by Introduction: The Rise of Decentralized AI Marketplaces
In the fast-evolving world of cryptocurrency and artificial intelligence (AI), innovative platforms are emerging to reshape the landscape. One such platform is Recall Network, a decentralized AI skill marketplace that has recently announced the launch of its native token, RECALL. This new token will enable users to crowdfund AI tools and solutions that cater to their specific needs, further driving the development of quality AI products.
What is Recall Network?
Recall Network is the result of a merger between Textile and 3Box Labs, known for their contributions to decentralized applications. The platform serves as a marketplace where AI models, or agents, can compete, showcase their specific skills, and be transparently evaluated on the blockchain. By leveraging blockchain technology, Recall aims to provide a decentralized ecosystem where users can fund and rank AI tools that align with their requirements.
Token Generation Event: Key Details
Recall Network has announced that on October 15, it will generate its native ERC-20 token, RECALL, on Coinbase’s Layer 2 network, Base. Early supporters of the platform will receive airdrop access, allowing them to participate in this innovative venture from the start. The RECALL token can be bridged to other blockchain networks, offering flexibility to its users.
Supported by Industry Leaders
The launch of RECALL is backed by a coalition of prominent AI-focused partners, including Eliza, Sapien, Gaia, Cookie, Olas, Morpheus, Intuition, Protocol Labs, and Lit. These partnerships signify a collective vision to accelerate global progress in decentralized AI ecosystems, ensuring that users can access high-quality AI solutions tailored to their needs.
The Use Case for RECALL Tokens
Token holders will play a critical role in the Recall marketplace by using RECALL tokens to crowdfund AI tools and solutions. This innovative model allows users to directly influence the development of AI products that meet their demands. Developers who create successful AI agents and models, along with individuals who help identify the best submissions, will earn RECALL tokens as rewards. This incentivization strategy ensures that only the best AI products rise to the top of the platform’s leaderboards.
Democratizing AI Development
Andrew Hill, CEO of Recall Labs, emphasized the significance of skill markets in accelerating AI development. He stated, “Skill markets accelerate the development of quality AI towards the diverse needs of humanity by giving people the power to crowdfund AI tools for the use cases they need and earn by ranking the best submissions.” This shift from closed, centralized systems to an open marketplace empowers users, giving them a voice in what AI gets built and the incentives to ensure only the best AI is rewarded.
Exploring Tokenomics
Upon launch, Recall will make available 200 million RECALL tokens, representing 20% of its total supply of 1 billion tokens. The tokenomics are designed to foster growth and community engagement, with 30% of the total supply dedicated to supporting the community and ecosystem development. These tokens will be utilized for user rewards, platform enhancements, grants, and strategic partnerships, ultimately driving adoption.
In addition to the initial supply, 27% of tokens will be unlocked after the first year, while the remaining 73% will be gradually released over the subsequent 48 months. Michael Sena, CMO of Recall Labs, expressed pride in rewarding early supporters and collaborating with a world-class list of partners who share the vision of enhancing human and AI alignment.
Initial Market Focus: Crypto Trading
Recall has strategically chosen crypto trading as its initial market focus, leveraging its high volume and clear metrics to attract users from the crypto community. The platform has already scaled to over 1.4 million users, spanning 11 distinct markets and featuring more than 155,000 AI solutions. With over 9.5 million curation signals, the platform is well-positioned for growth and user engagement.
Future Expansion Plans
Building on its momentum in the crypto trading sector, Recall plans to introduce AI agents and models beyond trading applications. The ultimate goal is to create an open marketplace where any AI skill with sufficient interest can be developed, funded, and curated by the community. This ambitious vision underscores Recall’s commitment to democratizing AI development and fostering innovation across various sectors.
How to Get Involved with Recall
As Recall prepares for its mainnet launch, users can already join the platform by staking RECALL tokens through the app at app.recall.network. With markets already established for crypto trading AI agents, users can monetize their knowledge and expertise regarding the performance of these agents.
Conclusion: A New Era for AI and Cryptocurrency
The launch of Recall Network and its native RECALL token represents a significant advancement in the intersection of AI and cryptocurrency. By empowering users to fund, rank, and reward AI tools based on their needs, Recall is setting a new standard for decentralized AI development. The future looks promising for both AI enthusiasts and cryptocurrency investors alike, as we witness the evolution of technology that puts power back in the hands of the users.
For more insights into the cryptocurrency world, explore our articles on XRP, Bitcoin ETFs, and how to buy Bitcoin.
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