Crypto Oraichain coin is the world’s first smart and secure solution for emerging Web3, scalable Dapps and decentralized AI. Oraichain is the world’s first AI-powered oracle and ecosystem for blockchains. Read on to learn more about the Crypto Oraichain coin.
What is Crypto Oraichain (ORAI)?
Crypto Oraichain coin is a data oracle platform that aggregates and connects APIs from Artificial Intelligence to smart contracts, serving as a fundamental basis for the creation of new Dapps leveraging AI technologies. Oraichain is the world’s first AI-powered oracle aiming to revolutionize the AI, DeFi and Blockchain industries.
Unlike regular oracles that use raw data, Oraichain’s AI oracle exclusively uses AI APIs to consume or create real-time data through virtual machines in smart contracts. Data quality, reliability, and security are enhanced through the use of test cases, which help to avoid middlemen, increase trust, and open up unprecedented application functionality. AI-powered oracles are the new generation of smart contracts.
In addition to data oracles, Oraichain interconnects data technologies Artificial Intelligence and Blockchain. With AI at its core, the Oraichain ecosystem contains an AI API marketplace, a Data & Request Hub, Publisher Service, Training Service and Dapp Hosting.
The Oraichain network provides the infrastructure and consensus mechanisms for Blockchain and AI training. These interconnected ecosystems accelerate the development of Web3, DeFi, enterprise and academic applications. yAI.finance is the first use case for Oraichain, a DeFi platform using unique AI-based features and strategies. The Oraichain AI Marketplace offers AI products and APIs with the aim of becoming the one-stop shop for AI services. Artificial Intelligence.
How does the Oraichain crypto project work?
The Oraichain public Blockchain network enables a series of user-generated data requests. In addition to users requesting data, blockchain also allows smart contracts to securely request data from off-network AI APIs. The blockchain network is built using the Cosmos SDK and uses Tendermint’s Byzantine Fault Tolerance (BFT) as a consensus mechanism to enable fast processing of transaction confirmations.
In terms of consensus mechanism, Oraichain protocol is similar to Delegated Proof-of-Stake (DPoS). The network consists of validators who own and share the ORAI token, while other users with the ORAI token can transfer them to candidate validators. In this way, both validators and grantors receive rewards proportional to their stake in each newly created block.
What is the task of validators in Crypto Oraichain coin?
Validators are tasked with collecting data from AI providers and verifying the data before it is stored on the network. To validate the AI API, each validator must test against test cases provided by users, test providers or smart contracts. When users are not sure which test case might be good, they can request additional test cases from their test providers. Therefore, the validity of AI APIs can always be checked.
When a request is submitted, a random validator is chosen to complete the request. This validator takes the required data from one or more AI providers and runs test cases to verify the validity of the data. If the tests pass, the data can be transmitted, but if the tests fail, the request is aborted. When a request succeeds, the test results are written to the Oraichain Blockchain network. This result can be retrieved from smart contracts or regular applications and serves as proof of execution. A successful request is also required to pay the required transaction fees, which are used to reward validators and authorizers.
What are the main features of Crypto Oraichain coin (ORAI)?
The Crypto Oraichain coin handles the collection and connection of smart contracts and AI APIs (Artificial Intelligence). It can be said that it is the first data platform supported by artificial intelligence of the world. Currently, there are six main areas, features that Oraichain has.
Artificial intelligence
The Crypto Oraichain coin is designed to enhance the usefulness of smart contracts by allowing them to access external AI-driven APIs. Current Oracle chains mostly focus on price predictions, but Oraichain plans to change all that.
With Oraichain, dApps gain new and useful functionality by being able to use trusted external AI data. This is done by sending requests to validators that receive and test data from various external AI APIs. Once validated, the data is stored on-chain, trusted and can be used as evidence in the future.
AI Marketplaces
Crypto Oraichain coin has AI Marketplace on Oraichain is where AI providers can sell their AI services. This brings AI to Oraichain and rewards providers with ORAI tokens. There are a number of services provided, including price estimation, face authentication, income cultivation, and much more.
AI providers benefit from hosting their models directly on Oraichain without the need for a third party. Using this mechanism allows small businesses and even individuals to compete with larger organizations to have their work included in the AI Marketplace. Developers and users can choose the AI services they need and pay with ORAI tokens.
AI ecosystem
The ecosystem includes a fully developed and functional web GUI to help deliver AI services faster and with less hassle. Cash farming is just one of the possible use cases for Oraichain. Image via Oraichain Docs.
The ecosystem also allows AI providers to trace the flow of all requests for their services from start to finish. This is included as a way to increase the transparency of the system. With this level of transparency, users can easily see which validators perform better and whether they are malicious providers.
Staking and Rewards
Validators stake their tokens and receive rewards for protecting the network. Other users can also transfer their tokens to existing validators and share these rewards proportionately. It is important for delegates to understand that this is not passive income.
Authorizers need to actively monitor validators to ensure they continue to perform well in the ecosystem. If they authorize a malicious validator, they risk having their transferred tokens hacked. Therefore, delegates are equally responsible for ensuring that the Oraichain ecosystem remains secure and of high quality.
Oraichain test case providers
Test cases are provided to Oraichain to verify the integrity and accuracy of any AI service on the Blockchain network. It is possible for third parties to provide test cases and then review specific AI models to determine if they are suitable to work on Oraichain and charge fees.
Oraichain DAO
Management in Oraichain is done by the community in a DAO model. Anyone holding ORAI tokens can participate in managing the network. They can also participate in the ongoing development and future plans for the Oraichain ecosystem. While the project development team used to be responsible for laying the groundwork for governance, it has now been automated and will remain in the hands of the community forever.
ORAI Token
The ORAI token plays a role as the transaction fee paid by request execution validators, AI-API providers, test case providers, and block creation validators. The ORAI cryptocurrency has a circulating supply of 2.044.424 ORAI coins and a max. supply of 19.779.272 ORAI coins.
The token PRAY is native to the Oraichain network. There is also another type of ORAI token created and issued using the ERC20 interface on the Ethereum network which they call an ERC20 ORAI token. This ERC20 token is for ICO purposes and there is a mechanism to synchronize ORAI tokens on the Oraichain network and ERC20 ORAI tokens on the Ethereum network.
The ORAI token is rewarded for each newly created block, so to retain the value of the ORAI token, holders must deposit their token on the Oraichain network. The reward token is split based on the number of tokens a holder is staking for a validator. Furthermore, there is a mechanism to punish validator bad behavior in aspects of AI API quality, response time and availability.
Final Word
In short, Crypto Oraichain coin is the world’s first AI-powered oracle and ecosystem for blockchains. The data oracle platform oraichain aggregates and connects Artificial Intelligence APIs to smart contracts, serving as a fundamental basis for the creation of new Dapps that use AI technologies. Oraichain aims to revolutionize the AI, DeFi and Blockchain industries.
