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Oraichain Token (ORAI) What is it, how to buy and price?

In this article we will talk about Oraichain Token (ORAI), a very interesting project that we will explain everything there is to know, we will also explain how to buy ORAI token in a simple way.

What is Oraichain Token (ORAI)? What is the ORAI token?

Oracle AI-Powered Data

Oraichain is an Oracle data platform that aggregates and connects

ARTIFICIAL INTELLIGENCE API for smart contracts and regular applications.

The world’s first AI-powered data oracle has arrived.

AI oracle

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Oraichain enhances smart contracts by allowing them to securely access external AI APIs. While blockchain platforms currently focus on price oracles, with Oraichain, smart contracts can use trusted AI data. This provides dApp users with new and valuable functionality. The systems use Oraichain by sending requests to validators, who acquire and test data from various AI APIs and store it in the chain, ensuring reliability and allowing it to be used as a test in the future.

AI Market

Oraichain AI Marketplace is a place where artificial intelligence is incorporated into the blockchain. Here, AI providers can sell their AI services in exchange for ORAI token rewards. Such services can be AI-based performance farming, facial authentication, price prediction, and more. Suppliers can host their models on Oraichain, without needing to rely on third parties. This gives small businesses and people in the AI field the opportunity to compete with larger ones while exposing themselves to users around the world. Initially, the development team will provide some AI services as a foundation for others to join. Meanwhile, users and developers can use ORAI tokens to pay for the AI services they need.

AI Ecosystem

The AI ecosystem extends beyond the AI Marketplace. It includes AI infrastructure that supports AI vendors who build their models before deploying them to the Oraichain network. A complete and fully functional web GUI is expected to help AI providers publish their services more easily and quickly. The Ecosystem also allows users to follow the overall flow of handling their AI requests, from start to finish. This helps increase the transparency and integrity of the system, allowing users to easily see malicious vendors or validators executing the request poorly.

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Bets and winnings

Users can become delegates and bet tokens on a specific validator to increase the validator’s power within the blockchain network. This allows validators a greater chance of executing requests, while delegates earn a portion of the validators’ commission. Delegates, however, should monitor their chosen validators well, as a malicious validator may attempt to break the rules of the system to earn more. In such cases, all the staked tokens of the delegates will be reduced. In other words, there is a close link between two entities and both must be responsible for providing a quality system environment.

Test cases

Test cases are a unique feature of Oraichain. It is crucial to provide test cases that can verify the accuracy and completeness of AI services on a blockchain network. Third parties can join as test case providers to examine whether a specific AI model is qualified to charge user fees. Users can also provide the results they expect from the model and check if the results are similar. This will encourage AI providers to work hard and provide quality services so that they can reap rewards from users.

ORAI DAO

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You are the governor of the product that serves you. Oraichain is from, for and for the Community. By owning ORAI tokens, you can participate in governance, development, and future plans for the Oraichain ecosystem. Because this is a decentralized network, the project development team only creates the foundation, while you can build a bright future using your own tokens.

Why doesn’t the conventional blockchain include AI models?

Today’s smart contracts can’t run AI models inside and it’s nearly impossible to integrate an AI model into a smart contract.

Rigor: Smart contracts always follow strict rules, where an input must be 100% accurate (e.g. signature) to generate an output. But, AI models don’t provide as much accuracy (e.g., facial recognition). Oraichain helps to overcome some aspects of rigor to get better functionality and user experience.

Environment: Smart contracts are usually written in high-level programming languages, such as Solidity and Rust, which provide tighter syntax and better security. However, AI models are usually written in Python or Java.

Data size: Smart contracts typically have very small storage space, as it helps reduce transaction fees on some blockchain networks, such as Ethereum. Compared to this, the size of an AI model is relatively large.

Why doesn’t the conventional blockchain include AI models?

Today’s smart contracts can’t run AI models inside and it’s nearly impossible to integrate an AI model into a smart contract. AI models must be complex approaches, such as SVMs, neural networks, and clusters. The reasons come from three characteristics of smart contracts as follows:

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Rigor: Smart contracts always follow strict rules in which inputs must be 100% accurate (e.g. signature) to generate an output. However, AI models can hardly give such accuracy (e.g. facial recognition). As a result, Oraichain is there to reduce some aspects of rigor for better functionality and user experience.

