What is VAIOT (VAI) | What is VAIOT token | What is VAI token

In this article, we’ll discuss information about the VAIOT project and VAI token

VAIOT offers a portfolio of blockchain-based AI Assistants for businesses and consumers to provide automated services and transactions. Faster, easier, and affordable

Invest in VAIOT

Regulated, audited, and transparent

VAI Tokens are regulated as Virtual Financial Assets. Our company, the project, and the token offering itself were audited several times, verified and approved by Grant Thornton and Malta Financial Services Authority (MFSA) according to the Virtual Financial Assets Act. We have deliberately opted for a regulated environment to offer our investors the necessary security.

Real use cases for both businesses and consumers

Our Intelligent Virtual Assistants will enable you to buy products and services such as insurance or conclude transactions backed by legal contract via a simple Natural User Interface. Anywhere, anytime. They will serve businesses as innovative service distribution channels and individuals as personal assistants for acquiring services, including legal services and contracts. We currently focus on the insurance and legal sectors. However, the applications are infinite.

Solutions developed with tech giants

We combine AI & Blockchain to create innovative solutions allowing us to take what’s best from both technologies. Our Proof of Concept was done jointly with our partner IBM, based on their battle-tested IBM Watson. It allowed our developers to move swiftly to further stages of the development process and accelerated our path to a market-ready solution.

Software beta released

Based on our joint Proof of Concept project with IBM, we developed the beta version of VAIOT’s AI Assistant that was released for closed testing with community members in Q4 2020. Using the software beta as a reference, we have started offering the product to customers in Europe.

Token utility

We have designed the token economy to enable the token’s natural flow within VAIOT solutions, which is visible in the Payback Program. We also aim to mitigate the risks associated with the price volatility with VAIOT’s Value Assurance System. With VAIOT’s token economy, the end-user doesn’t need to know anything about the underlying technology or tokens to benefit from it while still positively influencing the network.

Strong team & partners

We are the interdisciplinary team of individuals holding professional backgrounds in Blockchain, AI, Software Development, Cryptography, Project Management, Marketing, Sales, and more. Feel free to meet each of us on LinkedIn. We are already working with renowned companies such as IBM, Grant Thornton, and Reblonde. And the list is growing :)

THE VAI TOKEN ECONOMY

An overview of VAIOT’s network incentives and token utility.

VAIOT is a protocol for reliable and legally compliant digital contracting and AI-supported service distribution channels. Its use-cases vary from the creation or purchase of digital insurance contracts to traditional paper-like contracts with smart contract equivalents. Legal compliance is ensured for specific jurisdictions. By combining AI & Blockchain, VAIOT creates IVAs (Intelligent Virtual Assistants) for both consumers and businesses, acting as an interface for products.

We see Blockchain as indispensable for our solutions and their ecosystem. It allows us, among others, to use VAI Token to incentivize potential customers to apply our products.

VAI Token as the first Virtual Financial Asset from Blockchain Island

VAI tokens hold the regulatory status of Virtual Financial Assets (VFAs). It makes VAI Token the first-ever, regulated digital asset in Malta. The so-called Blockchain Island was the first country to implement a comprehensive regulatory framework for ICOs.

Issuers of VFAs, such as VAIOT, are regulated by the Virtual Financial Assets Act (“VFAA”) and must, therefore, adhere to the provisions of Malta’s regulatory framework. On top of that, the VAI Token code was carefully audited by an authorized company (Fact Group).

VAIOT Network

VAIOT starts with the VAI Token based on Ethereum and will eventually be migrated to a proprietary blockchain, based on COSMOS-SDK.

The final Blockchain solution VAIBC, where AI and Blockchain are inseparably linked, involves the concept of AI Agents settled on-chain. It is an instance of a machine learning algorithm fused with blockchain.

VAI Tokens are used for the settlement between these AI Agents & Blockchain and carry data in internal communication. It is a crucial part of the distributed economy.

AI Agents can increase token stakes in the network if performed well, e.g., provide value to the ecosystem/clients or products. They also directly influence the tokens as they take part in the network consensus.

For more on VAIBC technology and its dependencies, see the white paper and the Medium article coming soon.

