Author: Skely, Founder of AI-Pool; Translator: Jinse Finance Xiaozou
What exactly is AI-Pool? In short, this is a brand new experiment of AI agent autonomy and presale mechanism, and I personally am working to make the token issuance space less predatory. A simple summary is as follows.
This will be proven to be fair, with no 'insiders', anyone can send SOL, what I send is my own money, with 10% reserved, please read on to understand how this works.
Summary: Conduct an AI presale so that people are not rug pulled and make the entire process transparent.
What problem does it solve?
Issuing games on pump.fun is rampant like cancer. For example:
1) TGE sniper bot - tokens are sniped as soon as they are created.
2) Trend bot - buy tokens after seeing unusual trading volume.
3) Pre-migration bot - sniper tokens just before they migrate from pump.fun to raydium.
4) Post-migration bot - sniper tokens immediately after migration.
5) Comment bot - makes comments look very natural.
6) Volume bot - artificially create a symbolic trend.
There are more questions; fair to say this is not pump's fault. Presales are a response to these issues. You have already seen this on the DAO. Interestingly, they have established a whitelist/presale model.
This is a good solution, but it still requires a lot of trust (and time). You have to trust the person accepting the presale funds. The most common scenario is:
1) They steal funds.
2) Not using the funds (providing liquidity) for what they claim they will do.
3) Never managed to issue.
These issues are common in presales (see ICO), and if handled well, presales can yield great results.
ICO is just a form of presale, and due to many stupid 'protections', these are illegal in the US, but most 'protections' are formed due to the aforementioned 1-2 reasons. This is understandable.
So the law does not allow humans to issue tokens... what about AI agents? ... This is where AI agents come into play. The agents created by me, Phala Network, and other developers dedicated to this concept will be able to:
1) With a wallet that has a trusted execution environment (very important).
2) Accept donations.
3) Issue tokens.
4) Launch a liquidity pool.
5) Send tokens to donors.
A Trusted Execution Environment (TEE) is a secure area of a computer's CPU or a mobile device processor used to protect data and code (in this case, referring to the private keys of the AI wallet) from tampering or access.
How it works
1) You send SOL to the AI wallet.
opRyDjuRetWnsP78FNFTPEnAJX7AkjuD6GTP7tsqHXd
(This wallet is not a CA wallet, but an AI wallet.)
(Note: Minimum 1 SOL, maximum 10 SOL, anything below 1 SOL will be treated as a donation by AI.)
2) Then, the AI will raise funds from the presaler and start a liquidity pool through Metoria (you will see why it does not use pump.fun). It will own this pool and return the fees from the pool back to the AI wallet.
3) Send tokens to those it deems worthy. (Those who send a reasonable amount of SOL)
4) Raise funds for interesting things in the future.
How do you know I won't harm you? Or how do we address the rug pull and insider issues?
First, it is an AI and can prove it has the private keys in a trusted execution environment (created by Phala Network), which means neither I nor the developers can access them.
You can check this in the terminal log.
(It looks something like this below)
You know there are no 'insiders' because it is an open wallet, everything can be tracked, and no one can get a better price than anyone else. You can see which funds are flowing in and which are flowing out. In the first version, we will send 10% of the supply to a DOX custody wallet; you can continue reading to understand what this money will be used for.
But there are risks; this is a brand new technology!! So do not follow blindly!!!
As much risk as with most cryptocurrencies.
This is still the first version, it is a practical test of many technologies, you cannot conduct these tests without a public issuance.
In V1, 10% of the supply will be sent to a custody wallet, which is public and anyone can see it.
If the token inflates, or integrates other aspects (cross-chain LP pools for tokens) or gets burned, the funds will be kept here for future exchange listings.
Aside from the above, V1 is not completely without the risk of rug pulls. Technically, developers can change the rules with code, but this takes about 24 hours, and it is clear that once the tokens are activated and locked, they cannot be changed.
How do we make money?
We charge from the Metoira pool; honestly, I am not sure of the exact percentage; it could depend on the transaction volume. But it is much lower than pump.fun, and most fees will flow back to AI. But this is a safety measure in case something goes wrong.
In version V2 and in the future, we hope to make it fully autonomous and possibly have a DAO so that everyone can benefit from the fees flowing into the AI agent wallet, there will be some whitelist technologies, and those attempting to exploit loopholes will be blacklisted.
I hope everyone enjoys this experiment.
