It’s been a long time coming, but we have some exciting news that we have been keeping under wraps for a while...VAIOT is officially joining the Polygon ecosystem with a launch of Polygon Edge-based blockchain and a set of integrations with Polygon public chain!
This is a huge milestone for VAIOT and our vision of bringing blockchain-based AI Assistants to businesses and consumers. Let us explain why we made this decision and what it means for you.
We truly believe that this paves a way for AI Legal Assistant and a robust, decentralized law ecosystem.
First things first…
As you may know, VAIOT was building its blockchain solutions based on Cosmos SDK since 2020. We launched our Cosmos-based Testnet on 08/04/2022 and ran it for 9 full months to test and validate the technology.
However, after analyzing the data and considering various factors, such as:
- Technological compatibility between VAIOT and Polygon,
- The level and pace of Polygon ecosystem growth,
- VAIOT’s Testnet results,
- The updated blockchain and product requirements for VAIOT’s solutions and DApps
- Availability of talented developers with Polygon skillset,
- Polygon Labs support for developers and developer materials availability,
we’ve decided to switch to Polygon Edge and integrate with Polygon mainnet network for our blockchain services and product development.
The Role and Impact of Mainnet and Polygon integration
The Mainnet launch marks a significant milestone in VAIOT’s journey to redefine the legal services landscape and foster a thriving decentralized ecosystem. With the AI Legal Assistant and a robust blockchain infrastructure in place, VAIOT is poised to become a game-changer in the legal industry and beyond. By harnessing the power of GPT-4, proprietary ML algorithms and blockchain technology, VAIOT aims to create a more accessible, efficient, and secure platform for transactions, contract generation, legal and public administration services for consumers, legal professionals and businesses. VAIOT Mainnet launch represents a pivotal moment for the company and its users. By combining the groundbreaking AI Legal Assistant with a leading blockchain infrastructure, VAIOT is set to usher in a new era of AI-driven legal services, creating new opportunities and efficiencies.
- Ethereum scalability: Polygon allows VAIOT to stay within the world’s largest blockchain ecosystem, enabling scalability opportunities while enjoying benefits derived from Polygon’s implementation.
- Top-notch ecosystem: Polygon network has tens of thousands of dApps, more than 3 million average daily transactions, $5 billion in secured assets, and some of the top brands from Web2 and Web3 building on it.
- Fast and affordable transactions: Polygon allows us to offer our users a fast and smooth user experience with significantly lower gas fees and faster transaction speeds compared to other networks. Polygon also has the potential to handle high transaction volumes, which is essential for our scalable and accessible solutions, including smart contract generation.
- Interoperability: Polygon Edge enables us to connect with other blockchains and transfer assets between networks. This makes our solutions more valuable and versatile than a standalone blockchain. We can also benefit from the Ethereum network and its rich ecosystem of decentralized apps and services.
- User-friendly development: Polygon Edge provides us with easy-to-use tools, libraries, and APIs that can reduce the amount of time and resources spent on development. We can also access highly active and engaged support from Polygon Labs and well-structured developer documentation that will help us save time, build easier, and increase efficiency.
- Security: Polygon uses Ethereum as the economic hub and source of security. Ethereum is the most secure and battle-tested programmable blockchain in the world. By building our mainnet solution on Polygon, we can ensure a high level of security for both VAIOT and our users.
We believe that Polygon is the best choice for VAIOT to deliver our innovative products and services, such as Intelligent Contracts, AI Legal Assistant, VAI Payback, and more. Polygon will enable us to provide our users with a seamless, secure, and rewarding experience on the blockchain.
What’s being launched?
VAIOT’s Private Blockchain for contract data processing based on Polygon Edge
One of the first products that will benefit from our switch to Polygon is our AI Legal Assistant and its underlaying technology — Intelligent Contracts. This is a unique service that allows users to create and manage traditional and smart contracts using natural language and AI. The contracts are stored on the blockchain as digital equivalents of the agreements, ensuring their validity and security, providing another layer of contractual data undeniability. To protect the privacy and confidentiality of the contractual data, we will use a private blockchain built with Polygon Edge. This blockchain will be launched on 1st of April and will store the data generated by VAIOT’s contract generation solutions that will be publicly available later this year. The users will be able to access and review their smart contracts through a dedicated platform that will be available with the first iteration of the AI Legal Assistant. Only authorized parties can access and review the contracts. The platform will also enable decentralized dispute resolution and other features that will enhance the user experience and satisfaction. By using Polygon Edge for our private blockchain, we can leverage the benefits of this network, such as:
- Security: The blockchain technology ensures data integrity and permission control. We can define the rules for data sharing and visibility for other users accessing the network. We can also restrict access for some participants to reduce the risk of malicious attacks.
- Data privacy: The network operator controls who can access the network and can moderate the entire system. This way, we can keep the information for authorized parties only, which increases the level of privacy.