Environment: Smart contracts are primarily written in high-level programming languages, such as Solidity and Rust, which provide tighter syntax and better security. However, AI models are usually written in Python or Java.

Data size: On the one hand, smart contracts often have relatively small storage, as they help reduce transaction fees on some blockchain networks like Ethereum. On the other hand, the size of an AI model is much larger.

We offer Oracle ARTIFICIAL Intelligence for Blockchains!

The proposed Oraichain could be a bridge to bring AI to smart contracts. Oraichain’s mechanism looks similar to Band Protocol and Chainlink, but focuses more on AI APIs and the quality of the AI models provided. In each user request, test cases are attached and the providers’ API must pass a certain number of test cases to receive payment. Validators manage the characteristics of test cases and the quality of the AI model, and that makes Oraichain unique and different.

  1. Oracle AI: Oraichain enables smart contracts to securely access external AI APIs. Artificial intelligence helps improve smart contracts.
  2. AI Marketplace: Search, test, and select from an ever-growing library of AI algorithms created by a community of service providers. Integrate AI services into your applications (both Dapps and regular applications).
  3. AI Publisher: Our publishing infrastructure provides a central hub for creating, editing, and managing your AI services and the tools to launch those services to a global marketplace.
  4. ORAI Stakeout: Earn more as long as you have ORAI tokens by awarding them in 30-day stakeout sessions. By betting ORAI tokens, you support the operations of our blockchain network and receive rewards with more ORAI tokens for your contributions.
  5. AI Request (RFAI): A community-based collaborative portal that allows anyone to make requests and offer to fund new AI services that are not currently available on the market.
  6. ORAI DAO: You are the governor of the product that serves you. Oraichain is from, for and for the community. The Oraichain team only helps initialize the project and when the mainnet is started, validators and stakeholders should review any Oraichain changes.

Oraichain System Overview

Oraichain is a public blockchain that allows users to create different data requests. Instead of users, smart contracts can also securely request data from AI APIs through Oraichain. The blockchain network is built on the foundation of Cosmos SDK along with Tendemint’s Byzantine fault tolerance consensus that helps speed up transaction confirmation time.

The ORAI consensus protocol is similar to delegated proof of stake (DPoS). In fact, the network consists of numerous validators, each of which owns ORAI tokens, while other ORAI token holders may be delegates who deposit their tokens into validators and get rewards for each newly created block.

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The second task of validators is to collect data from AI providers and validate it before it is written to the blockchain. To validate an AI API, validators will test based on test cases provided by users, smart contracts, and test providers. If users don’t know which test case is good, they can request some test cases from test providers.

Oraichain System Overview

The request flow for an AI API is illustrated in the Oraichain system overview figure. To make a request, users or smart contracts must call an Oracle script that is available on the ORAI gateway or marketplace. In an Oracle script, there are AI data sources (provided by AI vendors), test cases, test source (optional), and transaction fees for each request. When a request arrives, a random voluntary validator is chosen to make this request. The chosen validator will obtain data from one or more AI providers on behalf of the user after running the test scenarios, and if the AI provider fails to test, the request is canceled.

Read also BIP39 Wallets: List of wallets that support the mnemonic opening phrase BIP39

A request succeeds if its result is written to the Oraichain blockchain. The result of the transaction, which can be obtained from smart contracts and regular applications, is a proof of execution and fees apply on this transaction. There is an overhead of reading the results of Oraichain transactions, but it helps ensure that the quality of the AI API is good and that there is no data manipulation during the process of obtaining data from AI providers.

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Compared to Band Protocol and Chainlink, API test cases are the unique functionality. Since Oraichain focuses on AI APIs, testing is very important for quality assurance of AI vendors. In addition, test providers can propose suitable test cases that users can choose to test an AI API. Test cases in the Oraichain market can encourage AI vendors to improve the accuracy of AI models.

Another interesting feature is that the Oraichain community has the power to rate the reputation of validators to improve the quality of AI APIs. If a validator has bad behavior, such as not performing test cases and validating AI vendors, slow response time, and low availability, their retention token will be reduced.

