Daily AI Recap - 19 Aug 2024

IO Token Staking Program

A new staking program has been launched by the IOG Foundation, aimed at providing rewards to participants and enhancing the security of the network. This is a significant step forward, particularly in the context of increasing demands for transparency and fairness in decentralized networks.

Program Details:

1. Participation Requirements

• To be eligible for Block Rewards, devices must participate in staking with a certain amount of IO tokens.
• Phase 1 is only available for active devices (workers), but Phase 2 will expand staking to non-worker users.
• Devices meeting the minimum staking requirement will receive rewards.

2. Staking Requirements

• Minimum Stake: 200 IO tokens per device multiplier.
• Device Multiplier (M): Each GPU has a specific multiplier, ranging from 1 to 10 depending on performance. Devices with a multiplier below 1 will be rounded up to 1.
• Example:
  • High-performance device: 8 H100 GPUs with a multiplier of 10 will require 16,000 IO (8 * 10 * 200 = 16,000 IO).
  • Medium-performance device: 4 4070 GPUs with a multiplier of 1 will require 800 IO (4 * 1 * 200 = 800 IO).

3. Unstaking Process

• Unstake Period: After initiating an unstake request, the device must wait 14 days before it can stake again and will not earn rewards during this period.
• Instant Withdrawal: For stakes exceeding 16,000 IO, the excess can be withdrawn immediately, while the remainder must wait for the unstaking period to complete.

4. Rewards and Fairness

• Reward Distribution: Block Rewards are distributed hourly and issued periodically to ensure fairness and consistency.
• Slashing Policy: Devices found to be fraudulent will have their rewards slashed, and the slashed tokens will be burned.
• Dispute Process: Users have one month to dispute any slashing decisions if they believe their device was incorrectly penalized.

KIP Protocol Raises $5 Million

KIP Protocol, an AI protocol layer for the Web3 industry, has announced that it successfully raised $5 million in its latest funding round, with participation from major funds such as Animoca Ventures and Tribe Capital. This brings the total amount of capital raised by the project to $10 million.

Other investors in this round include GBV Capital, DWF Ventures, Morningstar Ventures, Kyros Ventures, K300 Ventures, New Tribe Capital, ZBS Capital, Purechain Capital, and Fomocraft Ventures.

KIP Protocol aims to unlock the potential of decentralized AI (DeAI) by addressing challenges in developing and integrating AI into the Web3 space. The project establishes data collection methods and payment processes that allow AI developers to build profitable business models. The newly raised funds will be used by KIP to further its vision of advancing AI.

WORLD COIN SIGN DEAL WITH MALAYSIAN GOVERNMENT $WLD

The Worldcoin Foundation have signed a memorandum of understanding with MIMOS Berhad, the Malaysian government’s applied research and development arm, to integrate Worldcoin technology into the country’s digital infrastructure

MIMOS Berhad, the applied research and development arm of the Malaysian Government, has signed a Memorandum of Understanding (MoU) with the Worldcoin Foundation, Tools for Humanity (TFH), and MyEG, a leading e-government services provider, to integrate Worldcoin technology into Malaysia’s digital infrastructure.

The agreement with the Malaysian Government follows recent Worldcoin launches in Europe and Latin America. To date, 6,481,425 people have verified their humanness globally with Worldcoin.