Oraichain (ORAI) is a public blockchain that allows users to create different data requests. Instead of users, smart contracts can also request data securely from AI APIs through Oraichain. The blockchain network is built based on Cosmos SDK along with Tendermint’s Byzantine Fault Tolerance consensus that helps speed up transactions’ confirmation time. ^[2][6]

Overview

Oraichain was founded in 2020 by Chung Dao, Duc Le Pham, and Diep Nguyen. The platform is a data oracle that links AI APIs to smart contracts and regular applications. It acts as a bridge between AI and smart contracts, enabling users to create various data requests. By facilitating the connection between artificial intelligence and machine learning functionalities with regular apps and smart contracts, the platform streamlines the process of aggregating and utilizing data. ^[3][4][6]

Oraichain's features include the AI marketplace for AI algorithms, an AI provider for devs, individuals, or companies, a staking & earning functionality, user/AI requests, and the OraiDAO for validators and stakeholders to review community changes. ^[6]

Technology

Network Participants

The ORAI consensus protocol is similar to the delegated proof-of-stake (DPoS). Indeed, the network consists of numerous validators, each owning ORAI tokens while other ORAI token holders can be delegators staking their tokens to validators and get rewards for each newly created block. ^[7]

The second task of the validators is to collect data from AI providers and validate that data before they are written to the blockchain. To validate an AI API, validators will do testing based on the test cases given by users, smart contracts, and test providers. If users do not know which test case is good, they can request some test cases from test providers. ^[7]

AI Layer 1

Oraichain Mainnet 2.0, namely AI Layer 1 for Data Economy and Oracle services, is a major upgrade of Oraichain Mainnet for mass adoption and interoperability with other chains. In the AI space, Oraichain focuses on providing decentralized platforms for Data and AI, standardizing how AI-based computation can be verifiable on-chain while ensuring the correctness of AI. In the Blockchain space, Oraichain emphasizes the scalability and interoperability of its oracle solutions and services with other networks in order to expand the utility of the Oraichain ecosystem; and through this, a wide range of unprecedented Dapps — more functional and intelligent can be made possible.

Layer 2 Rollups and Subnetworks

Oraichain Layer 2 Rollups

Rollups are Layer 2 solutions dominating Ethereum scaling and have been gaining popularity in many networks like Syscoin, Cosmos, and specific projects like Immutable X, zkSync, StarkWare, Loopring, etc. There are two types of rollups: optimistic rollups(optimism project) and zk-rollups (zksyncs project). Oraichain has customized both types in its modules when implementing subnetworks for AI Oracles and OraiDEX.

Subnetworks

Subnetworks for running DApps on Oraichain Mainnet 2.0 are set to stay in Layer 2 while helping to expand the capacity of Mainnet but not affecting its core logic and security. Oraichain has launched two subnetworks: the VRF Subnetwork and the AI Execution Subnetwork. ^[7]

Interblockchain Communication Protocol (IBC)

IBC (Interblockchain Communication Protocol) is widely used to allow direct communication and asset trading between independent blockchains. ^[7]

The Cosmos ecosystem has a vision of creating the "internet of blockchains," or a network of independent chains that can communicate in a decentralized way. To reach this goal, the Inter‐Blockchain Communication protocol (IBC) was created.^[7]

As part of the CosmosSDK-based ecosystem, Oraichain integrates the IBC protocol to OraiDEX, the CosmWasm smart contract-based decentralized exchange with multi-chain interoperability, optimal speed, and liquidity options for users. ^[7]

ORAI

ORAI is the native token created and contained in the Oraichain network. There are three types of ORAI, including ERC-20 ORAI on the Ethereum network, BEP-20 ORAI on the BNB Chain, and Native ORAI on the Oraichain Mainnet. ^[8][3]

The ORAI token has a total supply of 16,779,272 allocated between the Ecosystem, the DAO treasury, and the Foundation. ^[8]

Utility

Native ORAI tokens are required to secure and power the decentralized Oracle network of validators. The native ORAI token is used as a transaction fee in order to run an AI request sent to the Oraichain network and run any transaction, it is used in staking for validators in order to be selected to create a block or fulfill data requests, and the token is used for participating in network governance because all protocol upgrades and parameter changes must be voted by token holders. ^[8]

