Oraichain AMA Recap
CryptoDiffer team
Hello, everyone!😁
We are glad to meet here
Dr. Chung Dao, CEO & Co-founder of Oraichain
CryptoDiffer team
Q1: Can you introduce yourself to our community ?
CEO & Co-founder of Oraichain, Dr. Chung Dao
My name is Chung, CEO of Oraichain, the world’s first AI-powered Data Oracle. I got my Ph.D. in Computer Science from The University of Tokyo. I have been researching and developing on blockchain for 5 years. Moreover, I am also co-founder for one of the top 5 IT and AI companies in Vietnam with offices also in Japan.
CryptoDiffer team
Q2: Can you briefly tell us what is Oraichain in 3-5 sentences?
CEO & Co-founder of Oraichain, Dr. Chung Dao
Yes, Oraichain is a data oracle platform that aggregates and connnects Artificial Intelligence APIs to smart contracts and regular applications. It is the world’s first AI-powered data oracle that can boost both Blockchain, DeFi, and AI.
The FIRST product using AI services on Oraichain is yAI.Finance: https://yai.finance
Oraichain has all features of typical oracle platforms (Chainlink, Band protocol, Tellor) and AI platforms like Ocean protocol.
CryptoDiffer team
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
CEO & Co-founder of Oraichain, Dr. Chung Dao
We already released Oraichain testnet (alpha version), AI-based DeFi Strategies on yAI.Finance platform (beta version), and AI Marketplace (alpha version)
Our next upcoming milestones are:
1. Oraichain testnet (beta version) with a validator rewards program in December. Anyone with enough ORAI tokens can participate in the program to earn more rewards.
2. Ai-based Defi strategies on yAI.Finance platform (production) in December that will be based on a metric of ROI, risk score, and price prediction.
3. Oraichain mainnet will be ready in January (we are trying our best and more developers from our Rikkeisoft partner have joined us)
4. 100 AI APIs on AI Marketplace in January. We hope more AI companies will join our marketplace and sell their AI here.
That is our 4 upcoming important milestones.
CryptoDiffer team
Awesome, a lot of updates to come out!
Thank you for great answers!
I think it is time to start community questions round!
Cryptodiffer Community
What is Oraichain strongest advantage that you think will make your team leading the market? In contrast, what is your weakness and How do you plan to overcome it?
CEO & Co-founder of Oraichain, Dr. Chung Dao
We have good blockchain and AI teams and more talents from our Rikkeisoft partners have joined us from Dec (15 developers). We are still 2 months old and creating technology at an amazing pace. December and January are big months for us. We hope to deliver all products following our roadmap.
Cryptodiffer Community
The roadmap says AI Marketplace (alpha version) ready in October. but i find nothing useful there. there are two modals for ETH & BTC prices which do nothing. can someone tell me where i can find anything useful this oracle is offering?
CEO & Co-founder of Oraichain, Dr. Chung Dao
It is a proof that our testnet is working. The next big thing is a full version of AI Marketplace with more AI stuff. Moreover, AI-based farming startegies on yAI.Finance is the first use case where we show how AI-powered oracle Oraichain works.
Our AI-based strategies will be written to both Oraichain and Ethereum and then other DeFi project can reference and deploy as well.
Cryptodiffer Community
Really what is the mission and vision of this Oraichan project? is it simply developing a blockchain platform associated with artificial intelligence that empowers and takes DeFi to another level?
CEO & Co-founder of Oraichain, Dr. Chung Dao
The aim is to provide a more accurate data oracle that is more difficult to cause arbitration with flash loans and malicious intent. With AI you can mitigate the outlier data as an exception to avoid those anomalies which is pulling in the relevant data.
Let me describe our mission and vission in more detail:
Oraichain vision: To Interconnect AI And Blockchain Platforms And Help Them Realize Their Full Potential
We have following products to achieve:
AI-based DeFi Strategies: outperforming CORE and Yearn.Finance
Blockchain-powered AI Marketplace: striving to be the market leader in a space with Rapidapi.com
Blockchain-powered AI Publisher & Marketplace: striving to be the market leader in a space with Google AI and IBM AI
AI Dataset Trading: outperforming Ocean protocol
Request for AI and AI Competition: striving to be the market leader in a space with Kaggle.com
Cryptodiffer Community
How many validators are there in the Oraichain network? Is there a theoretical chance that 2/3 of network validators will act maliciously?
