Venice AI has showcased its decentralized nature with the launch of the VVV token.
By Godfrey Benjamin
Edited by Marco T. Lanz
Updated
3 mins read
Venice, a pioneering decentralized AI platform, has launched its new VVV token on the Ethereum Layer 2 network, Base.
According to The Block, this move marks a significant step toward integrating blockchain with artificial intelligence (AI). It aims to make AI more open and accessible to everyone. This approach eliminates the need for intermediaries in the process.
Venice AI is all about giving people access to AI in a way free from censorship and control. The platform is built on open-source models and decentralized infrastructure.
This structure allows users to interact with AI without traditional intermediaries. Venice also makes accessing Large Language Models (LLMs) cheaper and faster than other AI systems.
The newly launched VVV token will play a pivotal role in this vision. It is designed to let AI agents, developers, and even bots access the Venice platform’s AI capabilities through a simple API.
Interestingly, users do not need to use VVV tokens to interact with the platform, designed to be open and user-friendly.
The platform reduces friction and costs compared to traditional, closed-source AI systems. Since launching in May 2024, Venice has quickly gained popularity.
With over 450,000 users and 50,000 daily active users, the platform handles thousands of AI requests every hour. Venice’s goal is to make AI available to everyone without interference from big corporations or governments.
Venice has launched with 100 million VVV tokens, with 25 million allocated to over 100,000 registered users. Another 25 million tokens are designated for AI community protocol accounts on Base, including Virtuals and developers using Coinbase’s AgentKit.
Additionally, 35 million tokens are reserved with Venice, including 10 million for the team and 10 million for an incentive fund.
The remaining 5 million tokens are dedicated to providing liquidity for the platform, making it easier for users to access Venice’s AI services. Venice also offers users the chance to stake their tokens. This means users holding VVV tokens can earn rewards and gain access to more AI features on the platform.
Also, staking is designed to scale with Venice’s growing demand. This means the more the platform is used, the better the rewards for token holders.
Venice plans to add 14 million VVV tokens each year. This will start with an inflation rate of 14%, but decrease as time goes on.
The new tokens will be distributed based on the demand for Venice’s AI services.
The Erik Voorhees’ Venice platform and VVV token launch follow a trend of combining AI and blockchain. Similar projects include Virtual Protocol, which creates AI agents on Ethereum’s Base.
Also, Ai16z focuses on decentralized AI investments using its native token. These projects showcase the growing interest in decentralized AI-powered applications despite challenges like scalability and regulation.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
