AIRI Token

Published in

Oraichain

6 min readMay 19, 2021

AIRI, or aiRight Token, is the foundational token of aiRight with three main objectives: governance, farming, and utility.

Update (9 June 2021): IDO was canceled and the original IDO allocation of 100M AIRI tokens will be burned after the listing date. This cancellation will enable aiRight to preserve the roadmap schedule and the objectives of AIRI token.

Update (22 May 2021): This version is updated from the original published version of the article. We decided (1) to adjust the allocation percentage, (2) to reduce the Emission, and (3) to lessen the amount of ORAI-AIRI swap via Reserve Pool and Emission in order to reduce the inflation rate of AIRI and overall give AIRI holders more benefits of holding and farming with AIRI.

What is aiRight?

aiRight is the world’s first all-in-one NFT creation and copyright management platform.

Users can generate AI NFTs, protect origin with copyright issuance, trade and tokenize unique artworks, taking advantage of our complete royalty mechanism for contributors on-chain.

Oraichain is proud to be the ecosystem provider of aiRight: securing AI functionalities via AI Oracle, accessing Marketplace, organizing Galleries for DeFi, and cross-chain bridging for NFTs.

More details for aiRight can be found here.

What is AIRI Token?

AIRI, or aiRight Token, is the foundational token of aiRight with three main objectives: (1) governance, (2) farming, and (3) utility.

Governance: AIRI holders have the right to participate in governing the policy decisions on aiRight platform that include the service fee rate, buyback and burn policy, farming rewards, profit sharing, as well as all future utility integrations.

Farming: AIRI tokens are the rewards for yield farming on aiRight via Gallery or Gallery Token Pool.

For more information about Gallery and Gallery Token Pool, please visit our explanatory video or the recap article.

Utility: AIRI token lives in Binance Smart Chain (BSC) , but it will rely on its own token, not BNB, for its services; therefore, some services such as NFT marketplace, gallery creation, and farming fee will require AIRI tokens for payment. This is a rational choice to build an internal economy within the aiRight system.

Supply

The tokenomics of AIRI are as follows.

Supply: Total initial supply (2,000,000,000 AIRI) + Emission (100 AIRI/block)
Initial Circulating Supply: 140,000,000 AIRI (Liquidity + a portion of marketing)
Initial Market Cap: $350,000

Total initial supply:

Note 1: AIRI airdrop is distributed with 1-month vesting time.
Note 2: ORAI-AI swap is supposed to enable ORAI holders to participate in the aiRight platform directly.

Emission:

The starting emission rate is 100 AIRI per block. 85% of emissions are distributed to farming pools on aiRight as rewards, while the other 15% are used for development and operational expenses. The emission rate and token limit can be adjusted in the future via governance proposals.

Highlights

1. AIRI airdrop distribution

ORAI token holders, including token stakers, liquidity providers, validators, and delegators have the privilege to receive a free AIRI token airdrop. Oraichain as the founding ecosystem provider for all of its unique products will continue to share exclusive benefits to ORAI token holders.

The amount of AIRI tokens that each eligible ORAI holder wallet can receive via the airdrop will be announced in the near future.

2. ORAI-AIRI swap and burn

Oraichain enables its ORAI token holders to immediately participate in the aiRight platform via a swapping mechanism for ORAI tokens: ORAI token holders can swap ORAI for AIRI with a discount and 6-month vesting time. This kind of direct swap will last in one year in several campaigns.

Notice that all swapped ORAI will be burned. The details of this ORAI-AIRI swap and burn will be announced in due time too.

3. Reserve allocation

This allocation will help to secure the policy governance on aiRight at the beginning as well as provide incentive rewards for farming. We will gradually (e.g., weekly) burn AIRI tokens from this allocation as soon as the aiRight system gets stable and they are no longer necessary.

AIRI buyback and burn

When the aiRight system operates, a portion of profits which are gained in form of service fees (NFT marketplace, gallery, and farming) will be used for AIRI buyback and these tokens will be burned too. This is to create a greater deflationary pressure and value of AIRI tokens.

Why do we need the AIRI token?

“Okay, aiRight is great and AIRI token is promising. But why don’t we use the ORAI token as the governance token of aiRight as well?”

Oraichain’s mission is to secure and validate AI on-chain for various blockchains, so it needs to remain a governance-minimalist (like other L1 chains). The goal of Oraichain is to provide the base layer of functionalities to a much broader set of applications, and while aiRight is an exemplified one, many unique applications will be built on the Oraichain Mainnet. Consequently, being minimalist in governing policies that are essentially related to the AI and Blockchain ecosystems on Oraichain is necessary.

Specifically, aiRight consumes the AI Oracle services and ecosystem of Oraichain to provide a wide set of unique AI x NFT x DeFi features, such as AI-based NFT generation, NFT marketplace, NFT gallery, and NFT farming. It’s undeniable that the sharing of the overall profit and decision on how the reward distribution should be governed by solely AIRI token holders.

Crypto Tokens on aiRight

The following diagram summarizes the interactions of crypto tokens will be involved in the aiRight platform: ORAI, AIRI, BNB, Gallery tokens.

Summary of AIRI Main Advantages

AIRI as a farming token: serves as rewards for every Farming Pool as well as Gallery on aiRight.
AIRI as a governance token: AIRI holders have the right to govern the fee rate and participate in all future utility integrations.
AIRI is bought-back and burned based on the gained fee on the platform to improve the value of AIRI tokens.

About Oraichain

Oraichain is the world’s first AI-powered oracle and ecosystem for blockchains. Oraichain data oracle platform aggregates and connects Artificial Intelligence APIs to smart contracts and regular applications. Founded by Dr. Chung Dao, Oraichain’s mission is to be the portal between AI and blockchain technologies, serving as a foundational layer for the creation of a new generation of smart contracts and Dapps leveraging AI.

Unlike regular oracles using raw data, Oraichain’s AI oracle uniquely uses AI APIs to process and create data on-the-fly via virtual machines on smart contracts. Data quality, reliability and security are enhanced by using test cases, which help to avoid intermediaries, increase trust and open up unprecedented application functionalities.

Beyond data oracles, Oraichain interconnects Artificial Intelligence and Blockchain technologies. With AI as the cornerstone, the Oraichain ecosystem contains an AI marketplace, a Data & Request Hub, Publisher Service, Training Service, and Dapp Hosting.

Oraichain network provides the infrastructure and consensus mechanisms for Blockchain and AI training. These interconnected ecosystems accelerate the development of Web3, DeFi, enterprise and academia applications. yAI.finance is the first use case of Oraichain, a DeFi platform using unique AI-based features and strategies. aiRight brings AI NFT creation and copyright generation to blockchain. Oraichain AI Marketplace offers AI products and APIs with the goal of becoming the one-stop-shop for Artificial Intelligence services.