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AWO, AIWORK’s Native Token Driving the Platform

Written by: Sara K

January 25, 2022

We’ve already talked about AIWORK, its ecosystem, and how it blends blockchain technology, Artificial Intelligence, and human experts to create enhanced metadata for online video content. But, what drives the platform and community, incentivizing users and fueling growth? This is where AIWORK’s native token, AWO, comes in. Let’s briefly look at the AWO token, tokenomics, and its utility in the AIWORK ecosystem. 

The AWO Token

As mentioned, AWO is AIWORK’s native token. It is an ERC-20 token that serves to fuel growth on the platform. The token acts as an incentive for users to participate in AIWORK, offering their computing resources for the verification, transcription, translation, and other processes on AIWORK. However, the AWO token has uses beyond this, predominantly in: 

  • Operations
  • Licensing
  • Research
  • Development
  • Marketing
  • Legal.

The total supply of AWO tokens is 10 billion, with no additional AWO tokens to be issued moving forward. 

AWO Token Allocation

It is essential to look at the complete distribution of AWO tokens to understand better how it can empower the project and community. As mentioned earlier, the total supply of AWO tokens is 10 billion, and let’s look at how the tokens are allocated.  

  • Community – 45% of the token supply is allocated towards the AIWORK community. These are used as incentives for users on the platform. Activity ratios would be determined by governance. The AIWORK team will decide the release schedule of the tokens after launch.
  • Foundation – 10% of the tokens will be allocated to the AIWORK Foundation, with a 1-year lock-up period. 10% of the distributed tokens will be unlocked every month after the lock-up period.
  • Ecosystem – 10% of the tokens will be dedicated to external collaborators of AIWORK, with the same lock-up and unlock schedule as the tokens allocated to the Foundation.
  • Team and Advisors – 10% of tokens are reserved for the AIWORK team and advisors. The lock-up and unlock schedule will be the same as the tokens allocated to the Foundation.
  • Private Token Sale – 15% of the tokens will be allocated towards the private token sale. Out of this, 15% of the tokens will be listed on the sale day, with 3% unlocked every month following that.
  • Marketing – The remaining 10% of the tokens will be used for marketing purposes and unlocked when needed.

It is important to remember that AWO tokens are not considered shares or securities and do not give token holders any dividends or profits, nor can token holders participate in company meetings. AWO tokens will only allow the token holders to use them on the platform. 

What Is the Purpose of the AWO Token?

The AWO token has three primary purposes. These are: 

  • Utility
  • Staking
  • Governance.

Utility

As more participants join the platform, the AWO token will see a significant uptick in demand. As a utility token, the AWO token will have the following uses. 

  • The token will act as a payment solution and a micro-accounting tool.
  • The AWO token can be utilized as a medium of exchange on the AIWORK platform and within the ecosystem.
  • The AWO token will be used to reward contributors on the platform, and this will also incentivize new participants to join the platform.

Staking

Staking is another use case of the AWO token and incentivizes token holders to act honestly on the platform. Any token holder acting maliciously will have their stake slashed, meaning they lose their entire stake on the network. Any users on AIWORK who wish to participate on the platform must put down a small stake of AWO tokens. Users can then designate their registration rewards as deposits if they want to participate further. Validators and Artificial Intelligence/human expert nodes are also required to put down a stake to participate on the platform. 

And, of course, users also need to stake AWO tokens to participate in the governance mechanism on AIWORK. 

Governance

The team at AIWORK intends to hand over the platform’s governance to AWO token holders after an initial stabilization period. Token holders will be eligible to vote on important issues regarding the platform, such as the incentives for participants, processes involved on the platform, and the course of action when dealing with a malicious actor. Most importantly, AWO token holders will be able to determine the future course of AIWORK by voting on critical decisions and changes to the platform. 

Closing Thoughts

The AWO token is a critical feature of the AIWORK ecosystem, and token holders will participate in crucial governance decisions about the platform. It will also have high utility and reward contributors on AIWORK, with staking to help users secure the platform.

Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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