KEYTAKEAWAYS
- Turbo Coin was created using ChatGPT with a starting budget of just $69.
- Community-driven project, ensuring fair distribution and tax-free transactions.
- Elon Musk's engagement spiked TURBO's value, highlighting its dynamic nature.
CONTENT
Turbo Coin (TURBO) is a memecoin created with the help of AI chatbot ChatGPT, showcasing the potential of AI in cryptocurrency innovation. Community-driven and tax-free, TURBO emphasizes fairness and inclusivity.
WHAT IS TURBO?
Turbo (TURBO) is a memecoin created in a unique way. According to its official website, Turbo Coin is a meme token inspired by GPT-4 (ChatGPT).
In late April 2023, digital art experimenter Rhett Mankind used the AI chatbot ChatGPT-4 to create this memecoin. His challenge was to use only $69 to create a memecoin that could enter the top 300 by market cap on CoinGecko.
Rhett pledged to follow all the AI’s guidelines and document the entire process to showcase the potential of AI in cryptocurrency innovation. Turbo Coin features a futuristic toad mascot and is driven by community enthusiasm. This project exemplifies the creative potential of AI in shaping the cryptocurrency world.
▶ Turbo Official Website: https://sites.google.com/view/turbotoad
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Features of Turbo Coin
- Community-Driven
Turbo Coin has no fixed roadmap or dedicated team; everything is decided and driven by the community. The Turbo team has created social media accounts and launched a temporary website, but the future development is entirely up to the community’s actions, reflecting the decentralized nature of cryptocurrencies.
- Fair Distribution
Turbo Coin was launched with a fair distribution method, ensuring that no individual or group holds a majority of the tokens, making Turbo more decentralized than other memecoins.
- Tax-Free Transactions
Transactions with Turbo Coin are tax-free, meaning you don’t need to pay any fees when buying, selling, or trading Turbo tokens, making it more attractive to investors seeking to avoid taxes.
- Community Decision-Making
As a community-driven project, all decisions about Turbo Coin’s future are made by community members, giving Turbo a more democratic structure.
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Goals of Turbo Coin
Since its launch, Turbo Coin has quickly gained popularity on social media. As an evolving memecoin project, Turbo aims to attract the meme community’s attention. According to its whitepaper, Turbo aims to position itself as a leading memecoin with a unique identity, focusing on simplicity, fairness, and community participation.
Turbo emphasizes decentralization, fairness, and community to create an inclusive ecosystem that offers sustainable growth, innovation, and long-term value for its holders.
>>> More to read : PEPE : A New Memecoin Phenomenon
THE BIRTH OF TURBO COIN
The inspiration for the Turbo project came from the renowned AI platform ChatGPT. Let’s delve into the detailed process of its creation.
Turbo Coin’s founder, Rhett Mankind, announced this project on his Twitter account and documented the entire development process of Turbo Coin, starting from April 23.
I gave GPT-4 a budget of $69 and asked it to make the next great meme coin.
I will follow all instructions it gives me and document the process here.
Follow and participate 👇 pic.twitter.com/bBxkxkg7eS
— Rhett Mankind (@rhett) April 23, 2023
1. The Origin of Turbo’s Name and Icon
Upon receiving the task, ChatGPT first suggested that Rhett establish a prototype for the memecoin by coming up with a name that would resonate with the crypto community and creating a logo. As for the name, ChatGPT provided several suggestions.
ChatGPT’s suggested names often started with words implying hype and rapid growth, such as Fomo, Moon, and Rocket, combined with animals. It’s clear that ChatGPT had a good grasp of the crypto community’s tastes.
After a public vote on Twitter, this AI-generated memecoin was officially named TurboToad.
To design the logo, Rhett decided to use the AI art tool MidJourney. After consulting with the community, the name TurboToad was combined with Quantum Leap to reflect both the futuristic and dynamic nature of the project.
Incorporating elements of the mascot, a futuristic style, and the concepts of TurboToad and Quantum Leap, the following design was created.
Finally, after consulting with the community, option B received the highest number of votes and was officially chosen as the logo for TurboToad.
2. TurboToad Whitepaper
After completing the initial tasks, the next step was to establish the tokenomics and whitepaper for TurboToad.
- For the tokenomics, Rhett provided examples of memecoins like PEPE and WOJAK. ChatGPT quickly created the tokenomics structure based on these examples.
- Regarding the whitepaper, Rhett gave a simple instruction to present it on a single page. ChatGPT managed to complete this task effortlessly.
- The most challenging part was writing and deploying the smart contract. Due to budget constraints, Rhett couldn’t hire an engineer to write the smart contract for the token deployment. To solve this issue, ChatGPT recommended some self-learning websites. With self-study and assistance from the community, Rhett successfully completed the contract deployment and audit.
So far, aside from the gas fees for contract deployment, Rhett hasn’t spent any additional money. After three days of effort, this AI-created memecoin, TurboToad, was finally launched.
3. Rebirth of Turbo Coin with Community Support
However, shortly after creating the liquidity pool on Uniswap, the pool, which only had $69, was depleted by front-running bots. This sudden setback put the project on the brink of failure.
Day 3 update… making a meme coin with GPT-4 & $69
Well deployment went well. Tried starting a liquidity pool on Uniswap with the $69 budget and immediately got bought up by a front-running bot so there was no more liquidity. First major point of failure. pic.twitter.com/yWYpFx1ldC
— Rhett Mankind (@rhett) April 26, 2023
To recover, Rhett consulted ChatGPT on how to restart the project without a budget. Following the advice he received, Rhett decided to embrace the power of the community and launched a crowdfunding campaign.
During the one-day fundraising period, Rhett held a community vote to decide the abbreviation for TurboToad tokens and established the official token website and Twitter account. After the vote, the token abbreviation was decided to be “TURBO,” and Rhett raised 4 ETH from 50 investors.
The second launch was much smoother than the first, and the story of this AI-created memecoin began to spread within the crypto community. Consequently, the price of TURBO started to rise dynamically, living up to its name.
4. Elon Musk’s Boost
A few days after TURBO’s release, renowned digital artist Beeple created an image for TURBO. This tweet even caught the attention of Elon Musk, who left a comment, sparking a surge in the coin’s value.
>>> More to read : Top Memecoins 2024- What You Need to Know
TURBO TOKENOMICS
Turbo Coin is an ERC-20 token created on the Ethereum blockchain. The smart contract ensures secure, transparent, and efficient transactions without the need for a central authority.
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Turbo Token Distribution
The total supply of Turbocoin (TURBO) is 6.9 billion tokens. The initial token distribution is as follows:
※Crowdfunding: 6 billion TURBO
※Founder: 900 million TURBO
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Uses of Turbo Coin
Turbo Coin has several unique features, such as tax-free transactions and no contract ownership. These features make TURBO an attractive choice for those who value transparency in token development without incurring transaction fees. Additionally, TURBO is community-driven, giving the community a say in the project’s direction and development.
As a result, TURBO stands out as a cryptocurrency that values inclusivity and community participation.
>>> More to read : THE MEME GAMES ($MGMES) : The Olympics-themed Memecoin
FAQ
- What is Turbo ?
Turbo was created by digital artist Rhett Mankind in late April 2023, attempting to leverage the power of ChatGPT with a budget of only $69 to craft a meme coin that could reach the top 300 by market cap.
