Token utility
In the world of blockchain, each network has its own unique digital currency that serves as a key driver for promoting good network behavior. Openfabric's native currency is aptly named $OFN.
The $OFN token is the foundation of the OpenfabricAI ecosystem. It acts as the currency for individuals and businesses looking to access the advanced AI system that supports the ecosystem. Furthermore, the token offers various benefits to its holders, making it a sought-after asset for those keen on exploring the AI landscape in the crypto and blockchain world.
Key features
Staking
Securing the Platform:
- AI innovators: stake to join the network, get penalised/slashed if misbehaving;
- Data providers: stake to join the network, get penalised/slashed if misbehaving;
- Infrastructure providers: stake to join the network, get penalised/slashed if misbehaving;
- Service consumer: optional to stake the store of value, and transaction vehicle enabling users to buy and sell AI applications and code on the Platform peer-to-peer marketplace;
- Validators: helps to ensure the security and stability of the network, while also preventing centralization and promoting decentralization.
Reward
Earning Tokens for doing an action on the Platform:
- as a transaction vehicle enabling infrastructure providers to receive rewards for renting the execution environment to run AIs, on a per-execution basis, in accordance to the amount of hardware resources being utilized;
- the reward of AI innovators adding value to the network by developing and deploying AI solutions capable of solving demanding problems, on a per-execution basis;
- the reward of data providers who own the relevant data that can be used during the process of AI training, on a per-download of dataset basis.
Payment
Using the Tokens to purchase products and/or services on the Platform, i.e. to run an AI-App: service consumer - making payments with Tokens.
Medium of Exchange
As an internal currency on the Platform, whereas the users of the Platform can use the Tokens in trading.
Governance
Voting on project parameters whereas the Tokens hold voting power as a holder of Tokens can vote onchain decentralized autonomous organization (“DAO”).
Exclusive Access
Token holders who maintain a certain balance in their wallets enjoy a range of exclusive privileges, such as:
- Access to exclusive products and services;
- Early access to alpha versions of newly released products and services, contingent upon having a specified minimum number of Tokens;
- Invitations to special events, like exclusive webinars;
- Entry to specific communication forums, like an exclusive Discord channel.
It's crucial to note that merely purchasing, owning, receiving, or possessing Tokens does not grant any inherent rights beyond using the Token for its intended utilities, and this is only valid as long as the Platform is actively maintained.
In a Nutshell
$OFN, the native currency of OpenfabricAI, plays a pivotal role in merging the worlds of blockchain and AI. Its varied uses, from staking to facilitating transactions, highlight its importance in the ecosystem. For everyone involved, from tech innovators to users, $OFN is more than just a digital coin; it's a key to unlocking a wealth of opportunities in the combined AI and blockchain domain. Simply put, $OFN is at the heart of this exciting technological intersection.
The information contained in our whitepaper, presentation website, and documentation is provided for informational purposes only and should not be construed as financial advice or an inducement to purchase our utility token, $OFN.
$OFN is intended solely for use within the Openfabric network, and we make no representations or warranties regarding its value, security, or suitability for other purposes. We strongly encourage you to conduct due diligence and seek professional advice before making investment decisions.
By accessing our whitepaper, presentation website, or documentation, you agree to release and hold us and our affiliates harmless from any liability for using the information contained therein.