OraiDEX

Introduced in March 2022, OraiDEX is a CosmWasm smart contract-based decentralized exchange (DEX) platform with multichain interoperability, optimal speed, and liquidity options for users. ^[9]

The OraiDEX contains features such as token bridging: moving native tokens or data from Ethereum, Binance Smart Chain, and other networks to Oraichain and vice versa, OraiSwap: token swapping, streamlined liquidity provision and farming with profitable APR, IBC integration: allowing trustless communication between ORAI, ATOM, LUNA, UST, CRO, OSMO, and NFT Bridge: relocating NFT assets from Oraichain to other networks like Ethereum or Binance Smart Chain and vice versa. ^[9][10]

ORAIX Token

ORAIX is the governance and utility token of OraiDEX, which is designed to balance its inflation from rewards and spending from utility fees as follows. A portion of utility fees will be burnt and it will be decided by governance voting. ^[10]

The ORAIX token is used to pay a meta-staking fee (the fee is taken directly from profits), it's used to pay the pool creation fee, pay the OraiBridge fee, pay the NFT Bridge fee, and buy airdrop NFT tickets of newly listed projects on OraiDEX. ^[10]

ORAIX has a token supply of 1,000,000,000. 30% was allocated to staking rewards (including fairdrop + initial listing), 50% to Liquidity mining incentives, 15% to Developer pool, and 5% to Community pool. ^[10]

Partnerships

Oraichain x Alchemy Pay

On February 2, 2023, Oraichain announced its collaboration with Alchemy Pay in building a fiat-to-crypto onramp for Native ORAI, the native token of the Oraichain network. The partnership enabled Native ORAI to become accessible through secure fiat payments while opening up opportunities for new users to not only buy or sell tokens but also interact with the inclusive Oraichain Ecosystem. ^[14]

Oraichain x TRON

On March 2, 2023, Oraichain partnered with TRON. The partnership solidifies the future of decentralized AI with the provision of education, incubation, and technical integrations to developers, thereby empowering them to build advanced solutions that utilize and leverage Artificial Intelligence. The Oraichain-TRON partnership marks a significant milestone in the development of blockchain technology, with the integration of AI to revolutionize the industry. ^[13]

Through the partnership, Oraichain and TRON work together to foster a community of developers, investors, and enthusiasts who are passionate about the potential of blockchain and AI. With the goal of expanding smart contract functionality and innovating new use cases, both also provide educational resources to help developers learn more about the technology and how to integrate it into their projects. ^[13]

Oraichain X DoraHacks

On March 16, 2023, Oraichain announced its partnership with DoraHacks - a global hacker movement, and an active multi-chain Web3 developer incentive platform, to advance the adoption of its Layer 1 ecosystem for AI and Data economy. Both teams agreed to work together on a number of initiatives to support the next generation of AI + blockchain innovations, including AI-enhanced dApps, AI Oracles and key infrastructure. ^[12]

Oraichain x Google for Startups Cloud Program

On May 11, 2023, Oraichain announced its successful admission into the Google for Startups Cloud Program. As part of the Scale tier membership in the program from Google, Oraichain received a wide range of resources supporting product developments, including Google Cloud credits, Google Cloud training, technical and business support, and other exclusive offers available
across Google’s platform to bolster the growth of the Oraichain Ecosystem in the Web3 space. ^[11]

Oraichain X Injective

On September 20, 2023, Oraichain announced that it had joined forces with Injective to accelerate the multi-chain AI & DeFi experience. With shared interests in enhancing user experiences and fostering interoperability, the collaboration is set to deliver a suite of products that will resonate with both DeFi veterans and newcomers.^[17][18]

Oraichain X Oasis Network

On October 3, 2023, Oraichain teamed up with the Oasis Network to bring Oasis Privacy Layer #OPL to Cosmos via OraiBridge. This means more privacy options for builders and users on Oraichain and the greater Cosmos ecosystem. ^[15][16]