$FAIR Token is at the cornerstone of our ecosystem, serving a dual purpose that's integral to the Fair AI platform. Here's a breakdown of its roles:
Value Token: The FAIR Token is utilized as a currency within our platform. It's employed for the buying and selling of data, making it a fundamental unit of transaction. This aspect of the FAIR Token connects creators and AI developers, facilitating a smooth exchange of value.
Equity Representation: Beyond just a currency, the FAIR Token represents a user's stake or equity share in a specific dataset. This is analogous to how your contributions define your part in the dataset. Simply put, the more you contribute, the more FAIR Tokens you hold, symbolizing your larger stake in that dataset.
For a more detailed explanation and the latest updates on FAIR Token, keep an eye out for our upcoming whitepaper, where we'll dive deeper into the mechanics of the FAIR Token in the Fair AI Data ecosystem.
Here are some frequently asked questions regarding the $FAIR token:
How much FAIR tokens will I get?
As a Coder, you’re eligible to get 1 $FAIR token for each megabyte (MB) of code contributed.
As an Artist, you’re eligible to get 1 $FAIR token for each piece of art/image contributed.
This base reward is then multiplied by your early-spot Rewards Boost, depending on how early you contributed in the respective dataset. Make sure to check our How we measure contributions page for more info.
What is the "early contributor" reward boost? How is it calculated?
In order to reward early supporters of our platform, we use a bonding curve to determine a “rewards boost” multiplier up to 2x, that will be applied to the tokens redeemed at platform launch. This multiplier decreases the closer we get to our data goal.
How do you calculate the expected FAIR token's value?
The $FAIR token is fundamentally backed by data, meaning its value will be greatly influenced from the sell price of actual datasets after the platform launches. We will share more info on this soon with the release of our whitepaper.
Who else gets FAIR tokens?
Besides data contributors and storage/compute providers, there will be a distribution of $FAIR tokens to several pools including project stakeholders, core team and investors. We will update this section during Fair AI Data's fundraising process and provide detailed overview of token metrics.
And how exactly do I get paid for my data contributions?
Both upon contributing data and when a dataset is purchased, you'll be rewarded with $FAIR tokens, which can be converted to fiat or other cryptocurrencies. We are exploring the latest advances in off-ramp solutions and account abstraction techniques to make this process as seamless as possible. Detailed information about the payout process and tokenomics will be available in our upcoming whitepaper.
