Mind AI Tokenomics Overview
The Mind AI ecosystem will create a token-powered marketplace
Mind AI has begun selling its token through a private sale on the Bitsonic exchange. We are preparing for a larger public sale soon.
For those considering buying our token in either sale, we wanted to lay out our vision for the OMAI tokenomics.
The key to creating a successful token is to create demand that is not based on speculation.
This kind of demand requires a healthy marketplace where tokens can be spent on desirable products or services.
We believe the Mind AI ecosystem will create that kind of healthy marketplace.
Developers <—> Ontologists <—> Users
The OMAI token will be the only way anyone can access the Mind AI reasoning engine. Developers who want to build applications that use our patented reasoning engine plus our decentralized ontology database will have to acquire OMAI tokens. Whenever the application they build makes an API call to the Mind AI ecosystem, the developer’s OMAI account will be charged.
These charges will be micro transactions that correspond to the number of individual ontologies used, and the processing power required for the Mind AI engine to complete the task. The contributors of the ontologies (we call these contributors ontologists) will receive these micropayments every time their ontologies are accessed.
The OMAI token supply is fixed at 5 billion, and the token sale events will generate a maximum of 2 billion tokens available for public purchase (the rest of the tokens have been allocated for costs associated with legal, marketing, community, r&d, and reserve). After that sale, no more tokens will be created. As more ontologists contribute to the knowledge database, the reasoning ability of the Mind AI engine will grow more robust, attracting more developers into the ecosystem. As more developers enter, they will need to acquire tokens. If they have not acquired tokens in the public sale or a bounty program, they will need to buy these tokens from other token holders on an exchange.
Additionally, the applications that developers create using the Mind AI engine will be required to accept OMAI tokens as payment for in-app upgrades, creating an opportunity for ontologists to spend the tokens they earn from their contributions.
To sum things up:
Three ways to GET OMAI tokens:
— Contribute ontologies to the database, and earn OMAI tokens when your ontologies are used in API calls to the Mind AI Engine
— Accept OMAI for in-app purchases in decentralized apps built with the Mind AI Engine
— Buy tokens on exchange or receive them in a bounty program
Three ways to SPEND OMAI tokens:
— Build decentralized apps with the Mind AI Engine
— Make in-app purchases in decentralized apps built with the Mind AI engine
— Sell tokens on an exchange
Click below to participate in the private sale of OMAI tokens on the Bitsonic exchange.
Read More about Mind AI:
Sales begin Nov. 12 for Bitsonic membersmedium.com
All the money in the world can’t solve these challenges — at least, not yetmedium.com