All About Olas: A Beginner Introduction Olas is a crypto AI sharing platform that enables you to own a share of AI on the blockchain network. Olas was founded in 2021 by David Minarsch with the mission to incentivize and coordinate different parties to launch autonomous agents that form entire AI economies serving all humans. The platform now caters to the needs of agent economies across several blockchains and has recorded over 500,000 transactions.
Olas is a multilayer platform: it offers several features such as Olas Stack for developing AI agents, Olas Protocol for providing user incentives and Olas Predict for market predictions. All of these features offer a unique user experience, but the most interesting one of them all is Olas Staking. Olas Staking is a unique mechanism that helps provide incentives for active participation in the Olas ecosystem. The mechanism employs a new staking concept which is known as Proof of Active Agent(PoAA). PoAA combines both parts of Proof of Work(PoW) and Proof of Stake (PoS) to ensure more active agents in agent economies and reward better participation in the ecosystem.
Olas Staking: How Does It Work?In understanding the Olas Staking business, it is important to understand the significance. Olas Staking helps proffer a solution to the challenge of creating active agent economies. It ensures that active agent economies with set KPIs are created on the ecosystem and that rewards are given based on active participation.Olas Staking works like a feedback system: Olas launchers start the process by creating staking contracts with set KPIs.
Then Olas Operators stake the OLAS token and run their agents. After the agents are run, agents try to meet set KPIs within defined periods. If these agents are successful, they earn rewards for their operators. Olas Staking offers numerous benefits: operators can earn rewards on the Olas ecosystem, there are more active agent economies and there are more individuals and organizations in the ecosystem. Increased access is due to the fact that anyone can become a contributor on the ecosystem by being an Olas operator.
This will result in rapid expansion of the Olas ecosystem, substantial ecosystem growth and indirectly, more adoption of the OLAS token by other protocols on the blockchain. All of these factors will encourage more staking by OLAS holders instead of HODLing tokens, keeping the price of the token valuable and stable in the long run. There will also be a release of substantial projects built on the Olas ecosystem as developers will be eager to earn rewards and contribute to the growth of the ecosystem. This will be the next big concept in the world of Web 3 as most protocols will work on similar projects, ensuring more entry and rewards in Web 3. A perfect example of how well Olas Staking works is Olas Predict. In Olas Predict, Olas DAO launched a prediction product and created a staking program. Subsequently, developers created their own prediction agents and operators ran these agents to earn rewards. Olas then delivered the prediction products and users could determine market prices for different cryptocurrency tokens.
Olas Staking Guidelines: How You Can Stake on OlasIf you want to stake on Olas, you can use either Pearl or Quickstart. If you are a beginner, I recommend that you use Pearl as it is less complex and faster to process. To get started with Pearl:1. Install the Pearl app and choose the version compatible with your system2. Set up your account with a strong password and a seed phrase 3. Deposit 1.5 XDAI on the Gnosis Chain and link your account4. Run your AI agent and fund your new account
To get started with Quickstart:1. Check out this GitHub guide for running Quickstart2. Get XDAI on Gnosis Chain in one of your wallets3. Get an RPC for your agent instance, preferably Nodles RPC4. Get an API key from the Graph if using versions from release v.0 16.0 upwards5. Run the service and select your preferred staking program6. Observe your agents and back up any secret data
You should note that Pearl is currently available only on MacOS. A Windows version is in the works and the announcement will be coming soon. However, staking on Quickstart is available on the following systems: Windows 10/11: WSL2 / Git BASH, Mac ARM / Intel, Linux and Raspberry Pi 4. In addition, to run Quickstart on your system, you need to satisfy these requirements: Python ==3.10, Poetry >=1.4.0, Docker Engine <25.0.0 and Docker Compose.
How Olas Pushes Your GrindIf you have not started staking on the Olas network, the time to start is now. Register for an account on the Olas network and stake with Pearl or Quickstart. You can launch your own agents and start building on Olas network. If you have any questions, you can ask them on Discord, Twitter, GitHub or read the Olas website.
Olas pushes your grind by making you come up with innovative solutions and earn rewards on the Blockchain. The Olas Staking network is steadily growing: “Since the launch of Olas Staking contracts over a month ago, the number of Daily Active Agents participating in staking is steadily growing - closing in on the 100 agents mark.” Contribute to that number by joining Olas Staking today.