Catching The AI Wave : What Is Oraichain⛓️
Catching The AI Wave : What Is Oraichain⛓️
$ORAI Has Gone Up 150%+ This Month...What Is Behind The Pump?
Oraichain is a Layer 1 AI-driven oracle and ecosystem for blockchains. Its mission is to establish an advanced AI Layer 1 for Data Economy and Oracle services, laying the groundwork for a new era of smart contracts and Dapps.
Key Takeaways🍿:
Oraichain's mission is to establish an advanced AI Layer 1 for Data Economy and Oracle services, bridging AI and blockchain to unlock remarkable possibilities for smart contracts and Dapps🔓
The platform features an AI Marketplace with over 100 AI APIs, a quality assurance mechanism, and opportunities for AI developers to publish and manage their creations📈
ORAI, the native token, has a maximum supply of 19.77m and is used for transaction fees, validator staking, governance, and network rewards🪙
Oraichain's ecosystem consists of:
AI price feeds
Fully on-chain Verifiable Random Function(VRF)
Data Hub
AI Marketplace offering over 100 AI APIs
AI-driven NFT generation and copyright protection tools
Royalty Protocol
AI-powered Yield Aggregator Platform
CosmoWasm IDE
The platform's objective is to bridge AI and blockchain by facilitating secure access to external AI APIs for smart contracts.
How Does Oraichain Work?
Oraichain functions by enabling smart contracts to securely tap into external AI APIs, enriching their capabilities. It employs a unique mechanism centred on AI APIs.
Each user request includes attached test cases, and providers' APIs must meet a specified threshold of test cases to receive compensation. Validators oversee the integrity of test cases and AI model excellence, setting Oraichain apart.
The platform also features an AI Marketplace where users can access and select from a growing array of AI algorithms and models from diverse providers worldwide.
Moreover, AI developers, whether individuals or companies, can publish, modify, and oversee their creations while earning rewards from users globally.
Understanding Oraichain’s Value Proposition
Oraichain's unique value proposition lies in its ability to seamlessly integrate AI with blockchain technology, enabling a synergy that unlocks remarkable possibilities like:
1. AI-Driven Smart Contracts
Oraichain empowers smart contracts to tap into external AI APIs securely, enhancing their capabilities with advanced AI models. This integration enables smart contracts to execute complex tasks autonomously, revolutionizing various industries.
2. Quality Assurance Mechanism
Oraichain implements a robust quality assurance mechanism, ensuring the reliability and effectiveness of AI APIs and models. Through rigorous testing criteria and oversight by validators, Oraichain maintains a high standard of performance and integrity, instilling trust in its ecosystem.
3. Expansive AI Marketplace
Within Oraichain's ecosystem, users gain access to an extensive AI Marketplace boasting a diverse array of AI algorithms and models from global providers. This platform facilitates easy discovery and selection of AI solutions tailored to specific needs, promoting accessibility and innovation.
4. Empowering AI Developers
Oraichain empowers AI developers, providing them with a platform to publish, edit, and manage their creations on a global scale. By fostering a collaborative environment and offering opportunities for recognition and rewards, Oraichain catalyzes innovation and accelerates the advancement of AI technology.
Oraichain Tokenomics and Team
Oraichain’s native token, ORAI, exists in multiple forms across different blockchain networks, including ERC20, BNB Chain's BEP20, and Oraichain's native mainnet.
ORAI is used for:
Transaction fees
Validator staking
Governance
Network rewards
ORAI has a maximum supply of 19.77m. 15.6m tokens are in circulation, with an inflationary release schedule until 2027.
Oraichain’s current market cap is around $230m.
The Oraichain team comprises blockchain specialists, data scientists, engineers, and advisors assembled from around the world, consisting of a whopping 6 PhDs.
Chung Dao, the CEO & Co-founder of Oraichain, is also the Co-founder of Rikkeisoft, an enterprise software development platform with a portfolio of over 500 companies around the world.
Oraichain Partners and Backers
Oraichain partners include household names like Ocean, Injective, Tron, AlchemyPay, Vchain, and DoraHacks.
The main VC backer for Oraichain is DWF Labs. DWF Labs is a prominent player in the industry. Other projects backed by DWF Labs include Tron, Algorand, Synthetix, Oava, Fetch AI, Mantle, etc.
What Projects Are Competing With Oraichain?
While there may not be direct competitors offering identical services, companies are operating in similar spaces that could be considered competitors. These include:
SingularityNet (AGIX)
Fetch.ai (FET)
Ocean Protocol (OCEAN)
Numerai (NMR)
Deepbrain Chain (DBC)
Why Are AI Coins Performing In the Market?
Firstly, there is a growing recognition of the potential of AI to revolutionize various industries. Investors are increasingly bullish on AI's ability to drive innovation, improve efficiency, and create new business opportunities.
Secondly, AI coins often leverage blockchain technology to create decentralized platforms for AI development, data sharing, and AI-powered services. The combination of AI and blockchain offers unique advantages, such as data privacy, security, and transparency, which appeal to both users and investors.
The demand for AI-powered solutions is expected to increase, driving up the value of AI coins.
It’s important to note that this research was written for the sake of education and pure entertainment value!
Please DYOR on every project, and remember, this is not investment advice🙏
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