Oraichain: AI-Powered Oracle & Ecosystem for Blockchains

  • January 6, 2022
  • 167 Views

Imagine a combination of Artificial Intelligence and Blockchain – the two breakthrough technologies – we have Oraichain.

Officially introduced in 2020, Oraichain is the world’s first data oracle platform that uses artificial intelligence (AI) within a blockchain infrastructure.

Oraichain’s objective is to serve as a bridge between artificial intelligence and blockchain technology, creating the framework for AI-powered smart contracts and Dapps in the future.

What are Blockchain Oracles?

The term “Oracle,” in blockchain, refers to software or hardware that acts as a data receiver and validator. It will receive the data from the outside and implement it into the blockchain and smart contracts through API or market data.

Simply put, an oracle could be understood as an intermediary – a bridge that connects off-chain and on-chain data (blockchains).

Despite its simple definition, oracle plays an incredibly important role in Decentralized Finance (DeFi) as well as in the crypto market in general.

The growth of blockchain and cryptocurrency has led to an increase in demand for the connection of on-chain and off-chain data. As a result, more and more oracle projects have gone live to meet the expanding and increasingly diverse needs of blockchain projects.

However, like many other sectors, oracle projects also go through a process of competition and purification.

The data provided must not only be accurate but also fast, transparent, secure, verifiable, easy to integrate, highly decentralized finance.

A large number of projects came but only those with real quality can survive and develop for a long time. Oraichain is one of the platforms that has made it!

Oraichain: Bringing AI to Blockchain

Being an Oracle platform capable of integrating AI into smart contracts to broaden the field of application, Oraichain came with the same mission as other oracle projects but its direction and vision are distinguished.

The focal points lie in AI APIs and a unique AI model, in which smart contracts can securely request data from AI APIs via Oraichain. Providers’ APIs need to run through a set of test cases to receive the payment.

The system’s AI integration enables it to handle a range of data validation tasks, including biometric authentication, automated trading based on price prediction and AI strategy, loans based on credit ratings, product comparison, in-game item valuation, and more.

The project is backed by a team with an extensive background in computer science and blockchain technology.

Together, they work to bring AI to the blockchain, expand the potential use cases of oracles in connecting Artificial Intelligence APIs with smart contracts and regular applications.

The first Oraichain mainet went active in February 2021. The mainet 2.0 is now being completed by the project. Despite being a young initiative, Oraichain has a lot of potential and a lot of room to grow because of its pioneering position in the field.

Oraichain’s Advantages

Built on top of Cosmos SDK and Terdemint’s Byzantine Fault Tolerance consensus, transaction confirmation times on Oraichain is faster and the public blockchain is also more accessible.

Oraichain is now ready to connect to Ethereum, BSC, Cosmos, Polygon, Polkadot, and Kusama.

Because of the extensibility of AI and blockchain, Oraichain offers an infinite number of use cases.

The potential of new applications growth is ahead. Take NFTs as an example.

With the core AI Oracle, Oraichain has the ability to test the originality and integrity of NFTs while also generating a credible and trustworthy data source for crypto tokens and NFTs.

This will make NFT and DeFi integrations more approachable and secure, while also delivering Oracle services and developing the foundation for data scientists to construct and publish AI APIs for their dynamic use cases.

Oraichain’s Token: ORAI

ORAI is the native token that powers the Oraichain’s system and it carries both utility and governance roles.

The purpose of ORAI is to drive the expansion of Oraichain’s products, services, and community in the future. To become a validator on Oraichain, users need to stake a certain amount of ORAI.

Oraichain node validators and AI test case providers will receive incentives under ORAI tokens.

In addition, ORAI can also be used to boost the platform’s engagement and usage on the Oraichain AI marketplace, yAI.finance, and coming products. ORAI is used to pay a transaction fee when sending AI requests or purchase/sell on AI marketplace.

As of governance part, ORAI holders can make proposals or votes for the platform’s future modifications or additional features.

