Perhaps the most compelling functionality that has been enabled with the creation of the blockchain, and one that has garnered quite a hefty amount of attention, is the advent of smart contracts. The ability to instantaneously, efficiently, and securely execute pre-determined contracts or arrangements in a trust-less and decentralized manner is a highly prized functionality. As we'll learn more in our Oraichain review, we could be seeing smart contracts get even smarter…
Large banks of information are fed into millions of smart contracts around the world through the help of oracles, which siphon precious data from off-chain sources and lock them into a particular blockchain. With Oraichain, they want to break the mold of conventional oracles and integrate specialized artificial intelligence to open up a whole new world of possibilities. With the use of AI technology, the potential of smart contracts and decentralized applications (dApps) are unlocked.
The smartness of Oraichain's AI oracles can bring new abilities to smart contracts and dApps in ways we couldn't discover before, such as using AI models to improve on biometric authentication or learn market movements to make better-automated trading decisions. Suffice to say, the prospect of artificial intelligence paired together with blockchain technology is incredibly exciting. If you're just as interested in this intriguing little project, read our Oraichain review to learn more.
What is Oraichain?
Oraichain is claimed to be the world's first artificial intelligence-powered data oracle platform for blockchains, following its main-net launch on February 24th, 2020. Typically smart contracts, decentralized applications (dApps), along with other blockchain-based applications and services, will require data oracles to provide them with important data. As information is generally stored off-chain, these oracles can effectively, efficiently, and securely connect to APIs to feed the data.
Typically, oracles will take in raw data from those off-chain sources. To add to this already powerful ability, Oraichain has integrated its AI oracle and uses unique AI-powered APIs to process the information and then process the data instinctively through its virtual machines. Oraichain's AI oracles can theoretically enhance the quality, reliability, and security of the data. As we mentioned earlier in our Oraichain review, it can bring more versatility into how smart contracts can be used.
At present, smart contracts cannot easily integrate AI models within their programming for a number of reasons. Firstly, smart contracts are often rigorous and require absolute data accuracy before they can be executed, which AI models can struggle with. Next, smart contracts are often written in high-level coding languages, which AI models could not currently support. Finally, smart contracts only have small storage spaces and could not adequately embed a full AI model within them.
What are Oraichain's ORAI Tokens?
The native cryptocurrency of the Oraichain ecosystem is ORAI. As of writing this Oraichain review, Oraichain is adopting the Ethereum network to mint its ORAI cryptocurrency as ERC-20 standard tokens. There are numerous ways in which ORAI tokens will be used within the Oraichain platform. Network validators can stake ORAI to create new blocks and earn fees in return, while users can use their ORAI tokens to take part in Oraichain's decentralized autonomous governance (DAO).
More commonly, ORAI tokens will be used as the main currency of the network. As we'll learn later on in our Oraichain review, developers can create and sell their AI-powered APIs on Oraichain's oracle marketplace. Here, ORAI tokens can be used to pay for access to those AI services or be earned as other users subscribe to using them. There are also several other products related to Oraichain, such as decentralized farming (DeFi) services where you can use ORAI tokens.
What are the Tokenomics like with the ORAI Cryptocurrency?
Initially, there was a total supply cap of 86,000,000 ORAI tokens on the market. But following a new tokenomics model update, Oraichain has burned roughly 73.2% of its total token supply. As per data from CoinMarketCap, there are now 23,037,721 ORAI in total, with just 894,774 ORAI of them in total circulation. As a relatively young platform within the blockchain space, Oraichain will gradually release its total token supply over time in order to provide liquidity and prevent supply shocks.
