Being a data oracle platform, Oraichain integrates various artificial intelligence APIs with different smart contracts and regulations applications, enabling accessible collection and broadcasting of important blockchain information. Thus, Oraichain is a bridge that connects artificial intelligence (AI) and smart contracts.
Using OraiChain protocol, users access various data relating to issues such as the weather, product quality, and creditworthiness of individuals. In a like manner, Smart contracts can also securely request and access relevant data from AI APIs. This is because the Orai Protocol works similarly to the delegated proof-of-stake (DPoS), where validators play a critical role in the platform’s performance.
The Oraichain network, built on Cosmos SDK and Tendemint’s Byzantine Fault Tolerance, enables super-fast transactions, making the data readily available to users.
Use cases of Oraichain
The revolutionary Oraichain technology creates new blockchain benefits to users.
Yield Farming Using AI Strategies: Oraichain yield farming is simple as its strategies emanate from DAO voting. Above that, its AI-based price prediction system provides traders with reliable information, an essential input to their investment decision-making process. Their “BUY/SELL” actions become data-driven.
Also, users can select the best AI APIs on the Oraichain platform. Traders can also use automated trading oracle scripts to identify the best AI input for the highest yield. This process reduces trading risks significantly.
Face authentication: Participants may use face authentication to view their balances, to withdraw tokens, and to reset their private or public keys. It is better to use face authentication than private keys because it is more secure and convenient.
Detection of fake news: The Oraichain marketplace combines news from different tested and authenticated providers. Only APIs that pass the test integrates with the Oraichain protocol. More importantly, they pass the test if they provide accurate information.
Checking the quality of products: People can use smart contracts to check the quality of different products. For example, smart contracts can check the creditworthiness of individuals using their credit scores. They can also show spam classification and detecting handwritings and citizen identity cards using OCR.
It is the role of validators to test cases and the quality of AI models. As a fact, the validators analyze data from AI providers. After approving it, they write it on the blockchain.
The Economics of Orai Tokens
Oraichain’s native token is ORAI, created on the ethereum network. This token is important in the following ways:
- It is the token that powers the Oraichain platform. For instance, validators, who are a key stakeholder group, should stake ORAI tokens to create new blocks and fulfill data requests.
- Participants use the ORAI token as transaction fees for all platforms, such as AI requests.
- Holders of the token decide on all governance matters, which include protocol upgrades and other parameters.
- Users mine the token when they create new blocks. All stakers get their rewards in ORAI tokens.
It is important to note that the developers estimate an annual inflation rate of between 7% and 20%.
All ORAI token holders participate in governance issues. The community of ORAI holders takes over from the development team in initiating and implementing future projects.
The Oraichain project is popular, attracting many stakeholders. Apart from this, the platforms update their information regularly. To get the latest updates, join its social forums.