CEO & Co-founder of Oraichain, Dr. Chung Dao
The maximum number of validators that can produce blocks in the Oraichain network is currently 100. However, the list is updated frequently based on the voting powers of the validators. Only the top 100 validators with highest amount of ORAI tokens staked will be able to produce new blocks and earn rewards. Theoretically, there is a chance that 2/3 of the network validators will act malliciously, but it is against the nature of a POS consensus system. If a validator acts maliciously, delegators will tend to withdraw their staked tokens to other honest validators. This is because if that validator gets caught, a large amount of its & delegator tokens will be slashed, and no investor wants that. As a result, naturally the top validators that can produce blocks are the most honest blocks among all.
Cryptodiffer Community
Oraichain announced a strategic partnership with Rikkeisoft. Can you talk about your long-term plans for Oraichain in partnership with Rikkeisoft, what are you planning to achieve?
CEO & Co-founder of Oraichain, Dr. Chung Dao
Rikkeisoft plays a role as a team member and will stay with us in 5-10 years. They have a huge pool of talents who will help us to expand Oraichain products. Rikkeisoft’s chairman will join our board of members. He is Top 30 Under 30 Forbes Vietnam.
Moreover, Rikkei AI will provide their AI APIs on Oraichain’s AI Marketplace and help to find more AI companie partnerships.
Cryptodiffer Community
Does Oraichain have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to Stake to invest?
CEO & Co-founder of Oraichain, Dr. Chung Dao
Great question, we are currently reviewing our tokenomics and as mentioned in our recent medium article there will be a sizeable burn in the new schedule. We will keep our community updated over the coming weeks.
Cryptodiffer Community
Test cases are one of the features of Oraichain. How to motivate an AI provider to work and deliver quality services?
CEO & Co-founder of Oraichain, Dr. Chung Dao
Test Cases are one of the features that makes Oraichain unique. In order for an AI provider to earn ORAI tokens, it must pass the test cases required from the user in order to get paid. Moreover, test case provider is an independent party that is different from the AI provider, so AI providers need to produce quality models & services in order to earn tokens on the Oraichain network.
Cryptodiffer Community
What advantages does Oraichain have to become the most trusted data provider? And is the ORAI token used as a payment method for data transactions?
CEO & Co-founder of Oraichain, Dr. Chung Dao
We have Testcase providers who will help to check the quality of AI services. The proof of AI transactions will be written to Oraichain network and Halborn is helping us to audit the Oraichain network. We think it will be very safe. Note that Oraichain is based on Cosmos Network.
ORAI token will be used to pay AI transactions on the network.
Cryptodiffer Community
Using AI, Oraichain offers great business solutions, but not everyone makes blockchain decisions. What are the Oraichain strategists to convince them and make the blockchain mainstream?
CEO & Co-founder of Oraichain, Dr. Chung Dao
For our AI Marketplace, it will attract many end-users who don’t know AI transactions are executed on a oracle platform. They can pay AI services using ORAI or directly using credit cards (fiat is converted to ORAI).
Cryptodiffer Community
Explain how ” staking and Earning ” work with ORAICHAIN platform ?
What are those requirements needed to stake, is there a minimum /maximum amount of token to be staked ?
CEO & Co-founder of Oraichain, Dr. Chung Dao
There are two main entities in the Oraichain network: Delegators & Validators. Delegators are those who stake their tokens onto one or more Validators. Validators are those who actually produce new blocks and handle transactions. By staking, Delegator earns a specific amount of tokens shared with the staked Validators. For delegators, there is no minimum / maximum amount of tokens to be staked, and there are not requirements either.
Cryptodiffer Community
How does Oraichain protect against technical errors and inaccurate Data? What is the main difference between Oraichain oracles and other oracles such as Band Protocol, Chainlink, etc.?
CEO & Co-founder of Oraichain, Dr. Chung Dao
The main differences between Oraichain and other oracles:
+ 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 any one 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.
A specific example of price gathering is:
Chainlink: Input data can be raw data (e.g., weather data, price data)
Orai: Raw input data will be passed to AI models to obtain a prediction result before written on chain; Hence the name “AI-powered data Oracle”
Cryptodiffer Community
I have seen that you have done many AMAs, my question is, what do you expect to get from so many AMAs and what are your goals with the community? Do you consider the community to be a fundamental role in the project?
