Oraichain Launches Mainnet 2.0, Paving the Way for AI Innovation in Blockchain
Oraichain, the AI-focused platform within the Cosmos ecosystem, has just announced a major upgrade to its mainnet. The Oraichain Mainnet 2.0 launches today, bringing substantial improvements to scalability and interoperability and also opening a new decentralized exchange, OraiDEX. The move is a further step in Oraichain’s quest to bring the power of AI to blockchain-based smart contracts, enhancing its existing VRF (verifiable random function) and oracle service.
The main headline from the press release issued by Oraichain is the introduction of Layer 2 rollups to the mainnet. This feature will vastly increase throughput, as it takes transaction processing off the main chain. Transactions are bundled, compressed, and processed off-chain before a hash of the results is recorded on the main chain for verification and security.
In a similar way to how platforms like Arbitrum or Optimism achieve scalability for Ethereum, this upgrade will enable Oraichain to offer app developers up to 10,000 transactions per second and processing speeds of under two seconds.
Along with the Layer 2 functionality, Oraichain is also rolling out standardized infrastructure protocols, creating an AI Layer 1 for decentralized applications. Developers can access the platform’s decentralized data and AI services, along with SDK tools to support the building of intelligent dApps.
Oraichain Mainnet will be upgraded after this proposal is passed 💪 https://t.co/jbdvgo9Dye
— Chung Dao (@chung_sfc) March 24, 2022
Then all IBC relayers will be started and OraiDEX is ready to go.#ORAICHAIN #Oraichain_Mainnet2 #OraiDEX #AI_Layer_1 pic.twitter.com/YFHuj099N2
Finally, the OraiDEX is also launching as part of the Mainnet 2.0 to facilitate the swaps of tokens and assets issued within the Oraichain ecosystem and other EVM-compatible tokens via a bridge.
Why Does Blockchain Need AI?
The convergence of blockchain and AI offers a multitude of benefits for each discipline. Blockchain transactions are transparent and traceable, offering a much-needed boost of trust in AI algorithms that are often criticized for being too opaque. The challenge with these “black boxes” is that if something goes wrong, let’s say an algorithm ends up demonstrating bias, it becomes impossible to demonstrate in any meaningful sense.
Harnessing decentralized networks can also help to manage the vast amounts of data involved in AI, as it distributes the processing load over many machines, reducing the dependence on centralized data centers. Currently, demand for data centers providing computing capabilities is at an all-time high, creating a huge opportunity for firms like AWS. However, decentralized alternatives like Solidus are selling themselves on being a more eco-friendly option.
AI can also level up what’s possible on a blockchain, and this is the specific area that Oraichain is aiming to address with its “bridge” for AI oracles to smart contracts. For example, in DeFi, traders could execute more sophisticated automations into their trading strategies based on predictive modeling. AI algorithms could also analyze a user’s transactions to assess credit risk, reducing the need for over-collateralization in DeFi.
Beyond the financial, medical, and healthcare records on a blockchain offer ripe potential for AI analytics to support diagnostics and help identify epidemiological trends.
AI in the Metaverse
When it comes to the metaverse, the power of AI will be unrivalled. Just consider how valuable AI algorithms have been to Web 2.0 companies in serving up feeds customized to each individual. In a metaverse environment, AI could ensure that each person’s experience is tailored to their own preferences. For example, when they walk into a virtual store, by highlighting offers and products that match the person’s previous purchases.
With the mainnet 2.0 now live, Oraichain is gearing up to deliver on the rest of its 2022 roadmap, which includes developing “infrastructure as a service” for applications and metaverse projects on the Oraichain mainnet and making AI oracles available to other blockchains. Given the wide potential use cases, we can expect projects that converge blockchain and AI to take up more prominence over the coming months and years.
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