KuCoin AMA With Openfabric (OFN) — Building New Heights of Technology through Artificial Intelligence

Time: October 26, 2023, 12:00 PM - 1:57 PM (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session with the Openfabric AI’s CEO and Founder, Andrei Tara, in the KuCoin Exchange Group.

Official Website: https://openfabric.ai

Follow Openfabric AI on Twitter, Discord and Telegram

Q: Can you tell us a bit about Openfabric AI and yourself?

Andrei: It's a pleasure to be part of this amazing community. My name is Andrei Tara, and I serve as the CEO of Openfabric. I have been a part of the blockchain industry since 2015, where I have been actively involved in new protocol design and research. Over the years, I have contributed to various projects. I am excited to continue learning and growing in this field with all of you. My primary objective is to make Artificial Intelligence accessible to a broader audience, promoting democratization of access to this technology.

Q: What’s the technology behind Openfabric AI, and how does it differ from other AI models?

Andrei: Our aim is to create a new Layer 1 technology that is specifically designed to run, deploy, and manage any artificial intelligence in a decentralized manner thereby pushing the boundaries of web3 beyond what is currently possible with blockchain alone Openfabric AI successfully delivers Google-grade AI on a decentralized network, thanks to advanced cryptography and blockchain technology. This accomplishment means that complex AI algorithms can now be executed on ordinary infrastructure. We're making cutting-edge AI technology accessible and beneficial for all, beyond the traditional boundaries of tech giants.

Q: Why do businesses need a helping hand like Openfabric AI to improve themselves?

Andrei: In today's world, technology is an integral part of our everyday existence. In order for businesses to maintain their competitiveness, productivity, and profitability, they must leverage the latest advancements in the field of AI. However, achieving this can be quite challenging; since this necessitates the use of sophisticated technology and advanced expertise, which can be difficult to attain, Openfabric addresses this issue by offering convenient access to AI technology for everyone.

Q: What is a “planetary-scale network”? Could you elaborate?

Andrei: Essentially, we harness the collective computational power of a network of nodes to execute highly intricate AI models, ranging from basic text-to-image conversions to complex LLMs (similar to models like ChatGPT) Through this approach, we can offer the same capabilities that are presently accessible only through tech giants.

Q: Could you tell us more about your utility token $OFN?

Andrei: Our vision is to bridge the gap between AI research and practical applications, fostering a space where AI innovators, data providers, businesses, and infrastructure providers can collaborate and innovate. Of course, this wouldn't be possible without the underlying economy, and in our scenario, the Openfabric economy is driven by OFN.

OFN is used for:

1. Staking - securing the Platform, whereas the Tokens staked act like a security deposit, i.e. enabling any user to provide a service:

● AI Innovators: stake to join the network, get penalized/slashed if misbehaving;

● Data Providers: stake to join the network, get penalized/slashed if misbehaving;

● Infrastructure Providers: stake to join the network, get penalized/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’s peer-to-peer marketplace.

2. Reward - earning tokens for doing an action on the platform and provide a service (subsidized from Liquidity Pool):

As a transaction vehicle, by enabling the infrastructure providers users will 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 owns the relevant data that can be used during the process of AI training, on a per-download of dataset basis.

3. Payment - using the tokens to purchase products and/or services on the platform.

4. Medium of Exchange - as an internal currency on the platform, whereas the users can use the tokens in trading.

5. Exclusive Access - they hold tokens in their wallets. They have certain exclusive rights and access, including but not limited to: exclusive products and services; access to alpha versions of newly launched products and services, provided the holders of tokens and they have a certain prescribed amount of tokens in their wallets; access to events such as, exclusive webinars; access to certain communication platforms, and channels, exclusive Discord channel.

Q: With such advanced abilities, how does Openfabric AI contribute to the field of artificial intelligence?

Andrei: We aim to bring a similar transformation to the AI landscape. Our vision is to bridge the gap between AI research and practical applications, fostering a space where AI innovators, data providers, businesses, and infrastructure providers can collaborate and innovate.

Given the significant growth in the AI field, our approach is fundamentally research-driven, with top AI researchers serving as our advisors. In fact, we recently had a new paper published in IEEE, one of the leading computer science research publications, just two days ago.

Q: Could you tell us a bit about what our listeners can find on the website?

Andrei: Yes, we have a brand new website design. Individuals can explore additional information about our projects, our team, our technology, and we've recently launched a documentation portal where users can delve deeper into the technical aspects of our protocol, tokenomics, and more. Furthermore, visitors can access a stats page that offers real-time insights into our development progress and research papers. Additionally, we've created a community portal where individuals can participate in community activities and earn rewards.

Q: In what ways do you actively engage with your community? Any events or chat rooms where people can socialize?

Andrei: Yes, we maintain a presence on all the major social platforms, but our community is particularly vibrant and active. We interact with our community members through Telegram, Discord, and Twitter.

