Commune AI

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Discover Commune AI's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Commune AI?

Commune AI (COMAI) is a decentralized, permissionless, and composable protocol that aims to connect all developer tools into one network, fostering a more shareable, reusable, and open economy. It follows an inclusive design philosophy, allowing developers to integrate tools seamlessly and leverage the collective knowledge and resources of the community to enhance their projects.

How is Commune AI used?

Commune AI (COMAI) is a cryptocurrency token that operates within the Commune protocol, which aims to connect all developer tools into one network. This protocol fosters a more shareable, reusable, and open economy by providing a flexible framework for developers to integrate specific tools seamlessly. The token is used to incentivize collaboration and adaptability within the development community, allowing developers to leverage the collective knowledge and resources of the community to enhance their own projects.

How do I store Commune AI?

To store Commune AI (COMAI) tokens, it is recommended to use wallets outside of exchanges for maximum security. Here are the options:

  1. Hardware Wallet: This is the most secure option. Hardware wallets are specifically designed to store cryptocurrencies safely.
  2. Official Coin Wallet: The official wallet for Commune AI is a good choice for storing COMAI tokens.
  3. Third-Party Software Wallets: Since Commune AI is an ERC-20 token, it can be stored on any wallet that supports Ethereum. This includes popular software wallets like MetaMask.

It is essential to keep your wallet secure by saving your seed phrase and keeping it private to prevent unauthorized access to your tokens.

How to buy Commune AI?

To buy Commune AI (COMAI) tokens, follow these steps:

  1. Choose a Crypto Wallet: Select a reliable crypto wallet that works well in your area and accepts your payment method. Popular options include Coinbase Wallet, MetaMask, and TrustWallet. Download the wallet extension or app from the relevant stores.

  2. Set up your Wallet: Create an account, provide personal information, and set a strong password. You will receive a Secret Recovery Phrase or Seed Words, which are crucial for recovering your wallet in case of loss. Record these carefully.

  3. Buy Base Currency: Choose a cryptocurrency exchange platform and buy a base currency such as Bitcoin, Ethereum, or Tether. This will be used to trade COMAI and other coins. Start with a small amount to avoid risks and be aware of market trends, trading fees, and crypto taxes.

  1. Transfer Funds to Wallet: Withdraw your base currency to your crypto wallet. Log into your exchange account, provide your wallet address, and specify the amount to transfer. Wait for the funds to appear in your wallet.

  2. Choose a Decentralized Exchange (DEX): Select a DEX that supports your wallet. Popular DEX options include Uniswap and Pancake Swap. Ensure the exchange supports the wallet you chose and compare liquidity and trading fees.

  3. Buy Commune AI (COMAI): Connect your wallet to the DEX and start trading. Select COMAI from the list and enter the amount you want to trade. Be cautious of market hype and diversify your portfolio to minimize risks.

  1. If COMAI is Not Listed: Use tools like bscscan or etherscan to locate the smart contract address if COMAI is not listed on the DEX. Copy the address and paste it into the DEX to complete the transaction, ensuring you have the correct contract address.

By following these steps, you can successfully purchase Commune AI (COMAI) tokens.

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History of Commune AI

Commune AI (COMAI) is a cryptocurrency that has been actively traded in the market. The current market capitalization of Commune AI is $51.58 million, ranking it 666th among all known cryptocurrency assets.

The historical data of Commune AI shows that it has experienced significant price fluctuations. For instance, the price of Commune AI was predicted to rise by 226.97% and reach $1.271089 by July 18, 2024, based on historical data and market movements. However, the current sentiment is bearish, and the Fear & Greed Index indicates a level of greed at 74.

In terms of trading volume, Commune AI has seen a 24-hour trading volume of $129.95K, with a circulating supply of 105.58 million coins and a maximum supply of 1 billion COMAI. The price of 1 Commune AI currently costs $0.49, with a 0.91% change in the last 24 hours.

Commune AI has a relatively low market capitalization compared to other cryptocurrencies, but it still maintains a notable presence in the market. The project's social media metrics, such as its Twitter followers, are also tracked to gauge user engagement and popularity.

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How Commune AI works

Commune AI (COMAI) is a cryptocurrency that operates on a blockchain-based, circular, stake-based economic mechanism. This mechanism allows for a decentralized and peer-to-peer (P2P) system where modules, which are on-chain identifiers for various computable objects such as AI models, datasets, and storage, are coordinated and incentivized through stake-based voting.

Modules and Stake

Modules are the core components of the Commune AI ecosystem. They can be any computable object that can be turned into an API, such as AI models, datasets, storage, or even raw compute. These modules are identified by on-chain identifiers and can be arbitrarily complex and computationally expensive systems. Stakeholders can create and integrate these modules into their projects without needing permission from a central authority.

Stake is mined by providing subjective utility competitively to validator stake. This means that stakeholders can earn stake by contributing value to the network, such as through inference to a model. The amount of stake held by a stakeholder determines their voting power in the network.

Voting and Incentives

The modules in the network vote on each block at regular intervals. Tokens are allocated per vote every 6 seconds, and the module's vote weight is determined by the amount staked on it. This voting mechanism ensures that the most valuable modules are rewarded and incentivized to continue providing utility to the network.

To ensure honest voting, voters are incentivized by receiving part of the reward. Half of the incentive that goes to the voted model gets distributed back to the voters based on their vote (stake * weight). This helps remove bias and promotes honest participation in the voting process.

Application Validators

Application validators play a crucial role in the network. They validate modules that best perform a specific application and are responsible for calculating an appropriate reward. Each validator has its own objective and must stake to vote. The higher staked validators have more rewards from hosting problems, and modules are rewarded based on their performance with the validator.

