Imagine you have the opportunity to train AI models and contribute to the development of future technologies while also getting rewarded for doing so! This is where AIT Protocol comes in!
AIT protocol is a multichain, web3 crypto platform that integrates artificial intelligence, and blockchain technology to enable better AI development.
At its core, AIT leverages the power of blockchain technology to create an immediate, international, and decentralised labour market that can help train AI learning models.
Through the AIT protocol, users can participate in “Train-to-Earn” tasks, which enables them to earn rewards while actively contributing to the progression of AI models and the development of future technologies.
But how does AIT work exactly and what are the tokenomics of the AIT token?
Today we find out!
What is AIT Protocol?
AIT was founded in 2022 and launched at the end of 2023, and its current CEO is Kha Do, or Shin Do as he is known on social media.
The AIT protocol aims to allow users to contribute to AI training sets by labelling and processing large amounts of data, in a task known as data annotation.
In exchange for annotating this data, users are rewarded with AIT tokens, which acts as a utility token for the network.
But what is data annotation?
To keep it simple, data is an integral part of all machine learning and deep learning algorithms, but these models are only as good as the data they are built from, and this is where data annotation finds its importance.
If the data isn’t correctly annotated then the AI it is training may not end up functioning as intended, so an important part is making sure humans go through the source data and correctly label it so a machine can learn from it.
What AIT does is use blockchain technology to access a decentralised global labour market through which it can reliably prove their work and pay these workers across international boundaries without limitations.
Ultimately, AIT is the platform through which this work is done, but that leads to the question – how does it all work?
How does AIT Protocol work?
As the AIT Protocol is Web3 Data Infrastructure, it can be deployed across multiple blockchains.
As is custom for new cryptocurrencies, the AIT protocol was originally launched on the Ethereum network as an ERC-20 token.
However, it has since branched out to other networks and now offers a link to the Binance Smart Chain, and many others, through its Mainnet.
To participate in the “Train-to-Earn” mechanics, you must first purchase an AIT “iPass NFT”, which acts as your access card to the platform and enables you to begin completing tasks.
To avoid monopolisation of its network, the platform limits the amount of tasks a user can complete within a certain timeframe. This helps to ensure a more equal distribution of rewards and helps further their decentralisation.
What makes AIT Protocol unique?
But what really makes AIT different?
In short, being the first to offer crypto users the ability to provide data annotation on the blockchain is their unique proposition.
Although it has a crypto token, the real use case of this network is the ability to provide anyone with an active internet connection the opportunity to participate in data annotation tasks.
However, perhaps what makes AIT truly unique is the cost-effective, high-reliability data it can provide to those who purchase its services.
As humans are being utilised towards AI development, it can ensure more predictable results for the AI in development.
This is important as errors in AI training models which lead to undesirable results require time, money, and energy to fix.
So, by offering these human services, the AIT protocol offers affordability and efficiency to the businesses training their AI models, and a “Train-to-Earn” reward system for its users.
But how about the tokenomics?
AIT Tokenomics
Like most tokens that start as an ERC-20 token, the AIT token acts as a utility token for the network and can be used for both staking and governance.
In total, there will only ever be 1 billion AIT tokens released, with the distribution by the end of all vesting schedules as follows:
6% will have been allocated to the Angel Sale, 2% to the Strategic Sale, 3% to the Public Sale, 10% to the Team, 10% to advisors, 24% to Train & Earn, 30% towards the ecosystem, 5% towards Marketing & Partnerships, and the final 10% towards Liquidity.
Interestingly, the amount available at the Token Genesis Event for the Team was set at 0% and had a 36 month vesting schedule.
For comparison, those who had bought in during the Public Sale had 100% available immediately with no vesting schedule, and the advisors had 12% available immediately and the rest vested over the next 12 months.
This is similar for all the allocations, giving others, at least in theory, more power to move the price than those who created and control the platform.
Although a wallet explorer does exist for AIT, it is not well labelled so we are unable to determine if any whales need watching.
There is one address with 59% of the total AIT tokens, which is most likely one held by AIT, and another Null address with 31% of the total supply that is also likely, in some way, connected with AIT.
However, there is an unconfirmed wallet address which holds 3% of the total AIT tokens in circulation.
Considering the next largest, unaddressed wallet size is only 0.18%, this gives the 3% wallet significantly more influence than most.
That said, as it’s unlabelled, it is hard to tell if this is an AIT-controlled or private wallet address.
And yes, there is maybe a little irony in a company that provides data annotation services having unannotated wallet addresses.
The AIT protocol has spotted a gap in the market and created a sufficient platform to fix that problem.
However, the fate of AIT is going to rely on the reliable, efficient data it produces, always being reliable and efficient.
Though, while AI is in the mainstream, and while Bitcoin is peaking its all-time high, providing there are no blunders from the management at the top, it would seem likely there will still be some good days ahead for AIT.
But, of course, as always, we all know nothing is ever guaranteed in crypto.
How to create an AIT wallet
Step 1: Visit https://metamask.io If you already have a Metamask wallet, skip to step 4
Step 2: Download and install Metamask Wallet from your mobile app store or your browser.
Step 3: Open Metamask and create a new wallet or import an existing one.
Step 4: Import Token
Contract address: 0x89d584A1EDB3A70B3B07963F9A3eA5399E38b136
Step 5: Visit https://app.aitprotocol.ai/ and connect your Metamask wallet
To support the blog, you can donate AIT here: 0xddA614Af4f70DB1D811B7539cf49069A87460066