However, validators in Oraichain are responsible for performing many important tasks and could be a centralized point. Therefore, the number of validators chosen must be high to increase request throughput, scalability, and high availability. In the meantime, because we need many validators to participate in the Oraichain network and maintain their quality work, transaction fees and block rewards must be applied for such validators to earn more ORAI tokens.

token economy

Executing an AI request sent to the Oraichain network requires spending some ORAI tokens. In fact, the token plays a role as the transaction fee that is paid by request execution validators, AI-API providers, test case providers, and block creation validators.

The transaction fee is different depending on the fee requirement of request execution validators, AI-API providers, and test case providers. Therefore, it must be explicitly defined in MsgRequestData of a request. When there is a request, request execution validators must decide whether to execute it. After that, a random validator is chosen from the ready request execution validators to run the Oracle script and create MsgResultReport at the end. The validator must clarify the fee paid to AI-API providers, test case providers, and block creation validators in the MsgResultReport.

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If more than one validator is requested in MsgRequestData (AskCount), the transaction fee is divided equally among the validators. Validators executing the request must decide whether to accept such a transaction fee.

When we mention the ORAI token, it means that it is the type of native token that is created and contained in the Oraichain network. There is also another type of ORAI token created and issued using the ERC20 interface on the Ethereum network that we call the ERC20 ORAI token. This ERC20 token is for ICO purposes and there is a mechanism to synchronize ORAI tokens on the Oraichain network and ERC20 ORAI tokens on the Ethereum network.

The ORAI token is rewarded for each newly created block, so to maintain the value of the ORAI token, holders must bet their token on the Oraichain network. The reward token is divided based on the number of tokens a holder is betting on a validator. In addition, there is a mechanism to punish bad behavior of validators in aspects of quality, response time and availability of the AI API.

Oraichain Use Cases

  1. Yield farming using AI strategies in Oraichain

Oraichain-based yield agriculture was inspired by yearn.finance (YFI) which helps reduce the complexity of yield trading and provides business strategies from crowdsourcing DAO voting. Instead of using crowdsourcing knowledge, Oraichain provides AI-based price prediction APIs as inputs for smart contracts. The yield agriculture use case has two functionalities as follows:

  • Win: Get Oraichain’s price prediction and automatically decide to BUY/SELL tokens. You can choose the best performing AI APIs.
  • Vaults: Apply automated trading oracle scripts in Oraichain. You deposit tokens and the assigned Oracle script will find the best AI input and maximize its performance.

Read also UniWhales (UWL) Token What is it, how to buy and price?

Compared to yearn.finance (crowdsourcing-based strategies), AI-based business performance might be less efficient, but risk management might be better since all buying or selling decisions are based on AI (or per machine) models and not human psychology.

2. Flexible smart contracts with facial authentication

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Smart contracts that use facial authentication

There are several scenarios where facial authentication is very useful: using your face to get your balance instead of using a private key, withdrawing tokens to registered wallets using your face, using your face to reset your public/private key pair, and using both your private key and your face to execute a smart contract.

Using facial authentication can be riskier than a private key, but it helps improve the user experience. In cases of balance verification and withdrawal of tokens to registered wallets, facial authentication is secure and convenient.

3. Fake news detection using different Oraichain AI providers

This use case focuses more on a regular app that wants to check if the news can be trusted. Oraichain provides a decentralized market in which it is possible to combine results from different suppliers. If vendors want to get paid, their APIs must pass the test cases, which is when APIs return the correct results from their own test cases.

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4. More use cases in https://docs.orai.io/docs/UseCases (coming soon): smart contracts help verify if a product is fake in the supply chain; Smart contracts that decide a loan based on the credit score of the users; Smart contracts automatically price game elements based on their characteristics and DNA; Automated diagnostics market for X-ray imaging, spam sorting, handwriting detection using OCR, and citizen ID card detection using OCR.

How to buy Oraichain Token (ORAI)?

We will do the tutorial now so that they will register in KuCoin if they are not and pass the USDT from Binance.

STEP 1 TO BUY Oraichain Token (ORAI):

The first thing will be to register with Kucoin if you are not yet, so here is the registration link: Kucoin Registration

Once we are registered and with everything verified, we have to buy USDT to exchange it for PEL Token and since you can not buy with a card in KuCoin, what we will do is transfer from Binance to Kucoin USDT.

To buy USDT on Binance we will use the same method as buying ETH in the uniswap tutorial, but we simply buy USDT instead of ETH.

