity data is stored on Number’s decentralized ledger.
Number’s Capture App is a self-dubbed “blockchain camera” from which users can capture images and establish ownership and context and the moment of creation, as TechCrunch explained.
Available via IOS and Android, the application also supports a proprietary wallet for storing photo assets.
The protocol is actively seeking to cultivate an ecosystem of network applications including NFT marketplaces, Web3 storage and social media platforms.
In December of 2021, Numbers gained the attention of the broader crypto community with the release of their Web3 search engine for NFTs. Modeled after traditional Web2 platforms like Google, the service allows users to search for pertinent information regarding more than 20 million NFTs.
When was NUM created and how much was it worth?
Numbers Protocol is the brainchild of developers Bofu Chen, Tammy Yang and Sofia Yan who created the platform in May of 2019. All three cofounders remain involved in the project with Chen and Yang both serving as co-CEOs, and Yan as CGO.
In January of 2021 Numbers managed to procure roughly $1 million in seed funding from a cohort of seed investors, including Binance as well as YouTube co-founder Steve Chen and former Twitch COO Kevin Lin. Chen and Lin each currently serves as an advisor to the project. The seed round was followed by a $5 million private token sale which gained the backing of prominent industry players including Protocol Labs and DAO Maker, CoinTelegraph explained.
Numbers’ native token, NUM, was first distributed to the public via a $1.2 million IDO in November of 2021.
CoinGecko data shows that NUM performed well in the days following its public release, rising to an all-time high of $2.52 in late November of 2021. Apart from a brief rally in December of 2021, NUM has since failed to regain those lofty heights. Amidst a broader market correction, the NUM price, as of late August of 2022, was about $0.05.
How is the price of NUM determined?
A deflationary asset, NUM has a hard cap of 1 billion tokens, of which 188 million are currently in circulation. Per Numbers’ whitepaper, roughly 20% of NUM’s supply was distributed via a pair of token sales, while a further 22.8% was allocated to the protocol’s ecosystem rewards pool. Some 27% of supply was earmarked for network stakers, and another 17.5% dished to the protocol’s core development team and advisors.
Why does NUM have value?
By cultivating an ecosystem that supports the integrity, provenance and authenticity of digital content, Numbers is actively combatting misinformation across the web. Given the rampant nature of online mistruths – some 73% of Americans were concerned about it heading into the last presidential election – Numbers is seeking to build a new paradigm within the digital media space. If it gains traction, the prospects for NUM could be considered bullish.
Is NUM secure?
A standard ERC-20 token, NUM features integration with a number of leading Ethereum wallets and exchange-based storage solutions.
Within the Numbers Protocol, all metadata containing non-sensitive data is stored via the protocol’s distributed ledger, while metadata holding private information is archived via a decentralized storage solution with proper permissions controls.
What are the main benefits of NUM?
- Numbers’ decentralized photo network supports transparency and data integrity within the digital media space.
- Network operators can earn NUM-based rewards for storing registered photo assets and confirming their validity.
- Numbers’ proprietary Web3 search engine allows users to access pertinent information regarding more than 20 million NFRs.
What do critics say about NUM?
That NUM has underperformed. It is currently more than 95% off its all-time highs and as of late August 2022 had spent several months trading sideways.
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