In terms of allocation, the ecosystem has the highest share and will be the primary source of new supply entering the circulating supply in the near future.

The tokens generated by the ecosystem will be utilized to serve operational needs, future partnerships, and other corporate business requirements.

The marketing allocation is the core contribution to increase the project’s awareness, products and services’ launch as well as client acquisition.

Tokenomics:

Token Name: ORAI Token
Ticker: ORAI
Blockchain: Ethereum
Token Standard: ERC-20
Contract: 0x4c11249814f11b9346808179cf06e71ac328c1b5
Token type: Utility, Governance
Total Supply: 23,037,721 ORAI

Oraichain: Core Products

Mainnet

Oraichain’s mainet is an all-in-one dashboard with a full set of beneficial tools for users.

Developers can easily integrate on-chain price data from crypto markets into their smart contracts through Oraichain Oracle Price Feeds. The functionality also supports a wide range of blockchain networks like Ethereum, Binance Chain, Oraichain, and many more in the future.

Validators are responsible for launching nodes and collecting data from artificial intelligence providers, as well as validating that data before it is written to the blockchain.

Validation of the AI API will be carried out by the validator in accordance with the test cases that have been delivered by the user, smart contracts, and test provider.

In addition to the above features, the yA.Finance is another major highlight. The yield aggregator gives investors the ability to benefit from artificial intelligence (AI) capabilities offered by Oraichain.

Oraichain likewise developed aiRight for NFTs. The launchpad platform allows users to produce, show, buy and sell NFTs on the marketplace, and artists can code NFT with aiRight.

Data Hub

Data is delivered by data providers using AI APIs that link to oracle nodes in order to be processed.

Integrated with the Labeling Hub, the Data hub is an AI datacenter that allows data scientists to easily manage, label raw data with AI-powered tools, and structure it into data lakes and warehouses.

Moreover, the hub also enables developers to run cases on-chain testing to verify the correctness and functionality of the models.

It also allows users to provision their data using the API infrastructure, and finally build smart contracts that integrate AI Oracles from the AI ​​Marketplace of Oraichain and host their completed DApp.

Oraichain VRF

VRF, or Verifiable Random Function (VRF) or Random Number Generation (RNG), is a familiar factor of many DApps. Oraichain VRF is a framework that offers random numbers and verifies how they are generated.

Oraichain VRF enables smart contracts to generate random numbers in a simple and secure manner. Before being used in the final applications, on-chain cryptographic proofs are generated and verified on the blockchain.

This procedure ensures that no one, including Oracle, miners, users, and even smart-contract creators, can tamper with, corrupt, or modify the data.

VRF v2.0 is Oraichain’s forward step that levels up the verifiability of random number generation. Specifically, smart contracts are implemented with the generation process, making Oraichain VRF v2.0 the first ultimately on-chain.

Notable Achievements

User base: Oraichain Mainnet – 1043 validators and delegators
yAI.Finance- about 3,000 users
aiRight – 5,819 users
Data Hub – in the process of approaching potential users
Oraichain launched the Oraichain Mainnet on February 24th, setting up a foundational base for the creation of a new generation of smart contracts and Dapps leveraging AI technologies
Gearing toward Oraichain Mainnet 2.0 (est. Q1 2022), which will be an AI Cascading Network for Data Economy and Oracle services
Successfully completed fundamental protocols such as AI oracles, Royalty, VRF, AI communication, and AMM (automated market maker)
Completed infrastructure such as: Wallet, Data Hub, AI Marketplace, Cosmwasm IDE, OraiDEX, and Launchpad for AI agents

More to Come From Oraichain

Oracles are a massive part of the blockchain development process. Without reliable real-world data, blockchain can’t interface with what really matters.

With Oraichain, the future of blockchain oracles is bright. To learn more about Oraichain, just click right here.

The post Oraichain: AI-Powered Oracle & Ecosystem for Blockchains appeared first on Blockonomi.

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