OORT

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Discover OORT'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 OORT?

OORT is a decentralized, verifiable cloud computing platform that harnesses global resources from data centers to smartphones to enable trustworthy AI applications. It leverages blockchain technology to ensure transparency and accountability throughout the AI lifecycle, addressing privacy and security concerns while promoting unbiased and reliable AI development.

How is OORT used?

OORT (OORT) is a cryptocurrency that powers a decentralized, verifiable cloud computing platform for AI applications. The platform leverages global resources from data centers to local edge devices, ensuring transparency and accountability at every stage of the AI lifecycle. This is achieved through the use of blockchain technology and a proprietary verification layer.

The OORT ecosystem includes several products and services:

  1. OORT DataHub: A community-driven, blockchain-powered data generation platform that encourages users to contribute and pre-process data for AI applications.
  2. OORT Storage: A decentralized object storage service offering secure data storage and retrieval.
  3. OORT Compute: A decentralized computing service that integrates global resources to provide compute services for AI model training and fine-tuning.

Additionally, OORT AI (formerly OORT TDS) is a platform designed for crafting generative AI agents, allowing businesses to seamlessly incorporate factually accurate, versatile, and secure AI into their operations.

The Olympus Protocol, OORT’s in-house developed open-source layer-1 blockchain, connects devices worldwide within the OORT network, ensuring all nodes operate honestly and optimizing resource allocation in a decentralized manner. Users can participate in the network by purchasing edge node devices, such as Deimos, to contribute to the decentralized computing and storage capabilities.

Overall, the OORT cryptocurrency is used to facilitate transactions, computations, and data storage within the decentralized AI ecosystem, promoting trust, privacy, and security in AI development and applications.

How do I store OORT?

To store OORT tokens, you can use various methods, ensuring the security of your assets. Here are some options:

  1. MetaMask Wallet: You can add the OORT Mainnet to your MetaMask wallet, allowing you to store and manage your OORT tokens securely.

  2. Crypto Wallets: Choose a reliable crypto wallet that supports OORT tokens. Popular options include Coinbase Wallet, TrustWallet, and others. Ensure you follow the setup and security guidelines for your chosen wallet.

  3. Cold Wallets: For long-term storage and maximum security, consider using cold wallets, which are offline and not connected to the internet. There are two types:

  • Paper Wallets: Generate public and private keys offline and store them securely on paper.
  • Hardware Cold Wallets: Physical devices like USB drives that store your crypto addresses and keys, accessible only to the owner.

Remember to always follow best practices for securing your wallet and keeping your keys safe.

How to buy OORT?

To buy OORT (OORT) tokens, follow these steps:

  1. Choose an Exchange: Select a cryptocurrency exchange that operates in your country and supports OORT trading. Ensure the exchange is reliable and secure.

  2. Create an Account: Sign up for an account on the chosen exchange. This typically involves providing personal details and creating a username and password.

  3. Complete Verification: Complete the Know-Your-Customer (KYC) and security verification processes to ensure compliance with regulatory requirements and to secure your account.

  1. Deposit Funds: Deposit fiat currency or other cryptocurrencies into your exchange account using various payment methods such as credit/debit cards, bank transfers, or e-wallets.

  2. Place an Order: Use the deposited funds to place an order to buy OORT tokens. You can do this through the exchange's trading platform or by using alternative methods like P2P trading or converting other cryptocurrencies.

  3. Monitor and Store: Monitor your OORT tokens in your exchange account and consider transferring them to a cold wallet for long-term storage and security.

Remember to carefully study the crypto information and market stats before investing, as OORT is a high-risk asset.

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History of OORT

The history of OORT (OORT) is deeply rooted in its innovative approach to decentralized AI and blockchain technology. Founded in 2022, Oort initially launched its Identity Security Platform, which quickly gained traction and secured over half a million accounts within a year. This early success was fueled by partnerships with prominent organizations such as Avid Technology, Collibra, and Northeastern University, as well as advisors and technology partners like Snowflake, Okta, Microsoft, and Cisco.

In 2023, Oort expanded its capabilities with a Series A investment, setting the stage for further growth and expansion. The company's vision for identity security was reinforced by Gartner's research, which highlighted the need for ITDR (Identity Threat Detection and Response) capabilities to address the significant blindspot in security.

Oort's commitment to practical decentralization led to the development of its Olympus Protocol mainnet, a DAG-based network that balances decentralization, scalability, and security. This protocol is anchored by the patented Proof of Honesty algorithm, ensuring a transparent and trustworthy platform. The Olympus Protocol mainnet launch in November 2023 marked a significant milestone, with over 28,000 nodes and a scalable architecture.

