OORT, Token Economics Update, 800 Million OORT Lock for 5 Years and Team Token Unlock Period Extended
Alyssa Davidson
Posted: Sep 9, 2024 2:51 AM Updated: Sep 9, 2024 2:51 AM
Edit and fact check: September 9, 2024, 2:51 AM
Briefly
OORT has revamped its token economics to support long-term growth by improving decentralization, increasing transparency, and promoting sustainability.
OORT, a decentralized verifiable cloud computing platform for AI applications, has announced a revision to its token economics model. The update aims to support long-term growth by improving decentralization, increasing transparency, and promoting sustainability within the ecosystem.
Initially, 200 million OORT tokens, equivalent to 10% of the total supply, were allocated to the founding team and were scheduled to be released over 4 years. However, to better align with long-term goals, the founding team release schedule was extended to 6 years.
1.3 billion OORT tokens, representing 65% of the total supply, have been set aside as mining rewards. Of the 100 million tokens, approximately 50 million have already been distributed through the testnet token CCN and the Early Bird program, while the remaining 50 million are allocated as witness rewards. Over the next five years, 400 million OORT tokens will be designated as rewards for OORT Edge nodes.
Additionally, the remaining 800 million OORT tokens will be secured by a smart contract for a period of 5 years, starting from September 15th. After this lockup period, 100 million tokens will be released in the first year, and the release amount will be halved each year thereafter. These tokens will continue to be allocated to miners, and the community will have the power to decide whether to burn the unlocked tokens or use them for further growth of the OORT Decentralized Physical Infrastructure Network (DePIN) infrastructure.
At the same time, the 400 million tokens allocated for OORT Edge mining will be released gradually, with each stage distributing half of the previous stage. In the first stage, 200 million tokens will be released, allowing each OORT Edge node to generate 2.875 OORT tokens per day. In the upcoming stages, the daily output per node will be halved.
The first OORT token distribution phase will last for almost 700 days.
Once all tokens in a phase are distributed, the system will automatically move on to the next phase. The first phase, with approximately 100,000 active nodes, is expected to last approximately 695.65 days or approximately 2 years before the rewards are halved. If the number of active nodes is lower, such as 50,000, the halving cycle will be extended to approximately 4 years.
OORT operates as a decentralized cloud computing platform built for AI applications. The network leverages global resources from data centers to local edge devices and integrates a proprietary blockchain-based validation layer. This ensures the security of all transactions and computations, including data crowdsourcing, labeling, model training, and local inference.
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About the Author
A dedicated journalist for MPost, Alyssa specializes in the vast areas of cryptocurrencies, zero-knowledge proofs, investments and Web3. She has a keen eye for emerging trends and technologies, and provides comprehensive coverage to inform and engage readers in the ever-evolving digital finance landscape.
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Alyssa Davidson
A dedicated journalist for MPost, Alyssa specializes in the vast areas of cryptocurrencies, zero-knowledge proofs, investments and Web3. She has a keen eye for emerging trends and technologies, and provides comprehensive coverage to inform and engage readers in the ever-evolving digital finance landscape.
More Articles