What Is OraiChain (ORAI)?
Orachain denotes oracle artificial intelligence for blockchain. Oraichain is a data oracle platform that connects artificial intelligence and machine learning functionalities to regular applications and smart contracts. The inputs have to be 100% accurate in smart contracts to generate an output. However, as AI models can hardly give accuracy, Oraichain reduces some strictness to acquire better functionality and user experience.
The network is a public blockchain that lets users or smart contracts make data requests securely from AI APIs. The mechanism of this currency focuses on AI APIs and the quality of AI models. API (application programming interface) is software that lets two applications communicate. According to the whitepaper, the ORAI consensus protocol is the same as delegated proof of stake (DPoS). The platform consists of numerous validators that own ORAI tokens, while other token holders can be delegators who stake their tokens to validators and get rewarded for every new block created.
ORAI is an ERC20 token that is also the native token of the Oraichain network. The ORAI token is based on the Ethereum network and is called ERC20-ORAI. These tokens are used to power and secure the decentralized oracle network of validators. All validators have to stake ORAI to get selected to create a block or complete data requests. The network is managed in the DAO manner. Hence, token holders engage and vote in the governance of the platform.
The token is also used as a transaction fee to run an AI request directed to the Oraichain network. The transaction fee is paid by various parties like block-creating validators, test case providers, request-executing validators, and AI-API providers. A holder has to stake their tokens on the Oraichain to keep its value. The rewarding token is distributed based on the number of tokens that have been staked to the validator.
History of Oraichain (ORAI)
Oraichain was cofounded by Chung Dao (CEO), Thao Nguyen (CEO), and Tu Pham (CTO) in 2021. The maximum total supply of the ORAI token is 86,000,000 ORAI coins.
Reference:
https://orai.io/
https://www.coinbase.com/learn/crypto-basics/what-is-a-smart-contractz
https://www.coinbase.com/learn/crypto-basics/what-is-a-blockchain
https://www.coinbase.com/learn/crypto-basics/what-is-staking
https://www.mulesoft.com/resources/api/what-is-an-api#:~:text=API%20is%20the%20acronym%20for,you're%20using%20an%20API.
https://www.coinbase.com/learn/crypto-basics/what-is-proof-of-work-or-proof-of-stake
https://www.coinbase.com/learn/crypto-basics/what-is-a-protocol
https://docs.orai.io/white-paper
https://www.coinbase.com/learn/crypto-basics/what-is-a-token
https://help.coinbase.com/en/coinbase/getting-started/crypto-education/what-is-erc20