VAI Token Flow and Utility

The VAI Token is ubiquitous in VAIOT solutions. Acting as a settlement method and incentive for users, it helps to secure network operations as well as acquire services at lower prices. Users can also get rewarded for providing specific data to the platform. Significant token utility will be an essential factor for the strong ecosystem around VAIOT. In the future, its utility will always play an important role in decision making.

Payback Bonus

It’s a loyalty perk in the form of Tokens, granted as a payback bonus after a product or a service is bought by the user via the VAIOT Platform. The bonus is expressed as a fixed-rate (percentage of the value of a given sale). The payback is done by VAIOT, which is buying back a certain number of VAI Tokens from the secondary market. These tokens can be used for further purchases, thus reducing the prices of products and services offered on the VAIOT Platform.

It is a non-inflationary reward system as the value comes from the services being acquired by the users, thus generating additional demand for VAI Tokens on the free market.

Payment for the usage of AI Legal Oracle

A fee is charged for accessing the AI Legal Oracle with requests for legal and contract data (smart contract and traditional contract provisions). Instances of AI algorithms are queried, and after the payment in VAI Tokens is received, it provides the required data. The fees for using the oracle are distributed to both the VAIOT network and the VAIOT company.

Payment method (settlement and transaction fees)

We can distinguish two general methods of proceeding payments in VAIOT: subscriptions and direct payment.

-Direct payment:

• FIAT Payment

There will be adapters allowing payments in supported FIAT currencies. A small part of the payment will be converted into VAI Tokens (bought on the free market) and distributed as an additional reward for the network nodes. This approach allows a fair incentive system for POS consensus participants, rewarding them even if the payment is not finalized with VAI Tokens. It makes it possible to correlate the business performance of the VAIOT Platform with the VAI Token economy.

• VAI TOKEN Payment

Direct VAI Token settlement is supported, and no conversion is required; thus, only a transaction fee is paid. If payment is made in VAI Tokens instead of a FIAT currency, the fee will be reduced to encourage users to buy, keep, and use VAI Tokens as the means of settlement.

• VAIOT Value Assurance System (VVAS)

Since the token value may not be as stable as in the case of FIAT currencies, it can be challenging to determine its purchasing power. VVAS proposes a secure conversion rate based on factors such as the current price of the VAI Token, market situation/sentiment, or the contract settlement duration. VAIOT algorithms calculate the price proposition with the support of AI. When the exchange rate is calculated correctly, the transaction proceeds as agreed, and nodes benefit from the brokerage.

-Subscription:

Bonding System

When tokens are deposited to the Bonding System (locked up), one can access specified Platform functionalities without additional payments (subscription model). As long as the tokens are locked, one can use services without additional fees.

Once the user decides not to use the Bonding System anymore and wishes to release his VAI Tokens, a specific percentage (based on the officially announced deduction table) of the VAI Tokens, which are locked up, will be deducted and moved to the Growth Pool.

This is designed to prevent situations where the user withdraws and deposits the VAI Tokens freely, utilizing VAIOT’s Platform services at no additional fees, without locking VAI Tokens for a reasonable period.

Growth Pool

The growth pool is a wallet address where all the network earnings exceeding the standard transaction fees are stored. It collects additional fees generated by the platform’s services and products and includes:

• Fees generated for processing the payments paid in FIAT instead of VAI Tokens.
• Earnings generated for providing brokerage activities in the VVAS.
• Fees charged while exchanging the tokens granted as a Payback to other currency.

Tokens allocated to the growth pool can be used, for example, as collateral in the value assurance system to secure the agreed exchange rate.

The growth pool wallet itself is also used to secure deposits in the Bonding System.

VAI Tokens from the growth pool may also be additionally distributed in the PoS, after validators approve such decision.

Staking Rewards

By depositing funds, one can set up a network node and get rewarded with VAI Tokens in return. Token staking is required to claim rewards.

The nodes’ rewards are distributed from the given token allocation (25% of the total token supply). Part of the transaction fees and contract deployment fees are a default part of the validator rewards on top of before mentioned allocation.

As the number of tokens designated for staking is finite, nodes can decide to be additionally rewarded with tokens from the Growth Pool.

The bonus granted for providing data

The user can get a bonus in VAI Tokens to support AI algorithms development, such as providing additional data for the AI learning process. Such rewards go to the user’s Payback Bonus Wallet.

Governance

The Governance model allows supporting community proposals if required. Both blockchain node instances controlled by their owners as well as autonomous AI aided node operators can participate in the network governance.