Decentralized Governance

The Commune AI network operates without a central authority, allowing for free and direct participation by stakeholders. All value exchange happens peer-to-peer without intermediaries, and profits flow directly to the producers. This decentralized governance model enables a versatile, parallel, highly competitive, and cooperative economy of modules to emerge, available for stakeholders to build applications and businesses on top.

Technical Details

Commune AI supports a modular architecture that encourages code reuse. Developers can create self-contained modules that can be easily integrated into multiple projects, enhancing scalability and maintainability. The network also facilitates easy sharing and discovery of reusable modules among developers, saving time and effort.

Commune AI seamlessly integrates with popular cloud platforms and services, allowing developers to leverage the scalability and elasticity of cloud resources to accommodate varying workloads. The network supports horizontal scaling, enabling the addition of more resources to handle increased demand.

Tokenomics

The tokenomics of Commune AI are designed to incentivize honest participation and reward valuable contributions to the network. The staked voting mechanism ensures that the most valuable modules are rewarded, and the distribution of incentives promotes honest voting. The network's tokenomics are designed to create a sustainable and equitable ecosystem for stakeholders.

Overall, Commune AI operates on a decentralized, stake-based economic mechanism that incentivizes valuable contributions and promotes honest participation. The network's modular architecture, decentralized governance, and tokenomics create a versatile and competitive ecosystem for stakeholders to build applications and businesses on top.

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Commune AI's strengths

The token Commune AI (COMAI) has several strengths that contribute to its potential and value in the cryptocurrency market:

  1. Decentralized AI Platform: Commune AI is a decentralized AI platform that empowers communities to build, train, and deploy AI models collectively. This decentralized approach allows for more open and accessible AI development, which can lead to increased innovation and efficiency within the development community.

  2. Inclusive Design Philosophy: Commune AI follows an inclusive design philosophy that is maximally unopinionated. This means that developers can leverage Commune as a versatile set of tools alongside their existing projects, incorporating additional tools they find valuable without rigid structures or constraints.

  3. Utility Token: The COMAI token is a utility token used for various functions on the Commune AI platform, such as transaction fees, access to premium services, staking, and governance. This multi-purpose token enhances the platform's functionality and provides users with a range of benefits.

  1. Strong Community: Commune AI boasts an active and rapidly expanding community with over 10,000 members across various social media platforms. This strong community support can contribute to the token's stability and growth.

  2. Partnerships: Commune AI has formed partnerships with several prominent AI and blockchain companies, which can help expand its reach and influence in the decentralized AI space.

  3. Advanced Blockchain Technology: The Commune AI platform is built on advanced blockchain technology, enabling decentralized and collaborative AI development. This technology provides a robust foundation for the platform's operations.

These strengths collectively position Commune AI as a promising project in the decentralized AI landscape, with a strong focus on community-driven development and innovative technology.

Commune AI's risks

Commune AI (COMAI) is a cryptocurrency project that leverages artificial intelligence (AI) to enhance various aspects of financial services. The financial risks associated with COMAI are multifaceted and can be categorized into several key areas:

Cybersecurity Risks
  1. Data Poisoning and Leakage: COMAI's AI systems are vulnerable to data poisoning and leakage, which can compromise the integrity of the data used to train and fine-tune the models. This can lead to inaccurate predictions and decisions, potentially causing financial losses.

  2. Cybersecurity Breaches: The use of AI in financial services increases the risk of cybersecurity breaches. COMAI must ensure robust security measures to protect against unauthorized access to sensitive data and prevent fraudulent activities.

Model Risks
  1. Model Bias and Unethical Use: AI models can perpetuate biases and unethical practices if not properly designed and monitored. COMAI must ensure that its models are transparent, fair, and unbiased to avoid discriminatory outcomes and maintain trust in the system.

  2. Model Failure and Errors: AI models can fail or produce incorrect results, leading to financial losses or incorrect decisions. COMAI must implement robust testing and validation procedures to minimize the risk of model failures.

Regulatory Risks
  1. Regulatory Compliance: COMAI must comply with existing and evolving regulations related to AI in financial services. Failure to comply can result in fines, penalties, and reputational damage.

  2. Third-Party Risk Management: COMAI's reliance on third-party vendors and contractors increases the risk of non-compliance and security breaches. Effective third-party risk management practices are crucial to mitigate these risks.

Operational Risks
  1. Data Silos and Integration: COMAI's AI systems may struggle to integrate with existing data systems, leading to data silos and inefficient risk management. Effective data integration and aggregation are critical to ensure a comprehensive view of risk.

  2. Human Oversight and Training: COMAI must ensure that its employees and stakeholders are adequately trained to work with AI systems and understand their limitations. Human oversight is essential to prevent AI-driven decisions from causing financial harm.

Market Risks
  1. Market Volatility: COMAI's value can be affected by market fluctuations, which can lead to financial losses for investors. Effective risk management strategies are necessary to mitigate the impact of market volatility.

  2. Competitive Landscape: COMAI operates in a competitive landscape where other AI-driven financial services companies may offer similar solutions. COMAI must differentiate itself and maintain a competitive edge to attract and retain users.

By understanding and addressing these financial risks, COMAI can minimize potential losses and ensure a stable and secure environment for its users.

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Did Commune AI raise funds?

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Commune AI’s team

  • No Team: Commune AI (COMAI) is a fully community-driven project with no bureaucracy, no team, and no premine. It operates solely on code and contributors, emphasizing permissionless and censorship-resistant cooperation.

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