Q: Can you share some examples of complex tasks that Openfabric AI can assist with, showcasing its ability to understand and respond to specific user needs?

Andrei: AI is an incredibly powerful tool, akin to a new form of fire, and we believe it has the potential to revolutionize everything. Openfabric is here to harness and enhance its power. Currently, we've been experimenting with several advanced AI models, some of which have the potential to be transformative. We have ventured into highly sophisticated use cases, such as: the AI Genome Generator, as showcased here. It is a super tool that can be used in the research of genetics

Our exploration extends to the realm of AI Drug Discovery, as demonstrated here. This innovation holds the potential to revolutionize the field of medicine.

Additionally, our research efforts have encompassed the field of Autonomous DAO, along with the development of AI Trading Bots, as highlighted here.

Q: How does Openfabric AI address concerns about security and accuracy in its content?

Andrei: That's an excellent question, and it addresses one of the most significant concerns people have when interacting with AI. This has been one of our core principles from the very beginning. Similar to the impact of the Bitcoin whitepaper, our technical whitepaper is a comprehensive document that delves deep into the underlying mechanics of our technology. Essentially, we've established a Trusted Execution Environment (TEE), a secure sandbox driven by advanced cryptography, to guarantee that only the rightful owner can access the data within it.

Q: What developments or advancements can we expect from Openfabric AI in the coming months or years?

Andrei: We have developed an incredibly powerful protocol that streamlines our interaction with AI, but this is just the beginning. At this moment, we are diligently working on the development of exciting new tools for developers, along with the ability to seamlessly combine multiple AIs like assembling building blocks. Essentially, individuals will have the capacity to effortlessly create highly powerful new applications by simply clicking a few times. However, this is only the beginning, as we are unveiling a new type of technology with the same transformative potential as fire.

Q: What message would you like to share with the audience? Any exciting news?

Andrei: Marking a significant milestone, recently, we have launched our economy, and our token is now live. Additionally, we are in the process of organizing an AI Festival, it is a series of fantastic community events where participants can utilize our generative AI apps to engage in various competitions and win amazing prizes.

Q: Many projects in crypto have problems with UI/UX, and this one turns off many new users. How do you plan to improve the interaction with new users and users outside the crypto space?

Andrei: That's an exceptionally insightful question, and user experience is indeed a paramount consideration for us from the very beginning. In our case, in addition to our protocol, we have designed the AI Xplorer—an app store-like marketplace where users can seamlessly navigate, run, and configure AI applications with just a few clicks. This platform offers a web2-like user experience and eliminates friction points for all users.

I have attached a short video of how our technology works and an example for a 3d model generator.

Q: Partnerships play a crucial role in every project. Can you tell me more about your partner and the benefits you derive from these relationships?

Andrei: We firmly believe that collaboration is more potent than competition. Consequently, we are committed to forging bridges with other projects and ecosystems, as this can yield a multitude of benefits for everyone involved. As an example, we are currently partnering with numerous Layer1 projects to enable AI capabilities within their existing ecosystems.

In this spirit, we've developed a tool known as the 'Integration Wizard,' which serves as a potent bridge, enabling us to facilitate interactions with AI services at a smart contract level.

Q: Have you undergone any audits? I have yet to hear you discuss the security of funds, which every investor desires. What measures have you taken to ensure the safety of funds and protect against scams and rug pulls? How robust is your security infrastructure?

Andrei: Security is of utmost importance to us, and we have undergone audits by two of the top players in the field:

● Certik: Certik Audit - OpenFabric AI on Skynet

● Hacken: OpenFabric AI Smart Contract Recently Audited by Hacken

When it comes to token security, we have implemented vesting smart contracts and liquidity locks, which are provided by Team Finance.

Q: Staking and NFTs are currently trending! Will you consider implementing NFT technology in your future products?

Andrei: We have recently introduced the capability for our community to stake their tokens. We are also in the process of developing a gamification strategy that involves combining NFTs with advanced staking mechanisms to provide additional incentives and rewards.

Q: Can you provide us with tutorial videos to better understand your project? Is there a YouTube channel or any other platform where we can find them?

Andrei: Absolutely, we have a YouTube channel where we regularly upload our AMA sessions and live demonstrations. Here's a live demonstration of our product, and here's a live session with developers from our team showcasing the process of building an AI App.

🎁 Participate in the OFN AMA quiz now for a chance to an equal share of a $750 in OFN prize pool!

The form will remain open for five days from publishing this AMA recap.

KuCoin and Openfabric AI have prepared a total of $2,000 in OFN to give away to AMA participants.

1. Pre-AMA activity: $800 in OFN

2. Free-ask section: $50 in OFN

3. Flash mini-game: $400 in OFN

4. Post-AMA quiz: $750 in OFN

. . .

Sign up for a KuCoin account if you haven’t done so yet, and ensure you complete your KYC verification to be eligible for the rewards.

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