AMA March 10th 2021 | Crypto Players India x Oraichain

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Oraichain

16 min readMar 11, 2021

On 10/03/2021, the Oraichain team held an AMA on the Crypto Players India community with the attendance of our CEO, CTO, CPO and AI Lead. We are glad that new communities are discovering Oraichain and we are pleased to recap the main content of the AMA.

Oraichain team attendees:

Dr. Chung Dao, CEO of Oraichain
Mrs. Noah, AI Lead of Oraichain
Mr. Tu, CTO of Oraichain
Mr. Duc, CPO of Oraichain

I. Introduction:

[Dr. Chung]: 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. There are more than 25 people in our team. They are blockchain specialists, data scientists, engineers, and advisors. In the AMA today, @noah_lampros is AI Lead, @tuorai is CTO, and @duc_phamle is Oraichain Network Lead.

[Noah]: I’m Noah, AI Lead of Oraichain, with a PhD from Keio University, Japan. My day to day work involves designing and developing AI solutions & applications for the Oraichain ecosystem. I’m also a lecturer at Vietnam National University.

[Mr. Tu]: Hi, I’m John, CTO of Oraichain. Proficient in both AI and Blockchain. I make sure to bring the most innovative technologies to Oraichain. I’m also the admin of the Vietnam Blockchain Developers group.

[Mr. Duc]: Hello everyone, I’m Duc Pham, Oraichain Network Lead. I’ve been building Oraichain from its start and my work is to make sure Oraichain is reaching all of its goals. It’s my pleasure to meet you all and answer your questions!

II. Q&A with Crypto Players India

1.Crypto Players India: Can you give a brief description on what Oraichain is about?

Noah: Oraichain is the world’s first AI-powered oracle and we are also building an AI ecosystem for blockchains.

Oraichain is about interconnecting two pioneering technologies, Artificial Intelligence and Blockchain, to reach untapped opportunities.

Unlike regular oracles which merely feed data to smart contracts, Oraichain’s AI Oracle acts as a bridge which connects AI to blockchains by uniquely using AI models to consume and create data on-the-fly via virtual machines on smart contracts. The truthfulness of an AI oracle is verified by using a test case logic. All technical aspects of the Oraichain AI oracle aim to remove any intermediaries when utilizing AI on the blockchain to increase trust and security in processing of data.

2. Crypto Players India: Who are your biggest competitors and how does your offering differ from theirs?

Dr. Chung: We believe that competition is good for growth, but we are more thinking of complementing one another and bringing new innovations to the blockchain space. Some companies working on the same field as Oraichain are Chainlink or Band (oracle platforms), Ocean Protocol (AI and data platform) and others.

These companies focus on specific aspects of blockchain (e.g., data feed, data marketplace, immutable assets). Oraichain focuses more on high-level solutions for a much wider range of applications. To introduce blockchain with unlimited functionalities, we are developing the world’s first AI Oracle mechanism. We are also developing a comprehensive ecosystem of services to transform things into digital assets: not only data, but also AI models, computing power, AI-generated data, solution design, and UI design will be able to become digital assets.

The Oraichain ecosystem will contain an AI marketplace, Data Hub, Request Hub, Publisher Service, Training Service, Dapp Hosting and more services.

3. Crypto Players India: Can you tell me why Oraichain is needed?

Noah: Smart contracts have been a revolution in the blockchain space. However, we are still at an early phase where plenty of improvements can be made to help smart contracts reach a whole different level of usability.

Currently, smart contracts are rigid as they follow strict rules (specific input = pre-determined output) but we need more functionalities for smart contracts to build greater applications with richer user experiences and functionalities which can only be untapped by using Artificial Intelligence.

Oraichain solves the technical problems of integrating AI into smart contracts (strictness, programming environment, and storage size). For example:

- Smart contracts and AI models do not speak the same language. The standard programming languages of smart contracts (e.g. Solidity and Rust) are not the same as the programming languages used in AI models (e.g. Python and Java). Oraichain creates the environment for AI models to be seamlessly integrated into smart contracts.

- Smart contracts often have small storage since it helps reduce transaction fees. As AI models are big in size, Oraichain technology uses virtual machines to optimize data processing and storage capacity of smart contracts.

Importantly, by successfully solving the AI and blockchain integration problem, we believe Oraichain will open up unlimited and unprecedented applicabilities and the creation of a new generation of smart contracts and Dapps.

4. Crypto Players India: Can you expand on the dAPPs that you are building, we here some interesting things in development.

