ORAI Oraichain

Oraichain Use Cases

Oraichain integrates AI with blockchain technology, enhancing smart contracts with AI services. Here are some key use cases:

• AI-Enhanced Smart Contracts: Oraichain allows smart contracts to securely access external AI APIs, making them more dynamic and capable of handling sophisticated tasks efficiently. This includes applications like AI-based price oracles, which can dramatically enhance the functionality of blockchains.

• DeFi Applications: Oraichain supports DeFi apps with AI-driven features, such as automated strategies for farming and trading. The OraiBTC Subnet, for example, acts as a decentralized bridge between Oraichain and the Bitcoin network, enabling direct deposits of Bitcoin and opening up new DeFi opportunities.

• NFT and Copyright Management: Oraichain has developed aiRight, a platform for NFT copyright management and farming that uses AI to determine authenticity and point of origin for multimedia works minted on-chain.

• Face Authentication: Oraichain supports face authentication for various applications, such as checking balances, withdrawing tokens, and resetting private/public key pairs, enhancing user experience while maintaining security.

• Fake News Detection: Oraichain provides a decentralized marketplace where AI models can be combined to detect fake news, ensuring the reliability and security of data requests and executions.

• Supply Chain and Loan Decisions: Oraichain enables smart contracts to check if a product is fake in the supply chain and to decide loans based on users’ credit scores, leveraging AI for more accurate and efficient decision-making.

• Automated Diagnostics: Oraichain supports a marketplace for automated diagnostics, including X-ray images, spam classification, handwriting detection using OCR, and citizen ID card detection using OCR.

• Enterprise and Manufacturing: Oraichain helps standardize the deployment of integrity constraints to produce more structured data schema with blockchain and AI models, increasing efficiency and automatically monitoring manufacturing processes.

• Insurance Strategies: Oraichain leverages big data from both on-chain and off-chain sources to create insurance profiles that can validate qualification, screen for fraud, and predict payouts.

Key Features

• AI Oracle: Oraichain’s AI oracle aggregates and connects AI APIs to smart contracts and regular applications, enhancing data quality, reliability, and security.
• AI Marketplace: Oraichain offers an AI marketplace where AI products and APIs are available, aiming to become a one-stop-shop for AI services.
• GPU Staking: Oraichain introduces GPU staking to ensure sufficient GPU compute resources for AI workloads, feeding the value created by GPU demand back into its ecosystem.

Pros of Oraichain

• Innovative AI Integration: Oraichain enhances smart contracts by integrating AI services, making blockchain technology more dynamic and capable of handling sophisticated tasks efficiently.
• Secure Data Access: It allows smart contracts to securely access external AI data through oracle scripts, ensuring the quality and reliability of AI APIs.
• Decentralized and Interoperable: Oraichain is built on the Cosmos SDK, providing a decentralized, interoperable, and secure platform for AI-enhanced blockchain applications.
• AI Marketplace: The platform features an AI marketplace where AI providers can sell their services, benefiting both developers and users.
• Governance and Incentives: The ORAI token plays a pivotal role in network governance and incentivizes participation, securing the network and facilitating innovative use cases.

Cons of Oraichain

• Complexity: The integration of AI with blockchain technology can be complex and may require significant technical expertise to fully utilize.
• Validator Centralization: While Oraichain aims to be decentralized, the reliance on validators could potentially lead to centralization if not managed properly.
• Market Recognition: The market value of ORAI is not widely recognized, which could impact its growth potential.
• Dependence on AI Providers: The quality of AI APIs depends on the providers, and poor performance could affect the overall reliability of the network.
• Tokenomics Complexity: The tokenomics model, including staking and rewarding mechanisms, can be complex and may require careful management to maintain the token's value.

Founders of Oraichain

• Chung Dao: Co-founder and CEO of Oraichain Labs. He has a background in computer science, with a Master's degree from the University of Eastern Finland and a Ph.D. from the University of Tokyo.
• Diep Nguyen: Co-founder and COO of Oraichain. She holds a Ph.D. in Media & Governance from Keio University and has extensive experience in research and academia.
• Duc Le Pham: Co-founder of Oraichain, though specific details about his role and background are not provided in the available sources.

Investors in Oraichain

• Verified Team: The team behind Oraichain includes professionals with diverse backgrounds in computer science and finance. Key members include Chung Dao (Ph.D. in CS from The University of Tokyo), Thao Nguyen Tien (Co-founder of V-Chain Datohost), Duc Pham (Co-founder of Zeeroo, B.S. in CS from HUST), Linh Phan Mai (B.S. in Finance from Foreign Trade University), Minh Nguyen Binh (Ph.D. from Slovak University of Technology), and Lam Do Ba (Ph.D. from Vietnam University of Technology).

• Funding Rounds: Oraichain has conducted several funding rounds, including a seed sale on September 25, 2020, a private sale on November 30, 2020, and a public sale on January 15, 2021. The project has a soft cap of $40,000 and a hard cap of $70,000.

• Investor Participation: The project includes a whitelist of investors and requires KYC (Know Your Customer) verification for investors. The minimum and maximum purchase amounts are both 8,600 ORAI tokens.

• Co-Investors: Detailed information on co-investors participating in Oraichain's funding rounds is not readily available in the provided sources. However, the project's investment activities and sectors can be explored on platforms like CryptoRank.io.

Halal Status of Oraichain

• Halal Status: No definitive public information available.
• Reason: The halal status of Oraichain is not explicitly stated in the provided sources. While some websites offer halal reports for various cryptocurrencies, Oraichain's status is either not listed or requires a subscription to access the information. Therefore, a clear yes or no answer cannot be provided based on the available data.