This posting deals with
how the philosophy of the AI Crypto was reflected in ICO Information, Distribution Mechanism, and Plan on Allocation and Additional AIC Coin Issues.
AI Crypto Philosophy reflected in AIC
As it is mentioned in the 1st posting, AIC is issued by Proof of Value(PoV), not as a form of PoW as a form of mining.
*Proof of Works; Pow: consumes huge amount of electricity and computing power by producing encrypted blocks that contain ledger and receiving coin as compensation.
Not only is the use of resources for mining alone inefficient for the mankind, but the focus of block creation on some participants with enormous power is also decomposing the distributed network.
Can such resources be used in a way that contributes to society?
Why don’t we give greater rewards to valuable resources?
To answer these questions,
– We have adopted the PoV method for issuance of tokens.
When shared resources are used appropriately, the provider of the resource will be rewarded with AIC.
Contribution to the ecosystem will be measured according to the evaluation done by members in the network, the number of users of the resource. This will result in additional rewards.
– We have adopted a structure that shares computing power over the network distributed it where necessary.
Q1 What if someone pretends to share his computing power, and use the power for himself to get AIC for his own benefit?
Resource allocation system distributes GPU in unidentifiable state so he cannot share resource himself.
To reflect on our philosophy
Before launching AIC main-net, AIC is designed as ERC20 which will be available on smart contracts.
Meanwhile, the data, dataset, model and trained AI are transacted as ERC721 form.
By following the ERC721 standard, the participants can purchase ownership of the resource or pay to use them.
*ERC20(Ethereum Request for Comment 20): Standard of token issued by blockchain network *Smart Contracts: a technology that can sign and modify contracts with P2P without a broker and it uses ledger of a blockchain. *ERC721: with individual ID can’t be replaced and each owner has a unique value.
Total Supply : 10,000,000,000AIC[10 billion AIC; 20 billion AIC is burnt up so the initial offering is 8,000,000,000AIC(8 billion AIC)]
Platform : Ethereum
Softcap : 3,000ETH
Hardcap : 50,000ETH → 30,000ETH
For sale : 5,000,000,000AIC → 3,000,000,000AIC(5 billion to 3 billion AIC)
Price: 1ETH =100,000 AIC
Minimum Investment: 0.1 ETH
– 1st pre-sale : 2018-05-09 ~ 2018-05-16
– 2nd pre-sale: 2018-05-21 ~ 2018-05-28
– ICO: 2018-06-04 ~ 2018-07-30
Of the amount allocated for sale, the coins that are not sold will be brunt.
AIC Distribution Mechanism(based on total supply)
Fundraiser(via ICO/Crowdfunding) 30%
Additional Issues 20%(reduced 2 billion AIC)
Advisors & Partners 10%
Company Reserved 10%
Early Inventor & Team 25%
Proceeds Allocation (based on hardcap)
Operating Expense 25%
Marketing & Accounting 14%
Business/Strategic Expense 11%
Plans for Additional AIC Issues
Out of the total issued coin of 10 billion AIC, burnt tokens will be re-issued within the amount of the coin that has not been sold and allocated for compensation purposes for PoV. The issue size follows the Sigmoid function, and the amount of issuance can be adjusted by the degree of ecosystem activation and member agreement.
Q2. Will burnt AIC be issued additionally? Is it no benefit of incineration?
After ICO, further supply of AIC tokens will be 8 billion or less. Unsold AIC out of 3 billion for sale and reduced hardcap difference 2 billion will not be issued immediately. However after the platform launch, additional issuance will be made for participant’s reward and stored on the PoV system as per the formula in the WhitePaper.
Q3. If the total AIC is issued, what do the participants get paid for?
AI Crypto system stores network usage fees in a pool and reward them to contributors.
This was the summary of AIC Token!
We believe AI Crypto will achieve its plan and this will result greater future than we imagine..
See you in the next posting!
Today’s ★AI Crypto A to Z★ Topic was ‘AI Crypto Token!’
- AI Crypto Analysis
- Brief Intro of AI CRYPTO WhitePaper for Easy Understanding
1) How did AI Crypto begin?
2) What is the AI Crypto Platform?
3) AI Crypto Token!
4) AI Crypto’s Outlook
Official Homepage : https://aicrypto.ai/
WhitePaper : https://aicrypto.ai/AIC_WhitePaper_Eng.pdf
Telegram : https://t.me/aicryptoai