Mr. Tu: AI can be used to generate many interesting multimedia data, which can become non-fungible assets (i.e., NFTs).

The users of our soon-launch Dapp product, called aiRight, can claim the ownership and copyright to those assets and receive royalties whenever the assets are exchanged.

I want to emphasize that this is a unique product that is possible due to the AI Oracle mechanism. NFT-based products enable registration of many kinds of art, and digital assets, but don’t answer how those assets are generated or who created them. In other words, there’s lack of a verification of the origin.

aiRight, on other hand, uses Oraichain’s AI Oracle to verify the generation and probably gives associated copyright to the creator.

One step further, not only the one who uses the tool to create data, but the one who builds the tool and the one who provides the tool can be recognized and receive royalties. This should be a groundbreaking concept to promote creators of many different fields.

5. Crypto Players India: Oraichain Mainnet has successfully launched. Oraichain tokens are already ERC20, BEP 20, and now, native ORAI. What will be the main activities on the mainnet?

Noah: There are a lot of post-mainnet activities we are preparing. All of them are being tested before releasing.

1. The Oraichain mainnet will be opened for any validator and validators can receive at least 29% APY.

2. There is a bridge from ERC20, BEP20 → native ORAI. Anyone can swap to native ORAI and delegate to validators. Delegators can receive at least 29% APY as well.

3. There will be contests for delegating, users on AI-based farming, AI Marketplace, and aiRight applications.

And more will come.

6. Crypto Players India: When can users delegate to the mainnet?

Dr. Chung: The Oraichain mainnet and the bridge are ready. We are working on delegating the backend and the ORAI wallet. We plan to open delegating next week.

7. Crypto Players India: What is the tentative release date for the AI Marketplace?

Noah: We have completed the deployment of 100+ AI API on our AI infrastructure.

All of APIs will be integrated into smart contract-based oracle scripts.

We plan to release in early March.

8. Crypto Players India: People are excited to hear about your next partnership from your previous AMA. Can you give us a hint?

Dr.Chung: We hope to announce soon and have finalised the agreement with our building block pillars, all i can say is it will set a precedent for what to come as we target real world adoption and bridge blockchain. Stay tuned!

9. Crypto Players India: When Binance?

Noah: Yes, we are following the roadmap and more products will be released. And we hope the good thing comes soon. Fighting!

III. Q&A with Community

1.Oracles are generally centralized tools. How do Oraichain’s decentralized oracles differ from others we know? How do you guarantee that your oracles are safe and truly decentralized tools?

Noah : Oraichain develops a new mechanism, AI Oracle. AI Oracles are verified by test case logic directly on smart contracts. No intermediaries are needed (no centralized pain point).

2. Most projects have to go through certain difficulties and challenges, what difficulties do you face and how do you overcome them?

Dr. Chung: The most difficulties are how we come up with real use cases. We have three now: AI-based farming, AI Marketplace, and aiRight. And it is a hard task to make the community understand AI Oracle and its ecosystem.

3. As you know Covid-19 has a large impact on the crypto Market, how can your company maintain its project and also the team that are working hard during this pandemic?

Mr. Duc: We just try and work hard to get over the difficulties. Luckily we can always work remotely so we can still give some outputs

4. What is the most important or unique difference between Standard Oracles and AI Oracles? Why are Artificial Intelligence Prophecies necessary in a system?

Noah: Uniqueness of AI Oracles are (1) logic-based verification; (2) unlimited functionalities; (3) fully decentralized. AI is a great technology for achieving automation. For a fully decentralized Blockchain, you’ll need such automatic functions.

5. What are your major goals to achieve in the next 3–4 years ? And What are your plans to expand and gain more adoption ?

Dr. Chung: You can have our roadmap in 2021 and some in 2022. We still have a very broad plan coming. Please have a look: https://orai.io/roadmap

6. To create the ORAI financial ecosystem, will there be a buyback or burning of a token supply?

Dr.Chung:

258K ORAI will be burned soon as part of the rewards from the initial Liquidity Mining Event. This will happen before March 31st.

7. What kind of use-cases does the ORAI token have? What kind of value does it play and bring to the ORAI ecosystem?

Noah: There’re unlimited potential use-cases with AI & Blockchain combined power. But currently, as showcases for our AI Oracle concept, we’re developing three main products: yai.Finance for DeFi (AI-based farming), AI Marketplace (one-stop-shop AI market) and aiRight (AI-generated NFTs).

8. What’s the focus of the ORAI now? Build and develop products, win customers and users or partnerships? Are there any plans to burn or block unsold $ ORAI tokens, control flexibility, cost and security?