“The combination of all these components is designed to lead to a synergistic result and to create an efficient AI ecosystem based on decentralized structure.” ~Michal Szachno - Lead Blockchain Expert at VAIOT

ERC-777 Token standard

ERC-777 is one of many proposals made by the community in the EIP repository. It represents an evolved token standard, which improved on the flaws of past standards like ERC-20, which is still used by the majority of Ethereum-based projects. It’s fully compatible with the Ethereum network, so it can be sent to any Ethereum address and received if the user owns both the public and private keys (excluding exchanges that might not support the given token or refuse to unlock funds).

The chosen standard puts the VAI Token ahead of the competition, most of which uses the ERC-20 standard.

Advantages of the chosen solution are the following:

• It will prevent the user from sending funds to a non-existing wallet or contract address. They are not lost but can be automatically returned by the Smart Contract.
• Token contracts can be improved afterward by giving the token system additional properties later (e.g., recovery services)

Token summary

• Token Ticker: VAI
• Token Type: ERC777
• Max Token Supply: 400,000,000 VAI

Get involved with VAIOT!

You can get involved in our ecosystem by:

• Participation in the upcoming Public Sale on 8.02.2021
• Participation in the Beta testing of VAIOT Assistant application,
• Providing data on traditional paper-like contracts and get rewarded with VAI Tokens.

How To Stake VAIOT $VAI

To get started with staking go to  https://staking.vaiot.ai/#/ and on the top-right menu select “Connect to a wallet”.

A pop-up will appear, asking you to select the wallet of your choice. In this guide, we will be using MetaMask however, for all mentioned wallets, the further steps are the same.

Fill out your password to complete the connection. If your wallet is successfully connected, you should now be able to see your address in the top-right corner along with the number of $VAI and $ETH in your wallet.

To join in pre-staking, select “Pre-Staking” on the top menu (see image below).

Once you’ve selected “Pre-Staking”, you will have to approve the staking contract, which will pop up before you deposit. Please keep in mind that in order to sign the contract, you will have to pay gas fees. Once you’ve signed, fill out the amount of $VAI that you’d like to deposit. After that, simply select “Deposit”, confirm your transaction. And that’s all folks, you’ve now pre-staked your $VAI.

• ✅ Please do keep in mind that gas fees are currently still paid in $ETH.
• ✅ VAI Token Smart Contract Address: 0x9f801c1f02af03cc240546dadef8e56cd46ea2e9

NOTE: Please make sure that you only use information, links, addresses provided via the official VAIOT channels.

How and Where to Buy VAIOT (VAI)?

VAI token is now live on the Ethereum mainnet. The token address for VAI is 0x9f801c1f02af03cc240546dadef8e56cd46ea2e9. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.

Just be sure you have enough ETH in your wallet to cover the transaction fees.

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

☞ SIGN UP ON BINANCE

Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)

Next step

You need a wallet address to Connect to Uniswap Decentralized Exchange, we use Metamask wallet

If you don’t have a Metamask wallet, read this article and follow the steps

☞What is Metamask wallet | How to Create a wallet and Use

Next step

Connect Metamask wallet to Uniswap Decentralized Exchange and Buy VAI token

Contract: 0x9f801c1f02af03cc240546dadef8e56cd46ea2e9

Read more: What is Uniswap | Beginner’s Guide on How to Use Uniswap

The top exchange for trading in VAI token is currently KuCoin, Gate.io, Uniswap (V2), and Bilaxy

Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once VAI gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!

Top exchanges for token-coin trading. Follow instructions and make unlimited money

☞ https://www.binance.com
 ☞ https://www.bittrex.com
 ☞ https://www.poloniex.com
 ☞ https://www.bitfinex.com
 ☞ https://www.huobi.com

Find more information VAI

☞ Website ☞ Explorer ☞ Explorer 2 ☞ Whitepaper ☞ Source Code ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ Message Board ☞ Coinmarketcap

🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.

🔥 If you’re a beginner. I believe the article below will be useful to you

⭐ ⭐ ⭐ What You Should Know Before Investing in Cryptocurrency - For Beginner ⭐ ⭐ ⭐

I hope this post will help you. Don’t forget to leave a like, comment and sharing it with others. Thank you!

#blockchain #bitcoin #vai #vaiot