BAI Incorporation
The BAI project was officially incorporated on September 18, 2023, under the entity BlockAI Limited in Hong Kong. It took approximately two months of research and discussions with a Certified Public Accountant in Hong Kong to determine the most suitable utility token and accounting model, ensuring our operations fully adhere to legal requirements.
We have already implemented an initial version of the accounting model based on the accountant’s initial guidance.
Furthermore, we plan to develop more advanced accounting and audit tools to generate comprehensive and accurate annual reports in the future.
Maintaining ongoing compliance is one of our foremost priorities, we are committed to ensure that all future actions and decisions related to the project and the use of its token are in alignment with this model and the utility token framework.
Development
Over the past two months, we have already implemented several updates to the project.
We have added the Open Source model ORCA, which is now available alongside the initially implemented ChatGPT 3.5 model on the web client in its TESTNET version.
Additionally, we have introduced the first iteration of the AI Image Generation model using Dall-E 2.0, which is also available on TESTNET for testing. In the future, we may consider adding more similar services such as MidJourney or LeonardoAI, based on user requests, as well as advanced options for the Dall-E 2.0 version.
The introduction of new services and features to the platform will be facilitated through our project DAO. Both our active users and $PWR token holders taking part of the DAO will have the opportunity to vote on the additions and adjustments they wish to see implemented.
Apart from the enhancements to the web client, we have also initiated work on the next crucial aspect of the project: the Smart Contract Callback feature.
As a reminder, the web client service will allow anyone to visit blockai.dev and use all the proposed AI services directly, without the need to register with different service providers. Users can simply use their Waves account and avail the services using BAI tokens.
On the other hand, the Smart Contract Callback feature will enable any Smart Contract on any supported Blockchain to initiate a call to the BAI Smart Contract for any of the available AI services and receive the results directly through a provided callback method.
This Smart Contract Callback feature has already been implemented and is currently being tested with a basic POC TikTakToe game playing against an AI Agent. It opens up a wide range of possibilities for various projects and we would be fully supportive to anyone willing to build a project around it.
We are currently in discussions with several different projects regarding the integration of this callback scenario.
Finally, we are in the final stages of integrating the YouTube Video Summarizer, and this feature should soon be accessible on our TESTNET client as well.
Investment
The BAI project received its first investment through the Waves DAO and is deeply appreciative of this opportunity. The project aims to become a multichain reference in the Blockchain & AI field.
This, along with our full registration and compliance, necessitates higher financial requirements, so we have been actively seeking more partners and investors to support us.
Currently, we are in advanced discussions with several off-chain business angels and potential partners, and we are confident that they all recognize the value of what we have to offer.
Public Token Sale
The public token sale will mark a significant turning point for the project. Just like the Waves DAO investment and potential off-chain support, a successful token sale will provide a solid treasury to operate and realize our ambitious plans, including a substantial marketing budget, technical resources, and overall growth.
The recent market trends on the Waves Blockchain and its most recent token sales have shown that achieving a successful token sale on this network remains challenging. Therefore, we are exploring various options, such as conducting the token sale on multiple chains simultaneously. This approach would be in the best interest of the project and the Waves DAO, which invested in us with profit expectations.
Our top priority is to ensure a successful token sale. In the meantime, we have started working on defining the future marketing campaign that will accompany the public token sale, as well as developing the Waves smart contract for purchasing BAI tokens.
The contract is expected to accept Waves, USDT-Erc20-PP, USDC-Erc20-PP, Power, and East. More supported assets may be added before the sale begins.
What’s Coming Next
In addition to the features already mentioned before, such as AI Discussion, we will also need to create an MVP on another chain, likely an EVM-compatible chain like BSC, Polygon, or Fantom.
This will potentially allow us to launch the public token sale simultaneously on at least two chains, namely Waves and one other.
Given our status as a multi-chain project, this approach would make more sense.
Additionally, we will commence the development of complex accounting and auditing tools, as mentioned earlier, and begin building our BAI DAO.
