Article source: Jinse Finance
Author: Skely, founder of AI-Pool; Translation: Jinse Finance xiaozou
What exactly is AI-Pool? In short, it is a brand new experiment in AI agent autonomy and pre-sale mechanisms, and I am personally working to make the token issuance space less predatory. A simple summary follows.
This will prove to be fair, with no 'insiders', anyone can send SOL, and what I send is my own money, with 10% reserved, please continue reading to understand how this works.
Summary: Conduct an AI pre-sale so that people won't be rug pulled, and make the whole process transparent.
What problems does it solve
Issuing games on pump.fun is rampant like cancer. For example:
1) TGE sniper bot - tokens are sniped immediately after being created.
2) Trend bot - buy tokens after seeing unusual trading volumes.
3) Pre-migration bot - snipe tokens just before they migrate from pump.fun to raydium.
4) Post-migration bot - snipe tokens immediately after migration.
5) Comment bot - make comments look natural.
6) Volume bot - artificially create a symbolic trend.
There are more issues, to be fair, it's not pump's fault. Pre-sales are a response to these issues. You have seen this on the DAO. Interestingly, they set up a whitelist/pre-sale model.
This is a good solution, but it still requires a lot of trust (and time). You have to trust the person accepting the pre-sale funds. The most common case is:
1) They steal funds.
2) Did not use the money (provide liquidity) for what was claimed.
3) Has never been able to issue.
These issues are common in pre-sales (see ICO), and if handled well, pre-sales can have great results.
ICO is just a form of pre-sale, and due to many foolish 'protections', these are illegal in the U.S., but most 'protections' arise from the aforementioned 1-2 reasons. This is also understandable.
So the law does not allow humans to issue tokens... What about AI agents? ... This is where AI agents come in. The agents created by me, Phala Network, and other developers committed to this idea will be able to:
1) Wallet with 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 mobile device processor that protects data and code (in this case, the private keys of the AI wallet) from being tampered with or accessed.
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 considered a donation by AI.)
2) Then, the AI will raise funds from the pre-sellers and start a funding pool through Metoria (you will see why we don't use pump.fun to create it). It will own this pool and will return the fees from the pool to the AI wallet.
3) Send tokens to those deemed worthy. (Those who send a suitable 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 under a trusted execution environment (created by Phala Network), which means I or the developers cannot access them.
You can check this in the terminal logs.
(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 others. You can see which funds are flowing in and out. In the first version, we sent 10% of the supply to the DOX custodial wallet; you can continue reading to understand what this money will be used for.
But there are risks, as this is a brand new technology!! So don't follow blindly!!!
As risky as most cryptocurrencies.
This is still the first version, it's real-world testing of many technologies, and you can't conduct such tests without a public issuance.
In V1, 10% of the supply will be sent to a custodial wallet, which is public and anyone can see it.
If the tokens inflate, or undergo other integrations (cross-chain LP pools for tokens) or are burned, the funds will be kept here for future listing on exchanges.
Aside from the above, V1 is not completely without the risk of rug pulls. Technically, developers can change the rules with code, but it takes about 24 hours, and it's 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'm not sure of the exact percentage, it may depend on trading volume. But it's 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 V2 and future days, 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 technology, and those attempting to exploit loopholes will be blacklisted.
Hope everyone enjoys this experiment.
