OORT Updates Tokenomics, Locks 800M OORT For Five Years And Extends Team Token Unlock Period
In Brief
OORT revised its tokenomics to improve decentralization, boost transparency, and promote sustainability, supporting long-term growth.
Decentralized verifiable cloud computing platform for AI applications, OORT, announced a revision to its tokenomics model. The update aims to improve decentralization, boost transparency, and promote sustainability within the ecosystem, supporting long-term growth.
Initially, 200 million OORT tokens, representing 10% of the total supply, were allocated to the founding team with a planned release over four years. However, to better align with long-term objectives, the release schedule for the founding team has now been extended to six years.
1.3 billion OORT tokens, accounting for 65% of the total supply, were set aside for mining rewards. Out of 100 million tokens, approximately 50 million have already been distributed through the testnet token CCN and early bird programs, with the remaining 50 million allocated for witness rewards. Throughout the forthcoming five years, 400 million OORT tokens will be designated for rewards to OORT Edge nodes.
In addition, the remaining 800 million OORT tokens will be secured in a smart contract for a five-year period, beginning on September 15th. Following this lock period, 100 million tokens will be released in the first year, with the release amount halving each subsequent year. These tokens will continue to be allocated to miners, with the community having the authority to decide whether to burn the unlocked tokens or use them for further growth of the OORT Decentralized Physical Infrastructure Networks (DePIN) infrastructure.
Simultaneously, the 400 million tokens allocated for OORT Edge mining will be released gradually, with each phase distributing half the amount of the previous one. In the first phase, 200 million tokens will be released, allowing each OORT Edge node to generate 2.875 OORT tokens daily. In the upcoming phases, the daily output per node will be reduced by half.
First OORT Token Distribution Stage To Last Nearly 700 Days
After all tokens in a stage are distributed, the system will automatically move to the next stage. With an estimated 100,000 active nodes, the first stage is anticipated to last around 695.65 days or roughly two years, before the rewards are halved. If the number of active nodes is lower, such as 50,000, the halving cycle would extend to approximately four years.
OORT operates as a decentralized cloud computing platform created for AI applications. Its network utilizes global resources, ranging from data centers to local edge devices, and incorporates a proprietary blockchain-based verification layer. This guarantees the security of all transactions and computations, encompassing data crowdsourcing, labeling, model training, and local inference.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