Mr. Tu: ORAI is focusing on the development of three impactful products that showcase Oraichain’s some of the use cases of Oraichain: (1) AI Marketplace, (2) AI-based farming for DeFi in yai.Finance, and (3) aiRight.

1) The AI Marketplace will be designed to be an one-stop shop for AI solutions, training data, test cases, and applications. We’re building an infrastructure for developers so that they can build their Dapps on our Super Dapp Platform.

2) AI-based farming for DeFi is a solution that helps manage yield farming strategies with AI strategies and indicators, optimizing gains by providing automated AI-based solutions.

3) aiRight is a pioneering use case which demonstrates the applicability, versatility, and efficiency of an AI-powered blockchain solution. Something which is as complicated as copyright management and “computer’s creativity” will be solved by aiRight.

9. Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some advice on why they should buy and hold this token/coin in the long term?

Mr. Duc: We’re moving the token usage to real use cases, rather than just a token for trading. Hopefully that time goes by, when the use cases are more clear and usable, users can fully understand the benefits that we deliver

10. Projects that are not traded on major exchanges remain unnoticed. What do you think about listing the token on the leading exchanges?

Dr. Chung: We are a young project. And when our use cases are completed and more investors know the project. We believe that ORAI will be on more leading exchanges. We are already on Kucoin, one of the leading exchanges.

Kucoin: https://trade.kucoin.com/ORAI-USDT

11. For the success of a project, investors, community and developers play a major role. What is the ORAI strategy to get them involved?

Noah: We are very fortunate to have a very strong community. Our developers are also top of the game with 5phds in Blockchain and AI technologies. We’re always trying to send the message to the world to our investors, making development as transparent and honest.

12. What is the most important or unique difference between Standard Oracles and AI Oracles? Why are Artificial Intelligence Prophecies necessary in a system?

Mr. Tu: Unlike regular oracles that merely feed data to smart contracts, AI oracle acts as a bridge which connects AI to Blockchains by uniquely using AI models to consume and create data on-the-fly via virtual machines on smart contracts. The truthfulness of an AI oracle is verified by using a test case logic. All technical aspects of the Oraichain AI oracle aim to remove any intermediaries when utilizing AI on the blockchain to increase trust and security in processing of data.

13. Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?

Dr. Chung: Our team is public and we have very good partnerships. That’s the proof of our trust.

Our current partners now: Rikkeisoft, KardiaChain, Halborn and VAIOT.

14. 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?

Noah: Vision is Blockchain with more intelligent functions than just being a distributed database. It’s not just “simply”, it’s already an achievement in technical possibility. We will not revolutionize the DeFi section, we’ll target many other sections such as: Enterprise, Web3, and even Academia.

15. I saw many people saying that NFTs are the next ‘Trend’. I also saw some use-cases of NFTs in crypto space. What do you think about the evolution of NFTs in crypto space and the real world? Does Oraichain launch any NFT in future?

Noah: Yes, NFTs are exciting.

NFT-based products enable registration of many kinds of art, and digital assets, but don’t answer how those assets are generated or who created them. In other words, there’s lack of a verification of the origin.

Our aiRight, on other hand, uses Oraichain’s AI Oracle to verify the generation and probably gives associated copyright to the creator. This is about enabling AI-generated NFTs.

16. Asia, Africa and other communities are Non-English speaking communities, how will Oraichain create global adoption to more local communities ?

Noah: We have plans to adopt our communication to Non-English speaking communities.

Also, we plan to roll out our ambassador programme soon, and as part of our strategy in raising awareness is with local representatives and communities. We recognise the emerging nations as integral for blockchain adoption and will also onboard with our partners as we are a global company.

17. It’s quite unfortunate that many projects have infiltrated the market with just white papers without having any genuine use cases. What are the main utilities of #Oraichain?

Mr. Duc: We’re developing aiRight, which is our unique product, and it is not something just coming out of the whitepapers. So stay tuned!

18. How are you going to market and create demand for your Oracle AI and AI Marketplace products in this competitive crypto space?

Dr. Chung: There is a huge demand and use cases of using AI on smart contracts. We also focus on AI ecosystems that there is a huge huge demand as well. “According to Reportlinker, the global blockchain market size is expected to grow from USD 3.0 billion in 2020 to USD 39.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 67.3%. However, traditional blockchain oracles have reached a bottleneck due to an inability to access data and APIs in a scalable, interoperable, accurate and secure manner — This is where AI can add Value.”

