Openfabric AI

What is Openfabric AI (OFN)?

Openfabric AI (OFN) describes itself as a Layer 1 decentralized AI protocol centered around linking and creating ML/AI applications that can utilize the more disruptive aspects of advanced cryptography, blockchain, and novel infrastructures to build an entirely new foundation for AI-based applications.

The Core Philosophy Behind Openfabric AI

In light of the revolutionary impact of Bitcoin’s wake, Openfabric aims to bring something quite similar to the AI space.

Hence, the underlying philosophy behind its formation is to bridge the gaps between practical applications and AI research, catering to a space where data providers, businesses, AI innovators, and infrastructure providers may innovate and work in collaboration.

Historical Background of Openfabric AI

Openfabric’s inception can be traced back to 2019, but only fully launched on October 24, 2023. Before that, it spent most of its time on research and development, slowly setting itself up for full release.

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Core Components of Openfabric AI (OFN)

Here, we will be going through a bit of a technological overview of the Openfabric AI platform, discussing some of its key structural elements.

Structural Framework and Distributed Computing

Since Openfabric AI incorporates blockchain, its structural framework will be similar to that of a typical blockchain network. With this platform, though, distributed computing is used to ensure unforgettable history and undeniable contracts between its stakeholders while being an underlying layer for identification mechanisms and access control, among other things.

Nodes and Networking Infrastructure

Its networking infrastructure is composed of service consumers, data providers, AI innovators, and infrastructure providers, all of whom have unique roles or responsibilities to uphold within its network, roles that anyone with the right resources can take on.

Machine Learning Algorithms

Due to its incorporation of AI, various machine learning algorithms are catered to here and then usable by developers to create AI-based applications on Openfabric.

As the name implies, through machine learning, AI programs can learn from their experiences and produce the correct output, essentially allowing developers to skip coding everything from scratch, enabling the machine to “learn” on its own.

Data Processing Pipeline and Analysis

This would be where data providers come in. On Openfabric, data providers see to it that the enormous volumes of data needed for testing and training AI algorithms can be distributed to those needing it.

Integration Capabilities of Openfabric AI

Here, we will discuss a bit of the technological integrations possible on Openfabric, namely cloud and IoT.

Cloud Integration

This is where we would mention Openfabric’s partnerships with firms like DeepSquare and Genesis Cloud, both of whom provide Openfabric and its users with access to important cloud computing resources.

IoT Ecosystems

The Openfabric project has also aligned itself with the Alliance for Internet of Things Innovation.

This initiative, which the EU established in 2015, helps advance anything IoT-related, which is why Openfabric has seen it as being suitable for its goal of further developing what it refers to as “the Internet of AI.”

Practical Applications of Openfabric AI (OFN)

Openfabric AI has been built with real-world applicability in mind, which we will briefly look at below.

Healthcare

AI implications within the health sector are quite obvious. They bring much-needed automation to monotonous procedures, such as drug discovery, R&D, etc., and with Openfabric, the infrastructure is already there for various medical firms to adopt and benefit from.

Finance

The use of AI within finance can, like in the healthcare sector, bring automation to repetitive tasks.

For instance, trading bots can be used to perform trades on your behalf, and various AI-based programs can be utilized to analyze market trends, among other things.

Autonomous Systems in Smart Cities

AI and smart cities are two concepts that are closely related. To build smart cities, AI is needed, from managing traffic, to deterring pollution, to self-driving cars, and much more.

With Openfabric and its incorporation of blockchain, things can be taken up a notch, mainly due to the immutability on offer here, which can render manipulative practices redundant.

Comparison with Other AI Frameworks

Within this section, we will discuss how Openfabric compares to other AI-based frameworks such as TensorFlow and PyTorch.

Openfabric AI vs TensorFlow

TensorFlow is a well-known open-source library that is used to train and build various machine-learning models. On the other hand, with Openfabric, one can do that and then use those same models to launch all sorts of creative applications with real-world implications, covering various fields and niches, all within one platform, and all with blockchain integration and other inventive technologies as well.

Openfabric AI vs PyTorch

PyTorch is a framework that is open-source and centered around machine learning. It is based on both the Torch library and the Python programming language and is used to quicken the procedures between deployment and research prototyping.

Like PyTorch, Openfabric provides an innovative framework centered around AI, but it does so with the added benefit of blockchain technology, which it uses to introduce a whole financial element to the whole thing and more.

OFN Tokens

Let’s now shift our gaze toward its native token, OFN, and look at the various roles it plays along with a couple of stats.

Roles and Utility

OFN, its native token, serves a pivotal role within the emerging worlds of AI and blockchain technology.

Within Openfabric’s ecosystem, its importance is pretty self-evident, as it is used to facilitate transactions, to access the ecosystem and participate in it, to provide exclusive benefits, as a medium of exchange, and within governance.

Tokenomics

Moving on to its tokenomics, the token’s total and maximum supply sits at 500 million tokens, with a circulating supply (self-reported) of over 28.9 million tokens. As for its price, it’s currently valued at $0.128, with a market capitalization (self-reported) of over $5 million and a fully diluted valuation of more than $63.9 million.

Acquiring OFN Tokens on Bitget

If what has been stated so far about the project has gotten you interested in buying its native token, then let’s see how that can be done on Bitget.