The company's innovative product suite includes DSS (Data Storage Solution), TDS (Task Distribution Solution), and the upcoming DCS (Decentralized Computing Solution), which are revolutionizing AI and decentralized services by offering enhanced security, affordability, and efficiency. These solutions form an integrated ecosystem, elevating AI and decentralized applications.

Oort's growth is supported by significant partnerships, including collaborations with Dell Technologies and Tencent Cloud, as well as backing from Ivy League faculties, renowned crypto VCs, and startup grants from Microsoft and Google. The core team at Oort brings together diverse expertise from world-renowned organizations, ensuring a strong foundation for the company's vision.

In summary, OORT's history is marked by rapid growth, innovative solutions, and a strong commitment to practical decentralization and identity security.

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How OORT works

The cryptocurrency OORT (OORT) is a decentralized, verifiable cloud computing platform designed to support trustworthy AI applications. It leverages global resources from data centers to local edge devices, ensuring transparency and accountability throughout the AI lifecycle. Here's how it works:

Decentralized Infrastructure

OORT integrates resources from various devices, including data centers, public and private cloud servers, smartphones, and custom-designed edge nodes called Deimos. This decentralized infrastructure allows for cost-effective and efficient data storage and computation, ensuring that users have full control over their data.

Blockchain-Based Verification

OORT uses a proprietary blockchain-based verification layer to secure all transactions and computations. This layer ensures transparency and accountability at every stage of the AI lifecycle, addressing privacy and security concerns while promoting unbiased and reliable AI development.

Products and Services

OORT offers several products and services:

  • OORT DataHub: A community-driven, blockchain-powered data generation platform that encourages users to contribute and pre-process data for AI applications.
  • OORT Storage: A decentralized object storage service offering secure data storage and retrieval anytime, anywhere.
  • OORT Compute: A decentralized computing service that integrates global resources to provide compute services for AI model training and fine-tuning.
Layer-1 Blockchain and Consensus Algorithm

OORT's in-house developed open-source layer-1 blockchain, called Olympus Protocol, connects devices worldwide within the OORT network. The patented Proof of Honesty (PoH) consensus algorithm ensures that all nodes operate honestly and optimizes resource allocation in a decentralized manner.

Token and Governance

The OORT token plays a central role in the ecosystem, serving roles in governance and incentivizing participation. The token burning strategy is designed to maintain long-term value and sustainability.

Partnerships and Collaborations

OORT has strategic collaborations with industry leaders like Dell, Tencent Cloud, and Lenovo, underscoring its commitment to delivering high-quality, cost-effective cloud services.

Vision and Goals

OORT aims to democratize data by combining decentralization, advanced technology, and academia to ensure reliability and safety. Its comprehensive ecosystem positions it as a significant player in decentralized infrastructure.

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OORT's strengths

The token OORT (OORT) has several strengths that contribute to its value and potential for growth:

  1. Decentralized Cloud Computing: OORT is a decentralized, verifiable cloud computing platform that harnesses global resources, from data centers to smartphones, to enable trustworthy AI applications. This decentralized approach addresses key issues plaguing centralized AI systems, such as lack of trust, privacy, and security concerns, biased responses, and the opacity of data collection and processing.

  2. Tokenomics and Governance: The OORT token is used for service payment, staking, and governance. Token holders can participate in governance by submitting proposals and voting on topics like network parameters, slashing mechanisms, and service fees. This decentralized governance model ensures the platform continually evolves to meet the community's needs and aspirations.

  3. Staking and Rewards: OORT offers two ways for token holders to stake tokens: staking with staking pools and becoming a node provider. Token holders can receive a share of mining rewards from node providers. Additionally, the OORT Foundation regularly buys back and burns its utility tokens to reduce the total token supply and increase token value.

  1. Partnerships and Collaborations: OORT has built strong partnerships with 40+ projects/companies, such as DELL Technologies, Tencent Cloud, and Emurgo, as well as with 20+ elite universities in the U.S., such as Harvard, MIT, and the University of Chicago. These partnerships enhance the platform's credibility and potential for growth.

  2. Token Burning and Deflation: The OORT Foundation regularly burns tokens to reduce the total supply, which can lead to increased token value over time. This mechanism helps maintain market confidence and reinforces the foundation's commitment to its tokenomics.

  3. Innovative Products and Services: OORT offers a range of products and services, including OORT DataHub, OORT Storage, OORT Compute, and OORT AI. These products leverage blockchain technology to ensure transparency and accountability at every stage of the AI lifecycle, addressing privacy and security concerns while promoting unbiased and reliable AI development.

