What is the meaning of Posit?

Something that is posited; a postulate.

Abbreviation of position.

A number format representing a real number consisting of a sign bit, a variable-size "regime" part (which modifies the exponent), up to two exponent bits, and a fraction part, proposed as a more efficient alternative to IEEE 754 floats in AI applications.

To assume the existence of; to postulate.

To propose for consideration or study; to suggest.

To put (something somewhere) firmly; to place or position.

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Source: wiktionary.org