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.
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.
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
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
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.
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.
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.
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) | 2024-12-01 |
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 | 18 Pairs |
Market Cap of the Cryptocurrency | 11,979,964 USD (Rank #901) |
Openfabric AI Price
Here are the price and recent trading volume of Openfabric AI. (Data of 2024-12-02 03:40:00)
Price Items | Price and Trading Volume of Openfabric AI |
---|---|
Openfabric AI Price | 0.161 USD |
Price Change 24h | 7.50% |
Price Change 7d | 55.89% |
Trading Volume 24h | 722,685 USD |
Trading Volume Change 24h | -1.26% |
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) | |
🎺 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
What is the current price of Openfabric AI?
Openfabric AI price today is 0.161 USD. Furthermore, the price of Openfabric AI has fluctuated by 7.50% from 24 hours ago, and by 55.89% from a week ago.
Where is Openfabric AI listed?
Currently, it is listed on a total of 1 among the world top 10 exchanges.
What is the market cap of Openfabric AI now?
Currently, Openfabric AI has a market cap of 11,979,964 USD, which is ranking 901 among cryptocurrencies worldwide.
How much is the trade volume of Openfabric AI?
Currently, 125,424,517 OFN coins are circulating through 18 market pairs. As a result, in the last 24 hours, 722,685 USD of OFN coins were traded in the market.