Oraichain has already created a new roadmap for the eventual increase in the circulating supply of ORAI tokens, with a progressive release from 2021 onwards onto 2027. Approximately 10% of the total supply of ORAI cryptocurrencies will be in circulation by around November 2021 and will scale from there – 20% by November 2022, 30% by November 2023, and so on. This will be done through token sales, which will also help raise funds to cover the developmental costs of Oraichain as follows:
- 60% for technical and business developments
- 20% for marketing and advertising campaigns
- 10% for covering operational costs
- 10% for paying legal and audit fees
As a fairly new cryptocurrency, there isn't much data to be found on its pricing. At the time of writing this Oraichain review article, the price of one ORAI is $39.87, having seen fairly healthy growth since its launch. This price marks a respectable 1,307.97% gain from its all-time lows in October 2020. With a market capitalization of $35,670,271, this makes Oraichain's ORAI the 539th-most valuable cryptocurrency on the market, although this ranking does fluctuate heavily.
How do Oraichain's AI Oracles Work?
Oraichain is itself a decentralized public blockchain network that was built on top of Cosmos. It works by firstly having a smart contract or users requesting data through Oraichain's AI-powered oracles. This request will then be fed randomly to a validator on the Oraichain network to process it, which will fetch all the necessary information within an Oraichain oracle script, which includes AI data sources, provided to by Oraichain's ‘AI Providers', transaction fees, as well as test cases.
The latter is important within Oraichain's AI oracle platform, as an AI test case will be needed to determine if AI data sources and providers are up to the task of completing the specified request. AI testcases within Oraichain are powered by ‘Testcase Providers,' which function similarly to the aforementioned AI Providers. If the result from the test case scenarios is good, then the validator will then be able to execute the request, and Oraichain will feed the data for the smart contract.
Validators, therefore, play a crucial role in helping Oraichain's AI-powered oracles to function both properly and effectively. They can be rated by the community for their services, such as based on whether they can provide good quality AI APIs and data with tampering. This is helped the use of testcases, which maintains quality control over AI Providers and their data sources. As an incentive, Oraichain's validators, AI Providers, and Testcase Providers all receive rewards.
Have Oraichain's AI Oracles Ever Been Used?
Oraichain truly believes in the ability of its AI-enabling oracles to transform the way that data can be processed and deployed within blockchain applications. Some of the examples of its utilities include being able to use its artificial intelligence oracles to certify the authenticity or condition of goods within a supply chain, determining the number of loans based on your credit score, or use it for automated in-game pricing models that can readjust the value based on your player's statistics.
Oraichain's AI oracle network is also interoperable with a number of blockchains, with theoretical compatibility with major protocols such as Cosmos, Ethereum, Polkadot, Binance Smart Chain, and more. They have also struck new corporate partnerships to expand the use of Oraichain's AI oracles to process data in real-time. Oraichain is working with major IT software firm, Rikkeisoft, to help bring new and high-tech artificial intelligence innovations and applications onto Oraichain.
They have also worked with the Kardiachain blockchain to bring Oraichain's AI oracles to applications within the Kardiachain hybrid blockchain infrastructure. Oraichain is also partnered with Vaiot in integrating Oraichain's AI oracles to work at improving the development of their AI virtual assistants. Oraichain is also currently working on aiRight, which is a patent-pending platform for using their artificial intelligence in creating and processing new copyright applications.
For our Oraichain review, we'll also be taking a look at some other examples of products and services that have partnered with Oraichain or are using its AI oracles.
yAI.Finance is a decentralized finance (DeFi) protocol that has been modeled after yearn.finance by helping reduce the complexity of yield trading and finding trading strategies. But unlike yearn.finance's use of crowdsourcing knowledge, yAI.Finance instead adopts AI-based investing strategies that have been powered by AI-sourced data from Oraichain's oracles. Although still in its beta phase, yAI.Finance has been able to attract more than $7-million in total value locked (TVL).
Using Oraichain, yAI.Finance is able to offer distinct services to its users. The first being aiVaults, which are investing strategies that have been optimized with the use of Oraichain's artificial intelligence. aiMetric is a tool designed by yAI.Finance to create return-on-investment (ROI) metrics to its vaults, including measuring potential risk scores and assessing price predictions. Meanwhile, aiTracking will use Oraichain's oracles to give you a portfolio overview of your investments.
