Openfabric AI

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Discover Openfabric 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 Openfabric AI?

Openfabric AI (OFN) is a native digital currency within the Openfabric AI network, a decentralized Layer 1 protocol that combines blockchain and Artificial Intelligence (AI) to create a scalable and secure framework for AI applications. The $OFN token serves as a utility token, facilitating transactions, governance, and innovation within the ecosystem, while promoting responsible network behavior and fair competition.

How is Openfabric AI used?

Openfabric AI (OFN) is a decentralized and open-source artificial intelligence project that uses blockchain technology to democratize access to AI capabilities. The native token, OFN, serves as the foundation of the Openfabric AI ecosystem and has several key utilities:

  1. Exclusive Access: Token holders with a certain balance in their wallets enjoy exclusive privileges such as access to exclusive products and services, early access to alpha versions of new products, invitations to special events, and entry to specific communication forums.

  2. Staking: Various stakeholders, including AI innovators, data providers, infrastructure providers, and validators, can stake OFN tokens to join the network and participate in its maintenance. Misbehavior can result in penalties or slashing.

  3. Reward: OFN tokens are used to reward contributors to the network. Infrastructure providers receive tokens for renting execution environments, AI innovators are rewarded for developing and deploying AI solutions, and data providers are rewarded for providing datasets used in AI training.

  1. Payment: Tokens are used to make payments for products and services on the platform, such as running AI applications.

  2. Medium of Exchange: OFN tokens serve as an internal currency on the platform, enabling users to trade and exchange value within the ecosystem.

  3. Governance: Token holders have voting power in the decentralized autonomous organization (DAO), allowing them to participate in decision-making processes and shape the project's direction.

These utilities make OFN a crucial component of the Openfabric AI ecosystem, facilitating the integration of blockchain and AI technologies.

How do I store Openfabric AI?

To store Openfabric AI (OFN) tokens, you can follow these steps:

  1. Create a Wallet: You need a digital wallet that supports OFN tokens. You can create a free account on platforms like KuCoin or MEXC, which offer wallets for storing and managing your OFN tokens.

  2. Store in the Wallet: Once you have a wallet, you can store your OFN tokens in it. This allows you to hold and manage your tokens securely. You can also use these wallets to send or receive OFN tokens.

  3. Optional: Transfer to External Wallet: If you prefer, you can transfer your OFN tokens to an external wallet for added security or flexibility. This gives you full control over your tokens and allows you to use them across different platforms.

By following these steps, you can safely store and manage your Openfabric AI (OFN) tokens.

How to buy Openfabric AI?

To buy Openfabric AI (OFN) tokens, follow these steps:

  1. Choose a Reliable Exchange: Select a trusted centralized exchange such as KuCoin, Binance, or MEXC.
  2. Create an Account: Register for a free account on the chosen exchange.
  3. Secure and Verify Your Account: Ensure your account is secure by setting up two-factor authentication and verifying your identity.
  4. Add a Payment Method: Link a payment method to your account, such as a bank card or cryptocurrency.
  5. Buy Openfabric AI (OFN): Navigate to the exchange's spot market and search for Openfabric AI (OFN). Place a buy order at the current market price or set a limit order.
  6. Store Your Tokens: You can store your OFN tokens in your exchange wallet or transfer them to a non-custodial wallet for added security.

Additionally, you can also participate in Openfabric AI airdrop campaigns to earn free OFN tokens by joining the Openfabric AI community.

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History of Openfabric AI

Openfabric AI (OFN) is a decentralized Layer 1 AI protocol that combines blockchain, advanced cryptography, and novel infrastructure to create a new foundation for AI applications. The protocol aims to overcome the challenges faced by AI platforms by utilizing blockchain technologies to ensure execution scalability and eliminate vendor lockup, reducing infrastructure demands and technical expertise required to utilize AI-Apps, and promoting fair competition in the marketplace.

The Openfabric AI token, OFN, is the native digital currency of the Openfabric AI network. It serves as a vital component in promoting responsible network behavior and facilitating various functionalities within the ecosystem. The token is integrated with smart contracts and governed by tokenomics, which define its creation, distribution, and utilization. The OFN token is used for transactions, staking, and as a medium of exchange, enriching the Openfabric AI experience and offering versatility to all users.

The token sale for Openfabric AI took place from October 17, 2023, to October 17, 2023, with a price of $0.06 per OFN. The softcap was not specified, and the hardcap was set at $150,000.

Openfabric AI has a circulating supply of 61.91 million OFN tokens and a maximum supply of 500 million OFN tokens. The current market capitalization of Openfabric AI is $19.73 million, ranking it 1092 among all known cryptocurrency assets.

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How Openfabric AI works

Openfabric AI (OFN) is a decentralized layer-1 AI protocol that focuses on artificial intelligence adoption in Web3. It operates on the BNB Smart Chain and adheres to the BEP-20 token standard, allowing for deposits and withdrawals via this network. The token is designed to facilitate the creation and use of new intelligent algorithms and services within the Openfabric ecosystem.

Key Components
  1. Decentralized AI Platform: Openfabric AI is a platform where AI innovators, data providers, businesses, and infrastructure providers collaborate to build and connect decentralized AI applications. This collaboration enables the creation and use of new intelligence algorithms and services.

  2. AI Tools and Applications: The platform offers a suite of AI tools tailored to meet various needs, including image generation, music production, automated trading, drug discovery, and more. These tools are designed to be accessible and user-friendly, reducing the technical barriers to AI adoption.

  3. Blockchain and Cryptography: Openfabric AI leverages blockchain technologies and advanced cryptography to ensure scalability, security, and fairness in the ecosystem. This foundation allows for the execution of AI applications without vendor lockup and promotes community-driven innovation.

