1. What is Oraichain?
Oraichain is the world’s first AI-powered oracle and we are also building an AI ecosystem for blockchains.
Unlike regular oracles which merely feed data to smart contracts, Oraichain’s AI Oracle acts as a bridge that connects AI to blockchains by uniquely using AI models to consume and create data on the fly via virtual machines on smart contracts. The trustfulness of an AI oracle is verified by using a test case logic. All technical aspects of the Oraichain AI oracle aim to remove any intermediaries when utilizing AI on the blockchain to increase trust and security in the processing of data.
2. What problems is Oraichain trying to solve?
Smart contracts have been a revolution in the blockchain space. However, we are still at an early phase where plenty of improvements can be made to help smart contracts reach a whole different level of usability.
Currently, smart contracts are rigid as they follow strict rules (specific input = pre-determined output) but we need more functionalities for smart contracts to build greater applications with richer user experiences and functionalities which can only be untapped by using Artificial Intelligence.
Oraichain solves the technical problems of integrating AI into smart contracts (strictness, programming environment, and storage size). For example:
- Smart contracts and AI models do not speak the same language. The standard programming languages of smart contracts (e.g. Solidity and Rust) are not the same as the programming languages used in AI models (e.g. Python and Java). Oraichain creates the environment for AI models to be seamlessly integrated into smart contracts.
- Smart contracts often have small storage since it helps reduce transaction fees. As AI models are big in size, Oraichain technology uses virtual machines to optimize the data processing and storage capacity of smart contracts.
Importantly, by successfully solving the AI and blockchain integration problem, we believe Oraichain will open up unlimited and unprecedented applicabilities and the creation of a new generation of smart contracts and Dapps.
3. What is the vision and mission of this Oraichain project?
- Vision: To interconnect AI and Blockchain technologies and help them to realize their full potential
- Mission: To be the portal between AI and Blockchain. We are building the world’s first AI-powered data oracle and AI ecosystem.
4. What are Oraichain’s use cases and products?
AI oracles untaps a plethora of opportunities and use cases. Some easy-to-understand examples are Identification based on biometric methods (such as face recognition and fingerprint), Automated trading based on price prediction and AI strategies, Lending based on credit scores, Comparison of products using pictures, In-game item price evaluation, and many more.
Although, as a first step, we’re focusing on the development of three impactful products that showcase Oraichain’s some of the use cases of Oraichain: (1) AI Marketplace, (2) AI-based farming for DeFi in yai.Finance, and (3) aiRight.
- The AI Marketplace will be designed to be a one-stop-shop for AI solutions, training data, test cases, and applications. We’re building an infrastructure for developers so that they can build their Dapps on our Super Dapp Platform.
- AI-based farming for DeFi is a solution that helps manage yield farming strategies with AI strategies and indicators, optimizing gains by providing automated AI-based solutions.
- aiRight is a pioneering use case that demonstrates the applicability, versatility, and efficiency of an AI-powered blockchain solution, where something as complicated as copyright management and “computer’s creativity” will be solved by aiRight.
5. Who are Oraichain’s biggest competitors and how does our offering differ from theirs?
Competition is good for growth, but we are more thinking of complementing one another and bringing new innovations to the Blockchain space. Some companies working in the same field as Oraichain are Chainlink or Band (oracle platforms), Ocean Protocol (AI & data platform), and others.
The main differences between Oraichain, Chainlink, and Band (our competitors) are:
- Oraichain supports more input and output designed for AI requests.
- Oraichain supports test cases for AI APIs. Those test cases could be crowdsourcing in which anyone can provide test cases and receive incentives.
- Oraichain is a bridge to connect off-chain AI models and mining data to blockchains.
- Oraichain helps gather AI scientists, data engineers, small AI companies, and individuals in one place that is very good for AI model development and quality.
For the use case of price feeds:
- Chainlink: input data can be raw data (e.g., weather data, price data)
- Oraichain: raw input data will be passed to AI models to obtain a prediction result before being written on chain; Hence the name “AI-powered data Oracle”
Moreover, we have expertise in AI, big data mining, and DeFi. In the beginning, we want to provide a metric of ROI, risk score, and price prediction to other DeFi projects through Oraichain. For price feed in DeFi, we can provide anomaly detection that helps to prevent flash loan attacks and wrong liquidation. Our initial 100 AI APIs on the AI Marketplace can be used for any real-life applications in multidisciplinary domains that support a plug-and-play fashion.
6. How does Oraichain generate income?
The artificial intelligence industry is expected to grow at a compound annual growth rate (CAGR) of 42.2% from 2020 to 2027 to become a trillion-dollar market.
Oraichain will build an AI ecosystem where ORAI tokens are required as a method of payment for AI oracle services (price prediction, risk score, price feeds, etc.), AI services (run AI requests sent to the Oraichain network, utilize AI APIs, and Test Cases on the Oraichain AI Marketplace or have access to yAI.finance AI-based strategies) and future products and services powered by Oraichain