What Is Cortex (CTXC)?
CTXC is the native token of Cortex, which is an open-source public blockchain that supports artificial intelligence (AI) and AI-based decentralized applications (dApps). It allows developers to integrate machine learning support into their dApps and smart contracts. Take a look at the Cortex price chat above to see the current CTXC price.
The integration of AI into dApps and smart contracts is made possible through the use of the Cortex Virtual Machine (CVM) and Synapse. CVM gives developers access to an AI inference that runs complex AI models on the Cortex chain using GPU. Besides, it's compatible with the Ethereum Virtual Machine. Synapse, on the other hand, is an AI deterministic interface engine. It prevents the need for off-chain solutions and ensures the exact same AI inference outcome across various other computing systems.
Talking about AI models, Cortex allows AI developers to upload advanced data models to the storage layer of the Cortex chain. These models can then be used by other developers for building their dApps with AI integration. Every time an AI model is used, the developer who created it gets rewarded.
The consensus mechanism employed by the Cortex network is Proof-of-Work (PoW). Thus, Cortex has a network of miners who have to solve complex mathematical equations in order to validate and create new blocks.
Additionally, note that, in order to avoid malicious attacks and exploitation on the Cortex network, Cortex charges a fee known as "endorphin" for each computational step carried out in a contract or transaction. In other words, an endorphin is a pricing unit, which is similar to Ethereum's gas. Each transaction must specify the maximum number of endorphins, as well as the fee it is willing to pay for each endorphin.
The Purpose of CTXC Tokens
CTXC tokens are based on the ERC-20 token standard. They are used as a payment method for covering transaction fees and executing smart contracts. Besides that, they are also rewarded to PoW miners and AI model developers. Don’t forget to check the Cortex price chart to see the live CTXC price.
Tokenomics of CTXC
The max supply of Cortex coins is 299,792,458. 20.01% of that supply was sold during a private sale, during which the CTXC price was around $0.53 per token. In terms of further distribution, 50.03% of Cortex coin supply is dedicated to mining rewards. The remaining portion was distributed to the team, advisors, marketing purposes, academic cooperation, and the Challange Bounty program.
