What is Oraichain (ORAI)?
ORAI is the native token of Oraichain, which is an AI-based Layer 1 network that provides users with AI Oracle services. The blockchain is based on the CosmosSDK and secured via the DPoS consensus mechanism. In essence, Oraichain incorporates artificial intelligence and machine learning capabilities into regular applications and smart contracts. Take a look at the Oraichain price chart featured above to see the current ORAI price.
The main components of the Oraichain are the following: Oraiscan (decentralized network explorer), Oraichain Wallet (a crypto wallet for ORAI tokens), and OraiBridge (a cross-chain bridge). Besides that, it has various dApps, including OraiDEX, Oraichain VRF, Oraichain Price Feed, AI Marketplace, aiRight, DINO Hub, and so on.
Concerning the technical side of Oraichain, the platform includes AI Oracles, AI-based services, optimistic rollups, zk-rollups, Cosmwasm IDE (for writing smart contracts), and EVM compatibility. Additionally, to make AI execution secure and verifiable, Oraichain employs Proof-of-Correctness and Proof-of-Execution mechanisms.
Use Cases of ORAI Tokens
In order for the decentralized oracle network of validators to operate efficiently, ORAI tokens are needed to power and secure the network. A validator must stake ORAI to be selected for creating blocks or completing data requests.
Moreover, managing the network is done in the manner of a DAO. Thus, ORAI token holders are also able to participate in the governance of the platform by voting.
Besides that, ORAI tokens are used as means of payment on the network. This means it's used to cover transaction fees, AI request execution, and so on.
Lastly, Oraichain coins are used to reward ORAI stakers and other network participants.
Do a thorough ORAI price analysis before making any purchasing decisions. You can use the Oraichain price chart above for doing that.
Who Founded Oraichain?
The Oraichain crypto project was founded in 2021 by Chung Dao, Diep Nguyen, and Tu Pham.