- Performance: The private blockchain improves our project’s operations. Due to the limited number of participants, transactions are completed faster and more efficiently.
VAI Single Asset Staking on Polygon
Another exciting announcement is that VAI Single Assets Staking will launch in the coming days. This is a great opportunity for you to earn passive income by staking your VAI Tokens in the Pool. You will receive VAI rewards based on your stake amount and duration. Detailed instructions and information will be shared with you soon in a separate article. The VAI Staking service will be available on Polygon network hence remember to bridge your VAI to Polygon following this article: https://vaiotltd.medium.com/vaiot-how-to-bridge-polygon-vai-to-eth-vai-d950fcce88c3
VAI on SushiSwap
To make sure that all VAI holders have enough flexibility and to provide additional availability of VAI on Polygon network we’ll be adding initial liquidity on SushiSwap decentralized exchange (DEX) next week.
What’s still to come
VAI Payback integration with Polygon network
We are also working on launching our VAI Payback mechanism on top of Polygon network. This is a feature that rewards you with VAI Tokens every time you use VAIOT’s solutions to make a transaction or purchase. For example, if you use our AI Legal Assistant to create a contract or buy a service, you will get some VAI Tokens back as a bonus. This way, you can save money and increase your VAI holdings at the same time. VAI Payback is expected to be launched with V2 of AI Legal Assistant alongside FIAT payments later this year.
Public Contractual Data storage
In addition to our private blockchain for contract data processing, we also plan to use a public blockchain for storing some of the contractual data that does not contain sensitive or confidential information. This will enable us to leverage the benefits of public blockchain technology, such as data immutability, transparency, and accessibility. Public blockchain ensures that the data is tamper-proof and verifiable by anyone who has access to the ledger. Public blockchain can also facilitate data sharing and collaboration among different parties who may not trust each other or have a central authority to coordinate them. We will use Polygon network for our public contractual data storage which offer our users several advantages, such as:
- Data immutability: The contractual data stored on Polygon network cannot be altered or deleted by anyone, not even by us. This ensures that the data is accurate and reliable and can be used as a source of truth in case of disputes or audits.
- Data transparency: The contractual data stored on Polygon’s mainnet network is visible and accessible to anyone who has an internet connection and a web browser. This increases the transparency and accountability of our solutions and services, and allows our users to verify the data themselves.
- Data accessibility: The contractual data stored on Polygon’s mainnet network is available 24/7, regardless of any technical issues or downtime that may affect our private blockchain or servers. This ensures that our users can always access their contracts and data whenever they need them.
Polygon ID integration
Building a trusted and secure relationship between users and our solutions, especially the AI Legal Assistant, will be essential for the proper functioning of VAIOT’s ecosystem. Privacy by default and self-sovereign identity is at the root of our thinking about decentralized law solutions. Polygon ID meets “Verifiable Credentials” (VC) and “Decentralized indentifiers” (DID) W3C standards allowing to increase the interoperability of VAIOT’s solutions. Utilization of Polygon ID will support security, user experience, allow for easier user onboarding and building up a user reputation across the ecosystem. Utilization of Polygon ID will strengthen VAIOT’s efforts for full compliance with all necessary laws, especially those concerning privacy and personal data protection.
Decentralized Dispute Resolution
VAIOT’s AI Assistant shall allow for a decentralized dispute resolution. This is a process that uses blockchain-based platforms or protocols to resolve disputes without relying on traditional courts or intermediaries. VAIOT AI Legal Assistant can help users access and participate in decentralized dispute resolution mechanisms, such as arbitration or mediation, that are faster, cheaper, and more transparent than conventional methods. Decentralized dispute resolution might be an indispensable mechanism of the AI Legal Assistant’s contract execution and tracking capabilities.
Disclaimer: VAIOT’s Whitepaper will be updated in due time to reflect the above-mentioned changes according to the modification of whitepaper process as outlined in Article 11 of MiCA and as requested by Malta Financial Services Authority. The updated Whitepaper will be provided to MFSA and subsequently published on the Issuer’s website (vaiot.ai). Old version of the Whitepaper will be retained with a prominent warning stating that this is no longer the latest version.
About Polygon Labs
Polygon Labs is a leading developer of Ethereum scaling solutions for Polygon protocols. They help other ecosystem developers to build scalable, affordable, secure, and sustainable blockchain infrastructure for Web3. They have developed solutions that have been adopted by thousands of decentralized apps, hundreds of enterprise chains, dozens of Layer 2 implementations, and some of the biggest Web3 projects and enterprises in the world. Polygon Labs is carbon neutral with the goal of leading Web3 in becoming carbon negative.
VAIOT offers a portfolio of blockchain-based AI Assistants for businesses and consumers to provide automated services and transactions. Faster, easier, and affordable. For more information about VAIOT, visit our website www.vaiot.ai, or follow us on Twitter and Telegram Community.