Openfabric AI (OFN) is a native digital currency within the Openfabric AI network, a decentralized Layer 1 protocol that combines blockchain and Artificial Intelligence (AI) to create a scalable and secure framework for AI applications. The $OFN token serves as a utility token, facilitating transactions, governance, and innovation within the ecosystem, while promoting responsible network behavior and fair competition.
Openfabric AI (OFN) is a decentralized and open-source artificial intelligence project that uses blockchain technology to democratize access to AI capabilities. The native token, OFN, serves as the foundation of the Openfabric AI ecosystem and has several key utilities:
Exclusive Access: Token holders with a certain balance in their wallets enjoy exclusive privileges such as access to exclusive products and services, early access to alpha versions of new products, invitations to special events, and entry to specific communication forums.
Staking: Various stakeholders, including AI innovators, data providers, infrastructure providers, and validators, can stake OFN tokens to join the network and participate in its maintenance. Misbehavior can result in penalties or slashing.
Reward: OFN tokens are used to reward contributors to the network. Infrastructure providers receive tokens for renting execution environments, AI innovators are rewarded for developing and deploying AI solutions, and data providers are rewarded for providing datasets used in AI training.
Payment: Tokens are used to make payments for products and services on the platform, such as running AI applications.
Medium of Exchange: OFN tokens serve as an internal currency on the platform, enabling users to trade and exchange value within the ecosystem.
Governance: Token holders have voting power in the decentralized autonomous organization (DAO), allowing them to participate in decision-making processes and shape the project's direction.
These utilities make OFN a crucial component of the Openfabric AI ecosystem, facilitating the integration of blockchain and AI technologies.
To store Openfabric AI (OFN) tokens, you can follow these steps:
Create a Wallet: You need a digital wallet that supports OFN tokens. You can create a free account on platforms like KuCoin or MEXC, which offer wallets for storing and managing your OFN tokens.
Store in the Wallet: Once you have a wallet, you can store your OFN tokens in it. This allows you to hold and manage your tokens securely. You can also use these wallets to send or receive OFN tokens.
Optional: Transfer to External Wallet: If you prefer, you can transfer your OFN tokens to an external wallet for added security or flexibility. This gives you full control over your tokens and allows you to use them across different platforms.
By following these steps, you can safely store and manage your Openfabric AI (OFN) tokens.
To buy Openfabric AI (OFN) tokens, follow these steps:
- Choose a Reliable Exchange: Select a trusted centralized exchange such as KuCoin, Binance, or MEXC.
- Create an Account: Register for a free account on the chosen exchange.
- Secure and Verify Your Account: Ensure your account is secure by setting up two-factor authentication and verifying your identity.
- Add a Payment Method: Link a payment method to your account, such as a bank card or cryptocurrency.
- Buy Openfabric AI (OFN): Navigate to the exchange's spot market and search for Openfabric AI (OFN). Place a buy order at the current market price or set a limit order.
- Store Your Tokens: You can store your OFN tokens in your exchange wallet or transfer them to a non-custodial wallet for added security.
Additionally, you can also participate in Openfabric AI airdrop campaigns to earn free OFN tokens by joining the Openfabric AI community.
