Oraichain: Project review
Project review by: Robert Toriyama
Artificial Intelligence on Blockchain
Artificial intelligence and blockchain are impacting the future of virtually every industry. Both Artificial intelligence (AI) and blockchain deal with data; AI on the blockchain can provide more value as data can be analyzed, and more insight can be generated.
One of the most promising applications of blockchain technology is smart contracts.
A smart contract is a computer program or a transaction protocol which is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement.
Smart contracts have many benefits and applications but one of the limitations is; they follow strict rules making it almost impossible to integrate an AI model in a smart contract.
Introducing Oraichain; Oraichain is a data oracle platform that aggregates and connects Artificial Intelligence APIs to smart contracts and regular applications. Oraichain enhances smart contracts by allowing them to securely access external AI APIs. While, currently, blockchain platforms focus on price oracles, with Oraichain, smart contracts are able to utilize reliable AI data; This provides dApp users with new and valuable functionalities.
The Oraichain mechanism seems similar to Band Protocol and Chainlink, but it focuses more on AI APIs and the quality of the provided AI models.
The Oraichain mainnet is planned to launch in early 2021. Oraichain Testnet Validator Program was recently launched, and it is a key milestone for Oraichain ahead of its mainnet.
The Oraichain network has a native token ORAI with a supply of just 86 million. On December 25th, 2020 Oraichain burned 63 million ORAI tokens, that is 73% of the total supply as part of the new Oraichain tokenomics.
After the burn, the new total ORAI supply is roughly 23 million as seen in the table below:
The future of the world’s first AI-powered data oracle looks promising. It is a low market cap in comparison to Band Protocol and Chainlink.
Website: https://orai.io
Telegram: https://t.me/oraichain
Twitter: https://twitter.com/oraichain
Medium: https://medium.com/oraichain
DeFi Bloks Project rating: 9/10
Disclaimer: Information shared in this article should not be taken as investment advice, always do your own research before making any decision.