CEO & Co-founder of Oraichain, Dr. Chung Dao
Yes, the community is our first priority. All of our decisions must avoid the negative pressure on the price and keep a long-term project. With ambitious vision, it will take time to achieve, but it will be interesting.
Cryptodiffer Community
How are you going to market and create demand for your Oracle AI and AI Marketplace products in this competitive crypto space?
CEO & Co-founder of Oraichain, Dr. Chung Dao
At the first step, we will provide AI and data mining stuff like risk score, price prediction, ROI, and Anomaly detection on Oraichain. Other DeFi projects will fetch them from Oraichain.
For AI Marketplace, not only dApps but also typical users and applications can use AI services. It will be free to use at the beginning. The transaction fee will applied later.
Cryptodiffer Community
Many people are sceptical that the oracle problem can never be completely resolved. How do you respond to this? What do you think about the future of the oracle in the blockchain space?
CEO & Co-founder of Oraichain, Dr. Chung Dao
The future of the oracle is that it can help blockchain expand and grow more. As you can see from the history of blockchain, from Bitcoin to now Defi. In the future, we believe that oracles will help connect and provide more features from other domains with quality data, not just from within the blockchain itself. Looking at other technologies that use to have no solutions, we are positive that oracle problems will eventually have answers, and we are sure that we will be ready when the time comes
Cryptodiffer Community
What are Oraichain’s competitive advantages over other market data providers like BAND or Chainlink? How do you collect data when the market is actively manipulated?
CEO & Co-founder of Oraichain, Dr. Chung Dao
You know AI can detect manipulation somehow and DeFi products can check it on Oraichain, for example anomaly detection on DAI price (Compound liquidation)
A specific example of price gathering is:
Chainlink: Input data can be raw data (e.g., weather data, price data)
Orai: Raw input data will be passed to AI models to obtain a prediction result before written on chain; Hence the name “AI-powered data Oracle”
Cryptodiffer Community
Who can take part in the governance of ORAICHAIN project?
CEO & Co-founder of Oraichain, Dr. Chung Dao
All ORAI holders can join the governance of Oraichain network and its ecosystem.
Cryptodiffer Community
What is main project of orai?
CEO & Co-founder of Oraichain, Dr. Chung Dao
Oraichain is the main project since yAI is just a product using AI services on Oraichain.
Cryptodiffer Community
All project coins have their main Utilities & real-life usecase! So, Can you tell us what are the main role of your coin in your ecosystem? Explain it’s Utilities & Real-Life usecases? and Why should i invest in your coin for long term?
CEO & Co-founder of Oraichain, Dr. Chung Dao
When ORAI mainnet is officially launched, the ORAI token is required to secure and power the decentralized oracle network of validators. The native ORAI token is used in different scenarios below:
– Staking for validators: all validators are required to stake ORAI in order to be selected to create a block or fulfill data requests.
– Transaction fee: the ORAI token is required in order to run an AI request sent to the Oraichain network.
– Participation in Oraichain Governance: the Oraichain network is organized in the DAO manner, all protocol upgrades and parameter changes must be voted by token holders.
Cryptodiffer Community
How do you encourage new developers and teams to use Oraichain and create their own AI oracles? What real data and APIs can Oraichain connect to a smart contract?
CEO & Co-founder of Oraichain, Dr. Chung Dao
We have a reward program for AI developers who provide their AI APIs on Oraichain. We also have AI publisher that helps to execute and publish their AI models.
There are below scenarios where AI is very useful and necessary for smart contracts.
– AI-based farming strategies using ROI, risk score, and price prediction
– Identification based on biometric methods, such as face and fingerprint
– Automated trading based on price prediction
– AI strategies lending based on credit scores
– Comparison of two products from their photos
– Evaluating the price of game items
Cryptodiffer Community
DeFi applications need accurate and reliable data. How can the Oraichain guarantee the correctness and accuracy of data? What are the penalties for validators who perform malicious acts such as double signatures or have downtime?
