Oraichain Q1 recap and Q2 strategic overview

Published in

Oraichain

10 min readApr 15, 2021

Q1 recap — Setting the foundation for the Oraichain AI ecosystem

Q1 2021 was a quarter full of accomplished milestones for Oraichain. We are really thankful to our 30+ people strong team that made the launch of the Oraichain Mainnet possible (covered by Marketwatch, Markets Insider, Bloomberg and Yahoo finance).

The mainnet is the cornerstone of the company and helps set the foundation for the growth of the Oraichain AI ecosystem. Along with the Mainnet, we launched our first AI-generated music album, deployed 100+ APIs that are the backbone of the future AI Marketplace and introduced the ORAI native tokens and Mainnet Staking.

But that was not all for Q1. We welcomed our new CTO, ORAI tokens were listed on exchanges Kucoin and gate.io,we integrated with Binance Smart Chain and listed ORAI on PancakeSwap. All of this was whilst continuing to boost and enhance the usage of Oraichain services by expanding our network with partners VAIOT and Ocean Protocol. We also added new features such as “auto compound” to enhance the overall experience of yAI.finance — Oraichain’s first DeFi use case.

Being innovators in the AI and Blockchain sector requires a strong focus but also to move at high speed, this sometimes comes with challenges as some projects need to be reprioritized based on business needs to accommodate others. In Q1, we had some amazing progress with developments not initially included in our 2021 Roadmap, such as the integration with Binance Smart Chain, ORAI wallet using the latest Cosmos SDK with IBC support, and we also started the development of Oraichain Dev Studio and our Super Dapp platform. Consequently, we had to move the launch of other projects to Q2 (the UI for the Marketplace, and the launch of aiRight). The first version of the Sub-network of Oraichain keepers is ready and being used for the current testing of the AI farming strategies on yAI.finance.

Q2 — Building the road to adoption

The AI industry is expected to add more than $30 Trillion dollars to the global economy in the coming years. At Oraichain, we are committed to delivering the products and services needed in the ever growing AI economy. In Q2 2021 the pillars for growth will be focused on infrastructure and for developers to build on Oraichain, this will spearhead customer interaction to engage with our solutions, launch and develop innovative products using AI oracles and services, whilst being fully interoperable with our AI services on other blockchains.

aiRight — AI-generated NFTs and copyright

As part of our Dapps ecosystem update, we recently revealed our new patent-pending solution which aims to disrupt the NFT industry solving key problems with the aid of AI. aiRight tackles unresolved challenges in the rising NFT industry.

AI technology is rapidly advancing and is now able to generate many kinds of multimedia art creations. aiRight will allow users to create AI-generated NFTs (image, music, video) and will reward all contributors (for example: AI model providers) creating an incentive-based royalties system that rewards all participants in the chain. This will bolster creativity and innovation protecting the rights of all kinds of creators.

How can we verify the origin and authenticity of digital assets? For example, who created an NFT, with which tool? There is a clear need for a global database that tracks the origin of digital assets to protect creators. aiRight will create a decentralized database, which is trusted and secured, for protecting, tracking & auditing copyrights, automating the process through AI.

The first version of aiRight will be available May’21 with it’s own governance token. More details to follow in the coming weeks.

Scaling yAI.finance

yAI.finance is the first use case and product developed by Oraichain, a DeFi platform using unique AI-based features and strategies. Currently, it offers:

Staking and Liquidity mining for ORAI tokens on Ethereum and Binance Smart Chain.
Portfolio: to track your crypto in your wallet.
aiTracking: a liquidity pool analytics tracking tool (similar to apy.vision)
aiMetric: a tool that shows ROI, Risk score, and Price prediction of pools and vaults across protocols.

As we look towards the future, yAI.finance will aim to become the leading crypto asset management platform, powered by Oraichain AI services which will help it act as an investment fund in which AI-based strategies (such as risk score, price prediction and projected ROI) will be used to automatically allocate investments to find the highest returns, while reducing risk on decentralized pools. The first AI-based strategies will be released in Q2.

Oraichain AI Marketplace — “Amazon for AI”

The Oraichain AI Marketplace aims to become the one-stop-solution for Artificial Intelligence products and services, the “Amazon for AI”, including offerings such as AI APIs, AI models and algorithms, training data, test cases, applications and more. In Q1, we developed the backbone and already integrated 100 AI APIs (https://api.orai.ai) thanks to our in-house team of AI scientists and our partner Rikkeisoft’s AI division. In Q2, the AI Marketplace will evolve as we will:

Build the infrastructure for developers so that they can build their Dapps on a Super Dapp Platform
Integrate the Oraichain Wallet to smart contracts
Develop the infrastructure to be able to offer more AI services
Develop an SDK for the marketplace
Build the Marketplace UI
Build more AI APIs with popular use cases for regular and enterprises uses
Develop the technology for providers and users to be able to connect their wallet and use ORAI tokens to access our AI Oracles directly from within the marketplace

The AI marketplace will also feature an AI Request Hub, a platform that will connect demand of customized AI solutions (mainly targeting enterprises) and supply of AI service providers that will offer and monetize their solutions. We will work on the infrastructure of the Request Hub during Q2 and its launch will be in early Q3.

