Venice (VVV)

Access to AI Inference Capacity

Venice token (VVV) acts as an access key for users and AI agents to a share of Venice’s total AI inference capacity. By staking VVV tokens, users gain ongoing, private, and uncensored access to Venice’s API, which powers generative AI for text, image, and code creation.

Privacy-Focused AI Platform

Venice offers a decentralized AI platform that does not store user conversations on central servers. Data is encrypted and processed through a decentralized network, ensuring privacy and censorship resistance. The VVV token enables participation in this private AI ecosystem.

Staking and Rewards

Users who stake VVV tokens receive a proportional share of Venice’s AI API capacity and can earn yield rewards. For example, staking 1% of the total token supply grants access to 1% of the platform’s AI resources indefinitely while staked.

Support for AI Agents and Developers

The token supports AI agents (automated AI bots) and developers by providing them with access to Venice’s decentralized AI models and infrastructure. This fosters innovation and integration of AI services in third-party applications.

Community and Ecosystem Growth

VVV tokens were airdropped to Venice users and AI community projects, encouraging community-driven development and governance. The token helps bridge blockchain technology with generative AI, promoting decentralized and uncensored AI innovation.

Advantages of Venice

• Venice offers private, uncensored AI inference through its API, allowing users and developers to stake VVV tokens for ongoing access without paying per request.
• It supports multiple open-source AI models for text, image, and code generation, providing flexibility and creative control.
• The platform prioritizes user privacy by not storing conversation histories and encrypting data locally on users' devices.
• Staking VVV tokens grants users a share of Venice’s total inference capacity and the potential to earn staking rewards.
• Venice has a growing user base with over 450,000 registered users and 50,000 daily active users.
• The tokenomics are simple with a fixed supply of 100 million VVV tokens, half of which were airdropped to users and community projects.
• Venice enables autonomous agents and third-party apps to access AI inference without censorship or surveillance.
• The platform offers a Pro subscription for enhanced features like unlimited prompts, high-resolution outputs, and AI persona creation.

Disadvantages of Venice

• Venice is a newer platform, so its user interface and overall experience may not be as polished as more established AI services.
• Compared to some mainstream AI platforms, Venice might have fewer features or capabilities.
• The VVV token has experienced price volatility, including a significant drop due to insider trading concerns shortly after launch.
• Some critiques relate to the decentralized infrastructure model, which may have inherent limitations.
• Payment options currently include credit cards, with cryptocurrency payment planned but not yet available.
• The platform’s privacy and decentralized approach may limit some conveniences like synced chat history across devices.

Founders

Venice was founded by Erik Voorhees, a well-known crypto entrepreneur and former CEO of the ShapeShift exchange. He is the sole investor and serves as the CEO of Venice. Teana Baker-Taylor, who previously held leadership roles at Circle and Binance, joined as the COO.

Background and Roles

Erik Voorhees launched Venice in May 2024 as a privacy-focused AI platform that integrates blockchain technology. Teana Baker-Taylor brings experience from her former positions in policy and regulatory strategy at Circle and management roles at Binance and Crypto.com.

Company Details

Venice is designed to offer a private, censorship-resistant AI platform using decentralized infrastructure. The team is small, with about six employees, and the company does not rely on external funding.

Investors in Venice

Venice was launched by Erik Voorhees, a well-known crypto figure and founder of ShapeShift. He is the sole investor in Venice, meaning there were no outside or external investors involved in the initial funding. The project did not have a presale to outside investors.

Token Distribution

• Of the 100 million VVV tokens created at the start, half (50 million) are being airdropped to Venice users and crypto AI community projects on the Base blockchain.
• 35 million tokens (35%) were allocated to Venice itself.
• 10 million tokens (10%) were granted to the project’s team, with some unlocked immediately and the rest vesting over 24 months.
• 25 million tokens are allocated to eligible Venice users and certain Base users holding specific tokens.

Summary

• Sole investor: Erik Voorhees
• No external or outside investors
• Token distribution includes airdrops to users and community projects, team allocations, and Venice’s own share

Halal Status of Venice

Venice is not explicitly listed or screened in the available halal cryptocurrency sources. However, the general guidance for determining if a crypto token is halal includes:

• Project Screening: The project must comply with Islamic finance principles, avoiding interest (riba), gambling, and prohibited activities.
• Financial Screening: The token should not involve interest or excessive uncertainty (gharar).
• Usage: It should have a real-world purpose and not be primarily speculative.

Since Venice is not specifically mentioned in halal crypto lists or Shariah compliance reports, there is no clear evidence to confirm it as halal.

Answer: No, there is no available information confirming Venice as halal.