CEO & Co-founder of Oraichain, Dr. Chung Dao
Oraichain guarantees that the data is collected in a correct manner and stored correctly. The AI providers are responsible for providing good accuracy models, while the validators need to make sure that they retrieve the data from the AI providers correctly. The test cases also play a major role in verifying the quality of the AI Data Sources of the AI providers. The penalties are token slashing and jail time. It means that if one act maliciously, a percentage of its tokens will be slashed, and it will not be able to produce new blocks for a period of time
Cryptodiffer Community
Talking about a booming Defi … so does the OraiChain have the features and plans that are going to boom?
CEO & Co-founder of Oraichain, Dr. Chung Dao
Our first use case or partner yAI.Finance is doing well in the DeFi with AI-based farming strategies.
For other aspects of DeFi, we are working on smart price feeds, Anomaly detection, and so on.
Cryptodiffer Community
Can I become a member and what are the conditions for participating in the beta testing of the Oraichain platform? Are you planning to launch Bug Bounty for Developers?
CEO & Co-founder of Oraichain, Dr. Chung Dao
if we are planning to do so, you can. Please keep following our official channel for our future updates, thanks !
Cryptodiffer Community
Where do you see Oraichain in the nest couple of years from now?
When will the yield Farming be on and what pairs will ORAI be with?
CEO & Co-founder of Oraichain, Dr. Chung Dao
Please check our above vision and we are striving to be the market leader in AI-based farming strategies, AI Marketplace, AI Publisher, and AI dataset trading, and PROOF of AI training.
The production of AI-based farming strategies will be started soon in December, after that we will add more pairs to yAI.
Cryptodiffer Community
What are the latest achievements of the Oraichain project? And could you elaborate on ongoing development efforts such as market expansion plans, security audits, and staking programs?
CEO & Co-founder of Oraichain, Dr. Chung Dao
Currently we are mainly focusing on the testnet beta development, where we want to make sure that the it is simple for the validators to join in, and we are also connecting more AI APIs with Oraichain to deliver more features to the system. About the future plans, please follow our official channel for more updates.
Cryptodiffer Community
What are your top security lines for Oracle Oraichain protection and auditing? Can a validator error lead to a lot of risk, for example when manipulating Oracle Oraichain?
CEO & Co-founder of Oraichain, Dr. Chung Dao
Halborn is working with us to audit the whole Oraichain network and validators’ security. All oracle script will be run on Docker, a seperate environment, that should be very safe.
Cryptodiffer Community
Where we can get all the latest news about your project? Do you have Twitter/Telegram community? If yes can you share the link here because there is a lot of fake telegram/twitter groups?
CEO & Co-founder of Oraichain, Dr. Chung Dao
Most of our latest news are posted via official telegram channel, twitter and medium. You can find them here: https://twitter.com/oraichain?lang=en
The twitter contains all official channels we use in the description, please follow them. Thank you!
Cryptodiffer Community
About your yield farming… Will there be a governance vote where Orai token holders get to vote on new tokens being added to the vault?
CEO & Co-founder of Oraichain, Dr. Chung Dao
The detail plan of how yAI.Finance is governed will be disclosed later. Stay tuned!
Cryptodiffer Community
As an AI provider, how can I contribute positively to the growth of the Oraichain platform?
If I render a service to the Oraichain platform, is it possible that I get paid in Usdt?
CEO & Co-founder of Oraichain, Dr. Chung Dao
For now, you can provide us awesome AI models and publish them on our platform. If the users use them and get results that pass the test cases, you get paid with ORAI tokens.
Cryptodiffer Community
Since many people still doesn’t have any idea about this project like me.. what would be the best way for you to promote and improve this project and attract more people?
CEO & Co-founder of Oraichain, Dr. Chung Dao
Our Samorai and me are always willing to support and explain to new investors. Our marketing is going on and more investors pay attention to Oraichain now.
Cryptodiffer Community
How do you encourage new developers and teams to use Oraichain and create their own AI oracles? What real data and APIs can Oraichain connect to a smart contract?
CEO & Co-founder of Oraichain, Dr. Chung Dao
All we can say is that AI Oracle is an absolutely new field with a lot of potentials going on. real data and APIs using AI can be face recognition, fake news and more. Hopefully more developers will enter this field and create an even larger ecosystem with many more great features.
CEO & Co-founder of Oraichain, Dr. Chung Dao
Thank you all for your questions today. It is motivating us a lot and we are keeping to deliver more. We will recap later.
Cryptodiffer TEAM
Thank you for your time! Great answers!
Thank you everyone who took part today!