  1. Marketplace and Partnerships: The platform features a crypto AI marketplace, which serves as a one-stop gateway to the ecosystem of crypto apps. Openfabric AI has secured partnerships with prominent crypto-focused venture capitalists and Web3 innovators, further solidifying its position in the AI and blockchain space.
Trading and Storage

Openfabric AI (OFN) can be traded on various exchanges, including KuCoin, where it is listed in pairs with U.S. Dollar Tether (USDT). Users can store their OFN assets in their exchange wallets or transfer them to hardware wallets for added security.

Overall Functionality

Openfabric AI (OFN) is designed to facilitate the growth of AI applications and services by providing a decentralized platform for collaboration, innovation, and access to AI tools. Its blockchain-based infrastructure ensures scalability, security, and community-driven development, making it an attractive option for those interested in AI-centric projects.

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Openfabric AI's strengths

The token Openfabric AI (OFN) has several strengths that contribute to its potential success:

  1. Token Utility: The OFN token is the foundation of the Openfabric AI ecosystem, serving as the currency for individuals and businesses to access advanced AI systems. It offers various benefits to its holders, including exclusive access to products and services, early access to new releases, and invitations to special events.

  2. Staking and Governance: The token is used for staking, which helps secure the platform by incentivizing good behavior among AI innovators, data providers, and infrastructure providers. Additionally, token holders have voting power in the decentralized autonomous organization (DAO), allowing them to influence project parameters.

  3. Reward Mechanism: The token is used to reward contributors to the platform, such as infrastructure providers, AI innovators, and data providers, for their services. This encourages active participation and value addition to the network.

  1. Medium of Exchange: The OFN token acts as an internal currency, enabling users to trade and purchase products and services within the platform.

  2. Potential for Growth: Long-term price predictions suggest that the OFN token could reach significant heights, such as $34.93 by 2030, driven by increased adoption and robust market growth.

  3. Strong Tokenomics: The token distribution is well-structured, with a total supply of 500 million OFN, and a clear allocation plan for different stakeholders, including seed investors, private investors, and the team.

These strengths position Openfabric AI as a promising player in the AI and blockchain space, with a robust ecosystem and a token that is integral to its functioning.

Openfabric AI's risks

Openfabric AI (OFN) is a cryptocurrency project that faces several financial risks. These risks are primarily associated with the use of artificial intelligence (AI) in financial markets, which can lead to inaccuracies in analysis and forecasting due to data quality issues. Additionally, unexpected market events such as economic crises, geopolitical tensions, or natural disasters can trigger sharp and unforeseen fluctuations in prices, posing significant challenges for AI-powered trading systems.

To mitigate these risks, Openfabric AI has implemented robust risk management strategies, including:

  1. Data Validation: Rigorous data validation processes and advanced data cleaning techniques are used to ensure the accuracy and reliability of the data used by AI algorithms, reducing the likelihood of inaccurate predictions and trading decisions.

  2. Risk Management Strategies: Dynamic stop-loss mechanisms, diversification of investment portfolios, and close monitoring of market conditions are employed to react swiftly to unexpected events and mitigate potential losses.

  3. Regulatory Compliance: Openfabric AI ensures compliance with regulations by regularly auditing its trading operations, demonstrating a commitment to ethical and accountable trading practices.

  1. Advanced Risk Assessment Models: The bot uses advanced risk assessment models to evaluate the potential risks associated with each trade, analyzing factors such as market volatility, liquidity, and correlation to assess the likelihood of adverse outcomes.

Despite these efforts, Openfabric AI is still considered a high-risk investment due to its potential for price manipulation and market volatility.

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Did Openfabric AI raise funds?

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Openfabric AI’s team

  • Andrei Tara: Founder and CEO, a tech entrepreneur and polymath with experience as a core developer at MultiversX and blockchain researcher at SkyyNetwork.
  • Ion Ceban: Co-Founder and Core Developer, with experience as a core developer at MultiversX and CTO at Pacioli.
  • Ioan Taban: Business Development Manager, with a background in technical management at Compa (Bosch, Honeywell, DMG MORI).
  • Ovidiu Costea: AI/ML Engineer, with experience as an AI/ML engineer at Connatix and data scientist at Inspiricon AG.
  • David Costello: Growth and Marketing, founder of PragueDAO and director at Founder Institute.
  • Nicolae Natea: Core Developer, with experience as a real-time software engineer at AUSY and embedded systems expert at Pentalog & Continental.
  • Hjalmar Turesson: Scientific Advisor, a data scientist at Schulich School with a Ph.D. in Neuroscience and Psychology from Princeton University.
  • Raghu Bala: Technical Advisor, a serial entrepreneur with experience at Yahoo, Infospace, and PwC, focusing on Web3, AI, NFT, Defi, Metaverse, and IoT.
  • Amid Yazdi: Launching and KOL Advisor, a prominent figure in Fintech and Web3, advising projects like ChainGPT, Carbon Browser, Dexcheck, and Aitech.
  • Tammy Ahn: Business Advisor, Vice Chair at Korean Chamber of Commerce in Singapore and venture partner, investor, and advisor to blockchain projects.
  • Mark Fitzgibbon: Technical Advisor, Director at API3 Foundation with experience in IT, network engineering, and project management.
  • Surbhi Singh: Business Advisor, Head of BD at Kana Labs and EthosX, a decentralized finance platform.
  • Miles Carroll: Business Advisor, Co-Founder and COO of Opulous, the world’s first Music Fungible Tokens.

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The fundamental analysis assistant for crypto value investors.

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