Oraichain (ORAI) news

What is Oraichain (ORAI)?

Oraichain, being the world's first AI-powered oracle and ecosystem for blockchains, has evolved into an advanced AI Layer 1 for Data Economy and Oracle services that lays the foundation for creating a new generation of smart contracts and Dapps. It is now capable of establishing a complete AI Ecosystem on the blockchain.

How does Oraichain (ORAI) Work?

Oraichain seems like a potential solution to connect AI to smart contracts. It shares similarities with Band Protocol and Chainlink, but it places more emphasis on AI APIs and the quality of AI models provided. When users make requests, they attach test cases, and the providers' API must pass a certain number of tests to receive payment. Validators are in charge of managing test case features and AI model quality, which sets Oraichain apart from others.

With Oraichain, smart contracts can securely access external AI APIs, which enhances their capabilities. You can also access a variety of AI algorithms and models from providers worldwide, allowing you to develop your applications with AI integration to increase functionality and value. AI developers and companies can publish, edit, and manage their work on a global scale and earn rewards from users.

By staking ORAI tokens into one or more validators, you can participate in the system as a governor and earn more, benefiting both you and the network. Users can make unique AI requests that may not be found elsewhere, and if the services are of high quality, it may be worth funding them to allow for growth.

What makes Oraichain (ORAI) Unique?

In the blockchain industry, an oracle refers to a middleware that connects blockchain with resources outside of the blockchain. Prior to the introduction of oracles, blockchains were limited to utilizing their internal data and resources while other systems could easily access external resources through simple REST APIs. However, oracles have changed this by providing blockchains with additional functionalities that allow them to call external APIs. Oracles can take various forms in a blockchain, such as a node that collects data from various data sources or a script file that calls a CURL request and receives a response before writing it onto the blockchain.

What is the ORAI Token?

The Oraichain network utilizes the ORAI token, which is an ERC20 token and serves as the native token of the network. The tokens are used to power and secure the decentralized oracle network of validators. Validators stake ORAI to get selected to create a block or complete data requests. The network is managed in a DAO manner, with token holders engaging and voting in the governance of the platform.

Aside from securing the network, the token is also used as a transaction fee for running an AI request directed to the Oraichain network. The transaction fee is paid by various parties, including block-creating validators, test case providers, request-executing validators, and AI-API providers. Token holders must stake their tokens on the Oraichain to maintain its value. The rewarding token is distributed based on the number of tokens staked to the validator.