2. Biometric Authentication
Currently, there are many platforms within the wider tech space that are attempting to replace passwords and keys with biometrics – such as fingerprints or facial scanning – to make authentications easier. Oraichain offers its AI-powered oracles to expedite this process and to both improve the security and performance of using facial recognition scanning as a much more efficient and usable form of biometric log-in.
Oraichain is also working towards improving this technology enough for the use of smart contracts execution instead of needing to authorize it using a complex private key. Using Oraichain's AI-powered oracles, you could, for example, use facial recognition to authenticate the creation of a smart contract. Or, it could be used more safely and securely to check on your account balance or to withdraw tokens into a wallet.
3. Oraichain's AI Marketplace
As of this moment, Oraichain's AI marketplace hasn't yet been launched. But as we'll learn later on in our Oraichain review, this was expected to be launched sometime in Q1 2021 as per their roadmap updates. At launch, Oraichain's AI marketplace will have more than 100 AI data APIs that can connect its oracles with off-chain data and process it with the help of artificial intelligence. This will help make Oraichain the one-stop-shop for buying and selling artificial intelligence services.
What are Oraichain's Future Roadmap Updates?
At the time of writing this Oraichain review, Oraichain remains a fairly young and unknown project within the blockchain space. However, Oraichain has committed to a very promising future with a detailed roadmap update for 2021 and 2022. As we are now moving into Q2 of 2021 while writing this Oraichain review, they will be launching several updates, including upgrades to their DAO, new features to yAI.Finance and a new oracle bridge connected to the Polkadot blockchain.
In Q3 2021, the most anticipated updates include building new bridges that can connect Oraichain to even more blockchains, with further additions made to yAI.Finance and an automated flow based on Oraichain's artificial intelligence. They'll also be working towards adding more customers to subscribe to AI-powered oracle services through their marketplace and other partnerships and to improve on its decentralized applications (dApps) ecosystem. This will continue onwards to Q4 2021.
2022 will see Oraichain undergo massive changes in the form of Oraichain 2.0, which could see a large overhaul of its underlying AI oracle network. Its AI-powered oracles will see continued improvements and optimizations, as well as building new blockchain bridges and more effort put into improving its dApps ecosystem. yAI.Finance will also see a lot of changes here, with insurance protection being set up for its investors and added features to better compete in the DeFi space.
Oraichain Review – Conclusion.
In the conclusion of our Oraichain review, we have to ask ourselves the question, “Is Oraichain legit?” Naturally, this isn't an easy thing to ponder over, given how relatively young and mysterious they are. Moreover, we've seen a trend of tech companies lately cashing in on the whole “artificial intelligence” movement and instead offer something that is, on the flip-side, not very intelligent. For now, though, Oraichain will have to keep working harder to see if they can deliver on their promise.
But having assessed its core technology, including some of the noteworthy partnerships that Oraichain have struck in a very short period of time, there's certainly some promise to be held. As we're working towards building newer generations of blockchains, some of us have wondered whether smart contracts will see a similar evolution. How could a Smart Contracts 2.0 look like, and how would it be improved over its current, already very capable state?
Oraichain might have the answer to that, in the form of embedding the brainpower, efficiency, and processing abilities of artificial intelligence natively into the oracles that feed data for smart contracts. With Oraichain, smart contracts could advance into a more versatile tool, more so than just executing agreements along a one-way street. Although it still has a lot to prove for itself, we can summarise our Oraichain review with a reminder to keep a very close eye on Oraichain in the months to come.
Ease of Use
- AI oracles can further improve on the versatility, security, and efficiency of providing important data for smart contracts or dApps.
- Already with a relatively strong list of partnerships, and corporate relations to adopt its AI oracles.
- Easy integration with yAI.Finance to offer investment and trading strategies.
- Easy ‘bridging' for seamless interoperability with other blockchain networks.
- Still a fairly new project within a highly competitive space, and need to face off against prominent rivals such as Chainlink.