  1. Strategic Partnerships and Investments: OORT has established key partnerships, such as with Poolz, to streamline Initial DEX Offerings (IDO) and claims over the OORT, simplifying user participation in token offerings and DeFi projects. This collaboration also includes co-grants for projects and investments by Poolz Ventures, fostering innovation and accelerating the development of groundbreaking projects.

These strengths collectively contribute to the value and potential of the OORT token, making it an attractive investment opportunity for those interested in decentralized cloud computing and AI applications.

OORT's risks

OORT, as a cryptocurrency project, is exposed to various financial risks that can impact its performance and value. Some of the key financial risks associated with OORT include:

Market Risk

Market risk refers to the potential losses due to changes in market conditions. This includes fluctuations in the value of OORT tokens, changes in market sentiment, and shifts in the broader cryptocurrency market. Market risk can be influenced by external factors such as global economic trends, regulatory changes, and technological advancements.

Credit Risk

Credit risk arises from the possibility that borrowers or counterparties may default on their obligations. For OORT, this could include risks associated with lending or borrowing within the ecosystem or with external parties. Credit risk can be managed through careful due diligence, risk assessment, and diversification of lending activities.

Liquidity Risk

Liquidity risk is the danger that OORT may not be able to convert its assets into cash quickly enough to meet its financial obligations. This can be particularly problematic for cryptocurrencies, which often have limited liquidity compared to traditional assets. OORT must ensure it maintains sufficient liquidity to manage its cash flow and meet its financial commitments.

Operational Risk

Operational risk encompasses the potential losses due to inadequate or failed internal processes, systems, and people, or from external events. For OORT, operational risk includes the risk of technical failures, security breaches, and human error. Effective risk management involves implementing robust internal controls, conducting regular audits, and maintaining a strong organizational culture.

Regulatory Risk

Regulatory risk arises from changes in laws, regulations, or policies that can negatively impact OORT's operations. Cryptocurrencies are often subject to evolving regulatory environments, and OORT must stay compliant with relevant laws and regulations to avoid legal and financial repercussions.

Foreign Investment Risk

Foreign investment risk is relevant if OORT operates or invests in assets across different countries. This includes risks associated with political instability, currency fluctuations, and changes in local regulations. OORT must carefully assess these risks and develop strategies to mitigate them.

Profitability Risk

Profitability risk is the danger that OORT may not generate sufficient revenue to meet its financial obligations. This can be influenced by various factors such as market conditions, competition, and the effectiveness of its business model. OORT must continually monitor its profitability and adjust its strategies to ensure long-term financial sustainability.

Third-Party Risk

Third-party risk arises from the potential failures or disruptions of external service providers or partners. For OORT, this includes risks associated with outsourcing critical functions, relying on third-party infrastructure, or partnering with other businesses. Effective risk management involves careful selection and monitoring of third-party providers.

Economic Risk

Economic risk is the danger that OORT's operations or investments may be negatively impacted by broader economic conditions. This includes risks associated with recessions, inflation, and changes in interest rates. OORT must stay informed about economic trends and adjust its strategies accordingly.

Asset-Backed Risk

Asset-backed risk refers to the potential losses due to the decline in value of the underlying assets that back OORT's tokens or investments. This includes risks associated with the quality of the assets, market fluctuations, and changes in regulatory requirements. OORT must carefully assess the quality of its assets and maintain a diversified portfolio to mitigate these risks.

Legal Risk

Legal risk arises from the potential legal consequences of OORT's actions or inactions. This includes risks associated with non-compliance with regulations, contractual disputes, and intellectual property issues. OORT must ensure it operates within the bounds of the law and maintains effective legal risk management strategies.

Systematic vs. Unsystematic Risk

OORT's financial risks can be categorized as either systematic or unsystematic. Systematic risks are those that affect the entire market or economy, while unsystematic risks are specific to OORT's operations or investments. Understanding the nature of these risks is crucial for developing effective risk management strategies.

Managing Financial Risks

To mitigate these financial risks, OORT can employ various strategies such as:

  • Diversification of investments and assets
  • Risk assessment and monitoring
  • Hedging against market fluctuations
  • Maintaining sufficient liquidity and cash reserves
  • Implementing robust internal controls and governance structures
  • Conducting regular audits and risk assessments
  • Developing contingency plans for potential risks
  • Maintaining a strong organizational culture and risk awareness

By understanding and addressing these financial risks, OORT can minimize potential losses and maximize its chances of long-term success.

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Did OORT raise funds?

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OORT’s team

  • Founder & CEO: Matt Caulfield

Whalee AI

The fundamental analysis assistant for crypto value investors.

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