This article reviews another Ai based project Oraichain. Orai focuses on the foundation upon which builders will deploy their artificial intelligence applications.
What is Oraichain?
Oraichain is a layer-1 network built using the Cosmos developer kits. Cosmos is one of the leading interoperability networks aiming to create an “internet of blockchains”. For an article on Cosmos and its purpose, we have one [Cosmos]. Essentially, any project built using the Cosmos developer kits its automatically able to interact with any other project built using Cosmos. Networks built on Cosmos are easily interwoven with Ethereum which is the main smart contract network. Currently users can utilize Oraichain on Cosmos, and with Metamask on Ethereum.
The network focuses mostly on oracle and data feed services. The oracle services provide proof-of-correctness and execution in a verifiable way right on chain. These services are important because they do not require trust for verification and can be guaranteed utilizing trusted mathematical equations. Orai will allow for decentralized data economies and Ai-based services. These services are open source which allows developers across the world to build together for a common goal, anyone can see the changes and updates to the code.
Oraichain is proof-of-stake, which is low energy and secure, the blockchain will utilize rollup technology for scaling both speed and cost metrics. The network token Orai has three use cases.
1. Staking for validators: all validators are required to stake ORAI in order to be selected to create a block or fulfill data requests.
2. Transaction fee: the ORAI token is required in order to run an AI request sent to the Oraichain network.
3. Participation in network governance: the Oraichain network is organized in the DAO manner, all protocol upgrades and parameter changes must be voted by token holders. [1]
Oraichain Services/Products
Remember, when investing in any digital asset, you are investing in the token and the product and services of the network. A network with no product or service, and no use case for the underlying token will likely only succeed if it has a large amount of hype and a strong community. Even with the most hype and best community in the world, longevity is challenging without a recurring use case. The first product Orai provides is its data hub.
This hub is designed for builders to deploy autonomous data-based applications on top of the Oraichain base layer. Orai tokens are needed to utilize the data services that are created by builders. The second product focuses on NFT auditing and copyright management. This service allows users to protect from counterfeit copies. This also allows NFT buyers to avoid buying fake or scam projects. The service also will allow some NFTs to be staked for rewards.
The third and perhaps most potentially lucrative product is the Ai marketplace. This product aims to become a one-stop-shop for Ai services including API data feeds and more. Again, Orai tokens will be required for the fees for these services. What services are created is up to the limitless ideas of the community and builders.
Some other more complex services that the project continues to work on include Ai Yield farming, and face authentication smart contracts. They are also working on fake news detection, smart contracts that utilize credit scores for loan amounts, and more. It is clear that many of these services could create massive demand in the future. This is why I personally chose to buy Orai tokens over FET. This is not financial advice, but for the sake of transparency. In my next article I will analyze the Orai token and its attractiveness as a potential investment. Please remember to always do your own research and stay safe out there! Check out [Part II] here.
