The OORT Foundation Announces Updated Tokenomics, Enhancing Decentralization and Sustainability
- Susan SarandonOriginal
- 2024-10-03 21:00:15584browse
NEW YORK CITY, NY / ACCESSWIRE / October 3, 2024 / The OORT Foundation is pleased to announce the lockup of 800 million $OORT tokens
NEW YORK CITY, NY, October 3, 2024 /postValue/ - The OORT Foundation has announced the lockup of 800 million $OORT tokens (40% of the total supply) in a smart contract, as part of its commitment to decentralization and sustainable long-term growth. These tokens, which are reserved for mining rewards, will be locked for five years, starting from September 16, 2024. The locked tokens can be viewed on the Mainnet Scan here: https://mainnet-scan.oortech.com/address/0x1F9F424dbE5012c900cC238d31889A1eCdC51B27.
In addition, to further demonstrate confidence in the long-term vision of OORT, the release schedule for the founding team's tokens has been extended from four years to six years. Initially, 200 million $OORT tokens (10% of the total supply) were allocated to the founding team. This extension reflects our commitment to sustainable growth and the future of the OORT ecosystem.
For more information on OORT's ongoing initiatives and tokenomics, please visit https://www.oortfoundation.org/news-updates/updated-oort-tokenomics-enhancing-decentralization-and-sustainability.
About OORT's Token Allocation
OORT has a total supply of 2 billion $OORT tokens, with 65% (or 1.3 billion tokens) originally set aside to reward infrastructure providers and miners. As part of our long-term plan, 400 million $OORT tokens will be allocated over the next five years to reward OORT Edge node providers, ensuring the continued growth of our decentralized infrastructure.
After the five-year lockup period:
100 million tokens will be released in the first year.
The release amount will decrease by 50% each year, with 50 million tokens released in the second year, and so on.
The community will play a key role in deciding the fate of these tokens once unlocked, either by burning them or using them for the future development of the OORT ecosystem.
About OORT
OORT is a decentralized verifiable cloud computing platform for AI applications. OORT's network leverages global resources from data centers to local edge devices with a proprietary blockchain-based verification layer to secure all transactions and computations, from data crowdsourcing and labeling to model training and local inference. By harnessing the power of decentralized networks, OORT aims to return value to users while creating a more scalable and equitable future for AGI (Artificial General Intelligence).
For more information, please contact:
Media contact:
Ryan Gorman
[email protected]
Laura Estefania Lopez
[email protected]
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