Please take a look at our PR: https://www.bloomberg.com/press-releases/2021-02-24/get-ready-for-smart-contracts-2-0-oraichain-launches-new-ai-powered-blockchain-network-kljg4uw2

19. I am a crypto hacker. Do ORAI think your ecosystem is safe with me ? Does your project have reward or something for who finds the bug of your ecosystem ?

Noah: We’ll have a program for bug bounty soon. Please work with us

20. I am an investor of $ ORAI and I have noticed that it has had an exponential growth in the last few days, what are the profits of holding in the long term?

Noah: Thank you. Holding $ORAI long term is giving us support to continue development. The rewards will be worth, I believe. The partnerships and listings will be announced in due time.

21. 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?

Dr. Chung: Please have a look at this tweet: https://twitter.com/DreadBong0/status/1369602709406412801

ORAI token is used for AI Oracle requests, AI services, and data services.

22. I am a newbie in crypto and blockchain so how will the ORAI team target and educate people who don’t know about blockchain and crypto?

Dr. Chung: We plan to have more educational content showing the use cases of AI specifically to blockchain. We want to utilise our background in education to help showcase the benefits that’s easy to understand. Our “Data Scientists’’ channel https://t.me/oraiai is also a great starting point for any questions.

23. Trust is very important in business. So, what makes investors, customers and users feel safe when working with Your project?

Mr. Duc: We provide all information of the team members out there for transparency. We have also been delivering what we promised. Hope that such actions can help you understand and trust us more.

24. Why doesn’t the conventional blockchain include an AI model?

Dr. Chung:

25. How does AI based Api help in improving user experience ? Can you please give some examples?

Noah: AI can help recognize user behaviours and adapt accordingly. Moreover, AI on Blockchain will give us one higher level of user experience, when trust is increased, efficiency with payment is default.

With AI & Blockchain, we can build a generation of new Super Dapp. Our aiRight is an example.

26. What are the major milestones You achieved so far & what are in the future pipeline?

Noah: Delivered on time in 2021:

- 100+ AI APIs

- Etherium Bridge (it is ready but still hasn’t been officially announced)

- Binance Smart Chain Bridge

- Oraichain Mainet

On-going:

- Completion of AI Ecosystem

- Super Dapp Infrastructure

- Release of AI Marketplace 1.0

- AI-based farming launch

- Polkadot Bridge + Parachain build to be run on Kusama

- Oraichain keepers

- Competition of AI Request and Solution

And quote a lot more, please visit orai.io/roadmap and read our extended medium article: https://medium.com/oraichain/oraichain-2021-roadmap-f6c317428262

27. Which area are you focusing on at the moment? (DeFi, Stake,Dapps..) and what are your goals for this year ?

Dr. Chung: We focus all on DeFi (AI-based farming), stake (on yAI.finance), Dapps (our aiRight and AI Marketplace).

28. ORAI is obviously very beneficial to we crypto users. However- how do you plan for ORAI to be useful and beneficial to the majority of non-crypto people?

Noah: Yes, non-crypto people are also our targets with Oraichain projects. We’re building a comprehensive ecosystem and a new generation of dapps, which can motivate people to contribute and receive royalties.

Royalties will be a key road to financial freedom of even non-crypto people.

29. What is the Vision and Mission of the ORAI platform to make $ ORAI token have very high demand?

Dr. Chung:

30. Where does the project name come from? What does it mean for you and why did you choose that name for your project?

Noah: It comes from Oracle + AI + Blockchain

31. What do you think about the evolution of NFTs in crypto space and the real world? Does Oraichain launch any NFT in future?

Dr. Chung: We launch aiRight, copyright certificate for AI-generated NFT. aiRight is a pioneering use case which demonstrates the applicability, versatility, and efficiency of an AI-powered blockchain solution. Something which is as complicated as copyright management and “computer’s creativity” will be solved by aiRight.

32. Apparently, many blockchain projects are not solving any real problem, they just exist to sell their tokens. What problems exactly is ORAI solving, and solutions you provide?

Noah: It’s because Blockchain is originally just a distributed database 🙂All functionalities you may want in order to solve real problems need AI. Oraichain helps us realize a lot of potential.

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 base for the creation of a new generation of smart contracts and Dapps leveraging AI, aiming to revolutionize the Artificial Intelligence, DeFi, and Blockchain industries.

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, 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. Oraichain AI Marketplace offers AI products and APIs with the goal of becoming the one-stop-shop for Artificial Intelligence services.