BotTT Ep 3: AIN Token Quick Intro
This is the third episode of our ‘Blockchain on the Tea Table’ series. You can download a printer-friendly version.
by Lia Yoo
What is AIN Token?
At the center of the AI Network tokenomics is the AIN token. AIN token is the native token on the AI Network that can be exchanged for decentralized computing resources. AI Network obtains GPUs from the resource providers, who get AIN tokens in exchange. Applications, such as Ainize and AINFT projects, on AI Network, can use the provided resources and AIN Blockchain as their computing resources and decentralized backends. They provide services to users, including researchers, developers, and creators. As the applications grow, their app tokens and AIN token will also grow in value. Since there are more demands, more resource providers will be willing to supply their GPUs hence the flywheel spins.
AIN ERC20
AIN ERC20 is a token that follows the ERC20 token standard. It has a total supply of 700,000,000 and can be found on Etherscan (Mainnet, Testnet). As further described in the next section, AIN ERC20 can be swapped 1:1 with the AIN native token. The purpose of having an ERC20 version of the AIN native token is to take advantage of the well-established ERC20 infrastructure in the ecosystem, such as DEXes and DeFi protocols, and for the Ethereum-based dApps to have a “base token” that can be easily swapped with their app tokens.
You can trade AIN ERC20 tokens on Uniswap and GOPAX, and stake your tokens to earn 26.82% APY interest. For more information, see https://www.ainetwork.ai/token.
AIN Token Bridge
Now that we have our mainnet up and running, we need a way to move the AIN ERC20 tokens from the Ethereum to the AIN blockchain and vice versa. We have a token bridge service for this purpose and users can check in (transfer the ERC20 tokens to the AIN blockchain) or check out (transfer the AIN native tokens to another blockchain such as Ethereum) using SET_VALUE transactions. The token bridge is designed in such a way that tokens other than the AIN ERC20 can be added as swapping pairs, but currently, only the AIN ERC20 ⇔ AIN native token pair is configured. Following is the token bridge config as of writing.
In addition to the AIN ERC20 token contract address and the native token pool’s address, it has parameters such as the minimum and maximum check-out amounts per request, maximum check-out amounts per day, the check-out fee rate, the exchange rate, and the exchange scheme. Since the value of the AIN ERC20 token and the native token are equal, their exchange rate is 1. The exchange scheme is “fixed,” as opposed to “variable,” or determined by a pricing equation.
And below, you can find check-in and check-out transactions. For more details, such as how to create the sender proof, refer to the documentation.
Checking in 20,000 ERC20 AIN tokens:
Checking out 10,000 AIN native tokens:
AIN Blockchain is still a young project and we’re working around-the-clock to improve its flexibility, performance, and security. For further updates, please check the following links:
- https://medium.com/ai-network
- https://discord.gg/aindao
- https://twitter.com/ainetwork_ai
- https://t.me/ainetwork_en
- https://www.youtube.com/channel/UCnyBeZ5iEdlKrAcfNbZ-wog/featured
Printer-friendly version:
https://docs.google.com/document/d/1ofiYcyjQ4-n9ZageltFCmm6LEM7uTRo2h-zCeBrQAAE/edit?resourcekey=0-Ph_J3z6s5Ayyf8kSPW42nQ