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STEP 2 TO BUY Oraichain Token (ORAI):

Once with our USDT we have to transfer them to KuCoin and for this we have to go to our Kucoin Wallet and give it to “Deposit” to deposit the USDT.

By hitting “Deposit” it will take us to the next page, in which we have to select the currency we want to deposit (USDT) and choose the TRON network.

We copy the address and go to the Exchange where we have the USDT, in our case it is Binance and we give it to withdraw, we have to paste the address we copied before and choose the amount to withdraw.

And ready after a while we will have our USDT in Kucoin.

STEP 3 TO BUY Oraichain Token (ORAI):

Now we have to go into Kucoin and give to Trade, and then give to “Spot trade”

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Now we have to search for “ORAI” in the search engine and select the pair “ORAI/USDT”.

Once we give it to “ORAI” we go to the bottom right and put the amount of ORAI we want to exchange for USDT.

We give you to buy and ready, we already have it in our Wallet

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Crypto

How to Create Account in EXMO step by step

In this article you will learn how to register in EXMO in 2022, as you well know it is a cryptocurrency platform to trade, as well as buy and sell digital currencies. Next, we are going to make you a quick and easy guide to create your account.

How to open an account in Exmo.com step by step

Access the official website of EXMO to be able to register for free.

Select “Registration”

At the top right you will have a Registration button, click on it and there you will open a form to place basic data such as username, email, telephone, password and its confirmation, as well as the acceptance of terms and conditions of the platform.

Likewise, if you want you can subscribe to receive news you just have to activate the option. then activate the captcha and click on “Registration”

Phone and email verification

They will send you an SMS to the registered phone to place the verification code and give it confirmation. The same will happen with the email, in which they will send you an email with a link to confirm the account and activate it.

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Account Verification

Once you have completed all the registration, you must verify your account, this is quite important that you do it so that you do not have limitations, it is a financial platform and as such, by regulation you must verify your identity and address.

  • For identity, you can do it through your ID, passport or other identity document, also a selfie with the document, you can support yourself by linking the mobile if you do not have a webcam.
  • In the case of the address, it would be verified with a bill for services such as electricity, water or other document where they can verify your location or residence, this is to raise the limits further.
  • For the card, you need to enter your card details and even take a photo and attach it.

Ideally, you should verify everything, but the first thing is the identity, in which you will be required name, surname, middle name in the case you have. Secondly, you will be asked to identify what type of document you are going to use to identify yourself, for example, the DNI.

After that, you must upload a photo of the front and back of the identity document, if you do not have them at hand, you can do it with your mobile and send it to you by mail or web whapsapp or another application, and then upload it from the computer.

Once this is done, it will request a selfie with specific details, where you must write down on a paper the word EXMO, followed by the date of the day of the photo and hold the DNI without covering anything, there you capture the photo and attach it, with these steps you will already be in the process of verifying the identity.

Likewise, you can do it to verify the address with a receipt and in the case of the card you must do the same, they are similar processes quite simple, the idea is that you complete the entire registration process.

Configuration

Another important point regarding registration is the security configuration in which you can add extra protection and have two-step authentication. Likewise, you can observe other options such as personal information, which you can review carefully.

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Crypto

How to create an account on Poloniex step by step

In this article you will learn how to register with Poloniex in 2022, it is a cryptocurrency trading platform, where you can trade with margin or leverage and you can also do hodl. Here’s a step-by-step way to create an account on Poloniex.

Go to the official website of Poloniex

Access the Poloniex registration page to later follow the step by step that we will give you to register for free.

Select “Sing Up”

Once you are on the platform you must select in the left menu “Sing Up”, where you must enter the email and password, the latter you must confirm it. Additionally, you must place the referral code (optional), as well as accept the terms and policies that govern this page.

Verify your email

Once the previous form has been completed, you must check the email where a link will be sent for the purposes of verifying the email, in order to continue with the account registration process.

Account access

With the email and password data entered, we select “Log In” and access. Among the important things that there are is the “profile”, where you will have to verify your account.

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If you want to apply margin for trading or leverage you must verify your profile in “Upgrade” you will be able to select other aspects that will help you verify your identity, you will probably be asked to upload a file, such as a photo of the DNI or an invoice to verify the address.

