November 23, 2024

Understanding the AWO Token, The Driving Force Behind the AIWORK Ecosystem

Aaron Mendoza April 1, 2022

As we strive to bring to our users an open network for artificial intelligence, we must appreciate the driving force behind the entire AIWORK protocol, our native token, $AWO.

By incorporating artificial intelligence (AI) into blockchain, we are creating an easier adoption of advanced machine learning to help process and facilitate critical information in the video content industry. Our blockchain network goes a step further and includes real human experts that help develop, verify, and validate AI data sets as the AI machines improve the standardization and efficiency of the overall application.

To explain it better, we can confidently state that we are building an ecosystem that combines the immutability, security, and record-keeping features of blockchain tech with AI’s machine decision-making prowess to bring out a unique product and protocol.

What Drives the AIWORK Ecosystem?

It is evident that blockchain projects need a utility token that can serve multiple purposes for the accurate and efficient running of the network. The utility tokens help provide users with access to specific services and products within the system.

For us, $AWO is the native AIWORK token that manages and keeps the ecosystem running on all cylinders. $AWO serves as the primary economic incentive to the community of human experts that moderate, review, verify the meta-tags, categorize, transcribe and/or translate content.

As our protocol is built on a standard Ethereum blockchain as well as Plasma Network, our token attributes fall within the bounds of the Ethereum mainnet. Listed below are some of $AWO’s attributes.

  • Blockchain protocols: Ethereum (ETH) Mainnet & AIWORK Plasma Chain
  • Token standard: ERC20
  • Total supply: capped at 10 billion
  • Token issuance at genesis: 60% of total supply

This means that $AWO is implemented as an ERC20 token on the Ethereum mainnet while the larger AIWORK system is implemented on a Plasma Network. Plasma acts as a blockchain scaling solution that helps the development of smaller blockchains anchored to the main Ethereum blockchain. Since our project leans towards leveraging the potential of artificial intelligence, this design allows for extremely scalable and low-cost transaction state updates.

The robustness of the Ethereum chain comes with smart contracts that provide a trustless medium to bring $AWO into AIWORK Plasma network from Ethereum mainnet and vice versa. Any $AWO transaction taking place on the AIWORK network gets signed validators based on a consensus algorithm.

$AWO Token Model and Distribution

 The total $AWO supply is 10 billion without additional issuance in the future. The majority of these tokens will act as an economic incentive to the community of human experts and other platform participants, therefunctioning as fuel for platform growth.

When the project launches, users can come in and offer their computing resources for AI processing or human expert tagging, verification, transcription, and translation. As the project grows, the $AWO tokens can be unlocked in other categories such as Research & Development, Licensing, Operations, Marketing, Legal, and other associated aspects of the business.

Please Note:

AWO shall not and cannot be considered as shares or securities in any jurisdiction as they do not give any rights to dividends, interests, profits or to participate in the general meeting of the company. It will not be listed on any regulated stock exchange. The offering of AWO on any trading platform is done in order to allow the use of AWO on the platform and are not for speculative purposes. The offering of AWO on any trading platform does not change the legal nature of the AWO, which remains as a simple means for the use of the platform and not security.

Functions of the $AWO Token

As mentioned earlier, $AWO is our utility token; therefore, you as a user will need it to perform certain actions on our network. That being said, the token serves the purposes of utility, staking, and governance.

Utility

The growth of the AIWORK platform is directly tied to the interactions and transactions made our vibrant community. Since there will be increased demand for $AWO when transaction volume and participants increase, the main utility functions of the token are:

  • As a micro-accounting tool and payment solution
  • A medium of exchange within the platform
  • As a rewards and incentive token for platform contributors

Staking

Staking too dictates project growth as it incentivizes $AWO token holders to turn into project ambassadors and good actors. Staking rewards good actors while bad actors will lose their stake in the network.

  1. All participants must put down a small deposit (Staking) in AWO to gain the right to participate. New participants can automatically designate their registration rewards as the deposit for further participation.
  2. Validator or AI/HE nodes must put down a deposit in AWO to have the chance to be selected.
  3. Staking is required to vote and act as the governance of the AIWORK platform.

Governance

After the project establishes its position in the blockchain arena, the governance of the AIWROK platform will be fully transferred to the $AWO holders. This means that the token holders can participate in voting of the project’s key issues and turn into key decision makers on matters such as incentives, processes, and act as judges for fraudulent activities.

It is clear that $AWO is the real driver of growth for the AIWORK project as it helps spell the value of the platform and its promising future. Through $AWO, we can effortlessly coordinate efforts that enrich metadata for online video content.