TL;DR
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ORA unveiled Initial Model Offering last month, enabling tokenization of AI models onchain.
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ORA initiates OpenLM $OLM for the open-source model of OpenLM through IMO.
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IMO for OpenLM is poised to revolutionize the landscape of Large Language Models with the power of open-source software and community.
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OpenLM IMO will be launched at April 12th 6pm Pacific Time.
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Official Link for OpenLM IMO: https://www.ora.io/app/imo/olm.
OpenLM
Introduction
OpenLM is a performative language modeling (LM) repository, aimed to facilitate research on medium sized LMs.
OpenLM is designed to maximize GPU utilization and training speed, and is easy to modify for new language model research and applications.
OpenLM is developed by researchers from various affiliations including the RAIVN Lab at the University of Washington, UWNLP, Toyota Research Institute, Columbia University, and more.
OpenLM, Open AI
Built upon principles of transparency and collaboration, OpenLM, as a fully open-source AI project, embodies the belief that innovation thrives in truly open ecosystems.
OpenLM is the truly open OpenAI.
By fostering decentralization and accessibility, OpenLM not only democratizes AI but also accelerates advancements in the field. OpenLM represents ORA's values that knowledge should be built in public, shared freely, and benefit communities globally.
Initial Model Offering
Initial Model Offering (IMO) tokenizes AI models onchain.
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For AI models, IMO enables sustainable funding for open-source AI models.
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For ecosystems, IMO helps align values and incentives for distribution and ongoing contribution.
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For token holders, IMO lets anyone capture the value of AI models onchain, from sources including onchain revenue and inference assets (eg. ERC-7007).
ORA is the only team that can enable the value of IMO, because IMO requires two core components:
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Onchain AI Model with Verifiability (ORA’s OAO)
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Revenue Sharing of Onchain Usage (ORA’s ERC-7641 Intrinsic RevShare Token)
IMO for OpenLM
ORA introduces the world’s first initial model offering, tokenizing OpenLM with $OLM on Ethereum.
A portion of OpenLM IMO tokens will be allocated to OpenLM contributors, as a way to recognize and incentivize their commitment to and advancement of OpenLM's open-source ecosystem.
OpenLM Innovates LLMs as Open AI
Currently, proprietary AI backed by substantial funding from entities like OpenAI, Google, Meta, etc., dominate the AI landscape, while open-source AI struggles to sustain development and innovation. To overcome the challenge, visionary support is crucial. IMO aims to address this gap by harnessing the power of Crypto and Blockchain to fund groundbreaking innovation, ensuring its openness and unleashing its full potential.
In our initial planning for IMO, countless AI models came to our attention, but OpenLM stands out for its unwavering commitment to open source and genuine decentralization—a feat unmatched by any other model. OpenLM epitomizes the future of AI: openness. It embodies the essence of Open AI, offering a truly accessible and decentralized way for delivering AI in a democratized way.
OpenLM was developed with the aim of advancing research on medium-sized language models (LMs). Currently, in benchmarks, OpenLM-1B surpasses many popular models of similar size, while OpenLM-7B matches or exceeds LLaMA-7B or MPT-7B on 7 out of 11 tasks. As a completely open-source platform, OpenLM exhibits outstanding performance. With ongoing support from additional resources, OpenLM holds the promise of evolving into an LM model collectively owned by the global community and adopted as the framework for all LMs—imagine the potential and possibilities for the future.
IMO will be the cornerstone of OpenLM's journey, providing crucial funding and incentives to nurture a sustainable ecosystem, democratize access, and propel continuous development. IMO for OpenLM is poised to revolutionize the landscape of Large Language Models with the power of open-source software and community. Join us on this transformative voyage, where innovation knows no bounds.
ORA believes that “Intelligence is Power and the distribution of Power should be decentralized, publicly resource-able, and monetize-able”.
$OLM Tokenomics
OpenLM, the open-source LLM model, will be tokenized into $OLM. It will be integrated with ORA’s Onchain AI Oracle (OAO) to generate revenue for $OLM holders.
Key Facts
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Token: OpenLM ($OLM)
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Total Supply = 1B $OLM
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50% Initial Model Offering (Public Allocation)
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30% Liquidity
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10% Reward Distribution (Contributors of OpenLM)
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10% ORA Protocol
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IMO Information
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Fully Diluted Value: 300 ETH
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Total IMO Raise: 150 ETH / 500m $OLM
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Price of Each $OLM in IMO: 3e-7 ETH (~0.001 USD)
Token Characteristics
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Revenue Sharing: Part of the revenue from OAO or other sources will be distributed to the revenue-sharing pool of $OLM tokens. Token holders can claim revenue every 90 days after the snapshot.
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Burn: Part of the revenue from OAO or other sources will be distributed to the burning pool of $OLM tokens. Token holders can burn their tokens as a buyback mechanism. The burning mechanism will support the “floor price” of OpenLM tokens.
Timeline
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$OLM IMO Registration Open
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$OLM IMO
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OAO Integration of $OLM’s AI Model
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$OLM Reward Distribution
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$OLM Revenue Sharing Events
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$OLM IMO
Official Link: https://www.ora.io/app/imo/olm.
Registration & ORA Points Program Open
Users can earn points from the ORA Points Program by interacting with ORA protocol. To participate in the $OLM IMO, users need to connect to ORA with their Twitter and wallet address.
By the time you read this, the Registration and ORA Points Program are live. You can log in early and complete the task so that you can get a head start on the actual IMO Launch Day.
IMO Launch Day
Start Date: April 12th 6PM Pacific Time
$OLM IMO will be up and running at April 12th 6pm Pacific Time..
This IMO will be on a first-come-first-served basis until all allocations have been distributed.
To purchase $OLM in IMO, you will need $ETH. The minimum and maximum purchase amount is 0.01 ETH and 1 ETH.
The IMO will be open for 72 hours.
Stay Tuned
IMO is the story of the year. Stay tuned for opportunities to get involved in this first launch!
This is our first IMO but not the last. Preregistering for $OLM IMO will give you priority towards future IMOs.
Official OpenLM IMO Link: https://www.ora.io/app/imo/olm.
Follow ORA for the latest updates on information:
About ORA
ORA is Ethereum’s trustless AI that enables AI and any-size compute on blockchain.
ORA breaks down the limitations of smart contracts by offering AI, richer data sources and arbitrary compute so developers can innovate freely.
ORA’s work has been trusted by Compound, Ethereum Foundation, Uniswap, Optimism, and more.