The Request Hub will utilize Oraichain’s AI Data Hub, launching in June, a platform where AI service providers will be able to contribute with datasets, create test cases for AI training and validation, etc. in exchange for ORAI tokens. The Request Hub will also use Ocean Protocol’s Compute-to-Data technology in order to attract customers and AI solution providers. Oraichain’s Request Hub will also run several AI and Machine Learning competitions to call for an online community of data scientists and machine learning practitioners, which is similar to Kaggle — a subsidiary of Google. Oraichain also intends to fund innovative AI projects via the Request Hub.

By the end of Q2 or beginning of Q3, the AI ecosystem Oraichain will also include the launch of an AI-labelling crowdsourcing online platform (read this article from one of our community ambassadors to understand how AI can help decentralizing data processing and labelling).

The AI Marketplace will be an evolving product and we expect to launch the 1.0 version by the end of Q2.

Oraichain Dev Studio

The Oraichain Developers Studio, a developers hub to build dApps using the Oraichain Mainnet is expected to launch its first version by the end of April or beginning of May. The Dev Studio will help developers by providing IDE (Integrated Development Environment) to build Apps on blockchain by using CosmWasm Smart Contract templates provided by Oraichain. The Dev Studio helps to write code, build, deploy, as well as and simulate call functions in Smart Contracts.

ORAI wallet Android and iOS apps

As we aim to reach more consumers and businesses, it is important that we expand our distribution channels and enable simpler and easier ways to access and store ORAI tokens. In May, we expect to release the first versions of the Oraichain wallet app on the Google Play store, followed by the app for iPhones and iOS devices. We are also working on the integration of the Oraichain Wallet in Cosmostation and Keplr, the 2 most popular Cosmos-based wallets, which should happen by the end of Q2.

Ramping up marketing and new hires

With Oraichain Mainnet live and Oraichain’s core products being built in Q2, we will expand our marketing operations to support the overall awareness of the Oraichain AI ecosystem.

We have already started to establish a presence in the space with global PR campaigns, AMAs, influencer marketing, and partnerships in the cryptocurrency space. As we move into the platform-adoption phase, we are currently shaping our digital marketing strategy with our expert team of advisors and we will be hiring remote experienced roles across the areas of social media management, technical copywriting, motion video and graphics design, AI & Blockchain research, etc. With the launch of the Oraichain Ambassadors program, our community members will have the chance to work directly with us and we expect that a part of our new hires will come through this program (applications to the ambassadors program are always open).

New website and Updated Whitepaper

By the end of Q2, we will also have a newly designed website that truly reflects the vision of our company and the innovative tech we are building. We will also polish and expand our current whitepaper with new information, diagrams and a more comprehensive narrative that explains the Oraichain ecosystem in a more structured and digestible manner.

Brand awareness, positioning, communications, social media, content marketing and lead generation

In Q2, we will increasingly focus on building awareness and educating about the Oraichain AI ecosystem. We build a strategy focused on education, community engagement and customer acquisition creating a full-funnel strategy from awareness to conversion.

We will expand our content marketing engaging directly with leading AI and Blockchain publications to help Oraichain’s core positioning. We will create explainer videos for our ecosystem and key products, infographics, and creative content that resonates with audiences on different platforms. We will build a strong social media presence across platforms and boost outreach through smart audience targeting interests across the AI and cryptocurrency spaces (for example: ads shown to audiences interested in AI companies or similar products and services).

We will start to build lead generation mechanisms on relevant platforms to enhance the acquisition of new customers for our products and developers who will be able to build and integrate solutions through our AI ecosystem.

All in all, we will keep building the branding and positioning of Oraichain expanding our presence as a leading AI and Blockchain company in the cryptocurrency space and in the traditional enterprise B2B and the mainstream B2C spaces.

We set a goal to attract more than 10,000 consumers that use Oraichain services by the end of Q2 2021. We will mainly target end-users of the Oraichain AI Marketplace, DeFi users on yAI.Finance and NFT users for aiRight.

By the end of June, Oraichain will also have enhanced interoperability with a Polkadot bridge to service dapps and protocols based on Polkadot networks, in addition to the Ethereum bridge which has been already developed (not publicly announced yet). With these bridge enhancements and new partnerships, scaling the ecosystem and the interoperability of Oraichain AI oracles and products will be expanded even further.

Q2 is just getting started, it will be a very intense and even a more challenging quarter than Q1 with many key product launches that will enable the next chapter for Oraichain. We will have to put in a lot of effort, but we are confident our 30+ people strong team will work hard to accomplish our goals and set the foundation for further growth in 2021 and beyond.

Thank you for following our journey.

Oraichain team

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