Then, in the event that you want to use the future option that allows margin up to one hundred leverage, you have to have verified these things.

This request is totally normal, since it is required by all financial platforms by legal issue, with this you would already have verified level 2 and with it you would not have any type of limit.

Right now, you could make all kinds of deposits, normal purchases with certain fairly high limits.

Two-factor authentication verification

To protect your account you can activate 2FA this is double authentication code, so you must enter a code apart from the password to be able to log in.

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Crypto

How to Invest in Cryptocurrencies on Skrill

If you are one of those investors who do not like to deal with many complicated orders, but prefer to hold long-term, then Skrill is an excellent alternative for you. With the simplicity that characterizes it.

But the question is, how to invest in cryptocurrencies within Skrill? The answer will be shown in this article.

But first log in to your Skrill account, then you could already start the step by step that will be shown below.

Access Skrill’s Cryptocurrency Investment Options

Like any financial platform, Skrill puts at your disposal tools so that you can invest in cryptocurrencies within yourself, doing so in a simple and comfortable way. To access these tools, below, we will describe the following procedure:

  1. Within the home screen of your account, in the left sidebar, find and tap on Cryptocurrencies.

Important: It is likely that when you enter this section, you will be asked to accept some terms or similar.

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  1. Once there, you are presented with different options in terms of cryptocurrencies. From among these, you will select Invest now, clicking on this option.

  1. Once you access that section, you will be shown an extensive list of existing cryptos in Skrill. In each of which, you are given a Trade option. If you click on any of these, you would enter their trading options.

  1. When you have entered the crypto you chose, you will see a Buy – Sell panel.

Ways to trade cryptocurrencies in Skrill.com

In this buy-sell panel or trading box, you will have some options that will allow you to perform these operations:

Steps to buy cryptocurrencies within Skrill

First of all, talking about the purchase of cryptocurrencies in the Instant mode (which is the usual one), you will be able to do the following:

  • Select the currency in which you want to buy cryptos.

  • Set the amount to spend that, for its purposes, must be a minimum of 10 EUR (You are also shown the balance you have available).

  • Select the cryptocurrency in which you are going to invest.

  • See what you are going to receive in cryptos in equivalence for what you have invested.

  • See the commission you will be charged for that transaction.

When you have everything ready, then you can click Next.

After this, you will be able to see the summary of the entire operation; you will be told everything you have added, such as the amount and what you would receive, and also the commission charge, which will be added to the total amount to be spent. If you agree with everything, you can click on Confirm.

Steps to Sell Cryptocurrencies within Skrill

There is not much to comment on in the case of selling your cryptos within Skrill, as they are basically the same steps as in the case of the purchase:

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  • You establish the type of crypto that you are going to sell (and that logically, you should own).

  • You indicate the amount of cryptocurrencies to sell directly or, if you prefer, using the percentage indicators.

  • Select the currency in which you want to receive the funds in equivalence.

  • See how much you will receive, in the same way as the previous case.

Having this ready too, you would click Next.

Following this, you must also click on Confirm in a summary similar to that of the case of the purchase, where you will see important data with which, if you agree, you can proceed to the respective confirmation.

Some other options that Skrill gives you to trade

The options you have in Skrill to trade are very practical and easy to use. And for your convenience, they are not numerous. Here’s what you can find on Skrill for when you want to trade on it:

The Portfolio section

In this section you have at hand some useful things for your negotiations, such as:

  • The Watchlist, with which you can keep abreast of the indices of your cryptos in the market.

  • Alerts and orders. With these options you are given the possibility to mark an index within the cryptocurrency, which, if the price reaches it, this will be notified to your email or mobile, as you have it configured.

  • Recent activity. It is the section where you will get your last financial movements, when it comes to purchases and sales, as is logical.

The Trade section

Within this section, you can do what you are told below:

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  • Visualization of Graphs. This will allow you to take a look at the stock market movement in a not at all complex interface (you can also see the current trend that the market has in terms of sellers and buyers).

As you can see, the trading system within Skrill is not complicated. They are few and simple options, but with the same utility for people like you who do not want to get too entangled in the stock market issue, but to play it safe, but in a simple way.

This tutorial summarizes it this way so that you have a general idea when investing in cryptocurrencies within Skrill.

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