Oraichain is a data oracle platform that focuses on connecting trustless applications with Artificial Intelligence models. The platform is powered by the ORAI token for payments and governance. Here we will take a look at what is Oraichain building in the blockchain data oracle sector.
What is Oraichain?
Oraichain is a bridge for connecting AI to smart contracts, the core technology of providing data streams to trustless applications is similar to Tellor or DIA. However, Oraichain is taking a more niche approach by focusing on AI models. Currently, smart contract languages such as Solidity or Vyper are much too strict to implement AI models natively on-chain. Generally speaking, they require inputs that are 100% accurate because code is the law.
Whereas, an AI model for face recognition would work off percentages of accuracy. Furthermore, to implement an efficient AI strategy you need high amounts of storage to input lots of data. But, blockchain networks such as Ethereum often limit the storage to help keep transaction fees down. As a result, Oraichain aims to bridge the gap by enabling secure access between smart contracts and Artificial Intelligence models.
Key Features of Oraichain
The platform is a public blockchain that implements a delegated proof of stake (dPoS) consensus protocol. In this way the transaction times are fast and data requests can be completed quickly. ORAI is the platform’s native cryptocurrency for paying network transaction fees, such as making data requests or setting up a validator.
Below are the key benefits of using Oraichain:
- Oracle AI: Data streams for smart contracts to connect with AI models that can enhance their DeFi products.
- Marketplace: Library of public AI algorithms available to connect with dApps or any application.
- Publisher: Create, manage, and sell your own AI services via the marketplace.
- Staking: Token holders can stake their ORAI to participate in securing the network, and earn rewards in the process.
- Crowdsource: A request portal that deals with crowdfunding to develop new AI services, not on the market.
- DAO: Oraichain is community-driven, where ORAI tokens provide holders with voting power.
A unique point of Oraichain is that the quality of provided AI models is constantly tested. When a data request comes through, it will also contain test cases. As a result, the AI provider must pass these test cases before receiving any payment for sourcing the data request. The idea is that test cases will be an incentive for providers to keep improving the accuracy of their AI models.