Creating a Bitget Account

To buy on this exchange, you’ll have to create an account on it first. Click on the link below, which will take you to Bitget’s registration page using a special Coin-Labs referral code. Fill in whatever’s needed on the registration page, and get done with registration.

Verification Process

After registering, go through KYC if you want to remove any kind of trading limit. To do that, access its verification page and complete both the first and second verification levels, which will entail providing some personal details about your identity and backing that up with documentation proof.

Setting Up Two-Factor Authentication (2FA)

To set up 2FA on Bitget, head over to its security page and click on the relevant option, like Google Authenticator, and follow the instructions that will be outlined with regard to setting it up.

Funding Your Account

Next comes funding your account so that you can buy the tokens you want.

• Deposit Options
  There are several options for making that initial deposit on Bitget, which include VISA, Mastercard, Apple Pay, and Google Pay, among others. Pick an option you want and follow the steps required towards completion.

Evaluating Deposit Fees and Times

Bitget does not charge any fees for making deposits on its end, but there will still be some fees involved in processing your transaction, and those will be paid on the exchange or wallet you’re transferring the funds from. As for the time it will take, that will vary, taking anywhere from a couple of minutes to a couple of hours or even more, depending on various factors.

Making the Purchase: Acquiring OFN Tokens

Once your deposits have arrived, you can move on to buying some OFN tokens.

Searching for OFN Token on Bitget

There are several options for buying tokens on Bitget, but not all of them will necessarily support this token, so find one that does, such as spot trading, for instance, and then search for the token or a trading pair that supports it.

Placing and Executing the Buy Order

Once you have found the OFN token, you can move on to placing an order for it. So, set any of the parameters required, including specifying the amount, order type, etc., and then place your order. Depending on what you’ve selected, it may take a while to fill.

Storing OFN Tokens Securely

After you have acquired those OFN tokens, you can transfer them to a wallet—preferably secure—through Bitget’s withdrawal page. On that page, select the OFN token, and a supporting network, and paste your wallet’s address within the withdrawal field.

The Future of Openfabric AI (OFN)

What does the future seem like for this platform as a whole, especially with regard to upcoming features and real-world applications? Let’s delve a bit into that below.

Upcoming Developments

There are a ton of upcoming developments, and it still has a ways to go before completing its roadmap. For instance, the next developmental phase encompasses several bootstrapping cycles for its mainnet and a couple of worthwhile features coming up, namely ironing out its own DAO, among others.

Potential Industry Disruptions

While it may have the potential to disrupt various sectors, whether or not it will actually do so can be difficult to tell, as the project just fully launched this year, and how such projects end up performing, especially within the cryptocurrency sector, is mostly speculative anyway.

Conclusion

Despite being in its early stages, Openfabric has the infrastructure in place to support a multi-product suite filled with various AI tools, the underlying goals of which can be geared toward meeting the dynamic requirements of the modern world as we know it today.

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Therefore, we are not responsible for the investment decision in Openfabric AI and the resulting loss.

Openfabric AI Basics

Here are some factors that investors should consider before investing in Openfabric AI.

Cryptocurrency Features	Openfabric AI (OFN)
Publisher or Developers	Andrei Tara
Headquarters (Registration Number)	Sibiu, Romania
Symbol	OFN
Platform	Openfabric AI Layer One blockchain
Published Date (CMC Registration)	2024-11-01
Max Supply	500,000,000 OFN

Reliability Score of Openfabric AI in 2024

These are indexes mesuring the investment reliability of Openfabric AI conducted by Coin-Labs.com.

Investment Reliability Rating Items	Scores and Current Status
Company Activation Rate	/ 10.0 CAR
Communication Rate	/ 10.0 CR
Technology Transparency Rate	/ 10.0 TTR
Development Participation Rate	/ 10.0 DPR
Listing Status on the World's Top 10 Exchanges	Listed on 1 Exchanges
Number of Available Pairs Worldwide	17 Pairs
Market Cap of the Cryptocurrency	11,979,964 USD (Rank #901)

The table above shows the result of investment suitability evaluation for Openfabric AI.
Check out how we evaluate cryptocurrencies on the crypto rating description page.

Openfabric AI Price

Here are the price and recent trading volume of Openfabric AI. (Data of 2024-11-02 00:35:00)

Price Items	Price and Trading Volume of Openfabric AI
Openfabric AI Price	0.094 USD
Price Change 24h	-3.99%
Price Change 7d	-12.92%
Trading Volume 24h	266,034 USD
Trading Volume Change 24h	-19.42%

Cryptocurrency Metadata

You can check the development status and social media information of Openfabric AI through the links in the table below.

Metadata Source	URL
🌎 Official Website
📖 White Paper
🛰️ Source Code (GitHub)
🐦 Twitter
🤖 Reddit
🎺 Message Board

Where to Buy Openfabric AI

Here are the top ten world crypto exchanges where traders can buy Openfabric AI in 2024.

Top10 Exchanges	Listed Status	Page URL
Binance	Not listed
Coinbase	Not listed
Kraken	Not listed
KuCoin	Listed	https://www.kucoin.com/trade/OFN-USDT
Bitfinex	Not listed
OKX	Not listed
Huobi	Not listed
Bitstamp	Not listed
Bybit	Not listed
Gate.io	Not listed

Frequently Asked Questions