Bitfinex, a cutting-edge digital token exchange platform, announced today that it will be one of the first exchanges to list GPT, the native token of CryptoGPT, an Ethereum-based layer 2 blockchain dedicated to the development of Artificial Intelligence (AI) and the decentralization of the AI and data market.
CryptoGPT: the token in support of artificial intelligence
Launched in the wake of ChatGPT’s popularity, CryptoGPT calls itself a cryptographic ecosystem driven by data collection for the purpose of Artificial Intelligence development.
Recognizing the growing value of data that is crucial to further develop artificial intelligence, CryptoGPT aims to offer customers the opportunity to earn cryptocurrencies by sharing their anonymous data using zero-knowledge crypto technology.
This aims to preserve user anonymity while acquiring the necessary data points to be used in building artificial intelligence models in manufacturing, biotechnology, education and other sectors.
It is planned that the dApps will be built on the CryptoGPT ecosystem, with CryptoGPT offering its GPT tokens as payment for the data it receives from users when they use these dApps.
GPT is a multipurpose token that can be used as “fuel” for transactions that occur on CryptoGPT’s blockchain. The GPT token can also be used for liquidity events such as buybacks or burns.
Henry Child, head of tokens at Bitfinex, said the following:
“AI is at the cutting edge of what the technology can truly be, it is heartening to see so many in Web3 not only embracing it, but in the case of CryptoGPT, discontinuing it entirely and potentially bringing it back to individuals. We are very excited to introduce their native token, GPT, to Bitfinex’s rapidly growing client base.”
Bitfinex will open deposits for GPT on 9 March. GPT trading will be available on 10 March, trading with US dollars (USD) and Tether tokens (USDt).
CryptoGPT and artificial intelligence
CryptoGPT is being launched by the same parent company called OpenAI, which launched ChatGPT, which has garnered enormous attention by kicking off an AI trend in the crypto space that has led to an unexpected increase in the prices of many tokens belonging to the same field.
Using low-cost, safe, secure and private zkRollup technology, CryptoGPT transforms data into a valuable resource used in artificial intelligence models to generate value creation in many areas.
It also develops a Data-to-AI engine that collects, processes, protects and packages data for commercial applications. Data, the resource driving the AI revolution, is the new end goal.
Building and developing artificial intelligence is impossible without data. Big IT companies like Meta, Google and many others rely on making money from user data. According to CryptoGPT, it already has functioning apps with over 2 million users.
To maintain a healthier economic ecosystem, CryptoGPT has diversified its sources of income. It claims to have a reliable and highly scalable source of ecosystem income through, for example, transaction fees made on the network.
Alternatively, through core Apps developed by CryptoGPT’s founding team and running to enhance the ecosystem data economy that provides sustainable revenue. And finally, also through utility NFTs called Data Capsules.
Each data capsule carries the specific data footprint of the data miner who created it. End users buy them directly or developers and companies obtain them and then distribute them.
Details regarding the $GPT Token
$GPT is a multi-value gas. It is required as fuel for network transactions. It is complemented by value channeling from validator staking, cash flow from Core products, and a treasury of commission power that can be used for liquidity events such as buybacks, burndowns, and/or enhanced yield.
Moving forward, the foundation planned to implement a DAO with a very strong economic model for sustainable growth. With the DAO, $GPT Token stakers will have several advantages in controlling treasury funds.
Such as, for example, $GPT token stakers will be able to vote to use treasury funds to buy back $GPT from the open market. Or again, they will also be able to vote to burn the repurchase tokens.
$GPT stakers will also be able to approve the use of Treasury funds to buy back $GPT tokens on the open market and distribute them to holders in order to provide a really high staking return.
Stakers will be able to vote on proposals seeking private or seed investment using treasury funds. 20% of the $GPT tokens will be available for public sale to retail investors.
CryptoGPT’s founding team aims to enter various sectors with its model, namely medicine, tourism, biotechnology, advertising, logistics, finance and manufacturing. Being a zkRollup project, it enhances its potential to operate more safely and securely in more sectors.
ChatGPT, also from OpenAI, is the first technology that has successfully merged Blockchain and AI on which users look forward to testing a much larger data and AI market with a wealth of more than $1 trillion to date.