Oraichain is specialized in an area called Oracle AI. The team of Oraichain has identified the need to implement AI into blockchain and aim to build an AI marketplace and ecosystem around smart contracts.
If you read a previous article about aiRight on Blockzeit, then you will know that aiRight will be the first blockchain framework to feature a trio of the following three technologies: NFTs, artificial intelligence, and DeFi. Oraichain is the mother network of aiRight and was founded by the same team.
What is Oraichain?
Oraichain stands for Oracle Artificial Intelligence for Blockchain. The problem with blockchain and AI integrations is that AI models are more easily implemented with less complex software. The problem with blockchain is most blockchain programming languages, like solidity, are high-level programs with strong security and strict syntax.
So, why is artificial intelligence necessary in the field of blockchain. Oraichain defines a number of critical areas where artificial intelligence implementation can help blockchain be more useful and safe:
- Identification based on biometric methods, such as face and fingerprint
- Automated trading based on price prediction and AI strategies
- Lending based on credit scores
- Comparison of two products from their photos
- Evaluating the price of game items
A quote from the introduction says:
“Oraichain enables smart contracts to securely access external AI APIs.”
While Oraichain has been compared to Chainlink, it’s more of a thing in it’s own category. Being that blockchain and artificial intelligence integrations are in the early adoption phase, Oraichain could revolutionize the way Oracles work. The Oraichain network comes with many features.
Features of Oraichain Protocol
The Oraichain protocol comes with a variety of mechanisms. First, there is the AI marketplace. This is a helpful resource for engineers to have access to an index of an “ever-increasing AI algorithms and models from different providers around the world.” And it will help them to build applications together with the integration of AI.
Also, there is the AI provider function. Developers from any type of background whether a large company or a single person and create applications and earn rewards in ORAI tokens for their contributions. This is also a critical function for gathering data that will improve the quality of AI.
Oraichain protocol also incentivizes ORAI token holders to stake their ORAI tokens. In return stakers are rewarded with Oraichain tokens and improve the quality of the network all together. Additionally, users can facilitate requests to AI services which is a niche service not found elsewhere.
Oraichain has found a niche function within the cryptocurrency market. No team before has managed to successfully bridge AI and smart contracts.
Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.