Tortola, British Virgin Islands, 24th March, 2022,
Oraichain, a leading Artificial Intelligence-powered oracle and blockchain ecosystem supplier, today announced a major upgrade of the Oraichain Mainnet to version 2.0, introducing Layer 2 Rollups to accelerate its AI Oracles and service execution subnetworks.
Oraichain Mainnet 2.0 is a major upgrade that paves the way for mass adoption of AI and interoperability with other chains in the blockchain space. It brings higher interoperability through relaying protocols, bridges and inter-block communication within CosmosSDK-based networks, customized Layer 2 Rollups to significantly increase scalability, and standardized infrastructure protocols to enable the adoption of dApps on the Mainnet, creating an AI Layer 1 for dApps. In addition, the release of Mainnet 2.0 coincides with the launch of Oraichain’s long-awaited decentralized exchange, OraiDEX.
Oraichain is the world’s first AI-powered oracle and ecosystem for blockchains. It’s working to revolutionize AI and blockchain to make the two technologies compatible and integrable. The launch of Mainnet 2.0 is a key milestone on Oraichain’s mission to become the first AI Layer 1 in the blockchain space, with a complete AI ecosystem that will serve as the foundation for a new generation of smart contracts and intelligent dApps in areas such as DeFi 1.0 and 2.0, the metaverse and web3.
The Mainnet 2.0 release introduces Layer 2 Rollups for the first time, enabling the separation of Oraichain’s Mainnet from its subnetworks to scale up the performance of both. Rollups are Layer 2 solutions designed to ease the strain on the Mainnet by bundling transactions together, compressing them and processing them off-chain before returning the results as proofs on-chain. With Mainnet 2.0, Oraichain subnetworks such as Oracle networks and the VRF service will stay on Layer 2 chains. This will expand the capacity of the Oraichain Mainnet without impacting its core logic and security, similar to how Ethereum, Binance Smart Chain and others have implemented Layer 2 Rollups to mitigate the exploding popularity of dApps.
Oraichain Mainnet 2.0 is projected to support up to 10,000 transactions per second and processing speeds of less than two seconds. This will allow Oraichain to scale to support up to 100 oracle services, as well as shorter synchronization times when new validators and executors first join the Mainnet.
With the standardization of infrastructure protocols, Oraichain Mainnet 2.0 now supports dApps with verifiable and trustless AI execution via Proof of Correctness and Proof of Execution mechanisms, enabling smart contracts to trigger actions based on AI computation in the manner of decentralization. dApp developers will be able to access Oraichain’s decentralized data and AI platforms and a wide set of tools such as the Royalty Protocol and SDK tools to accelerate the development of intelligent dApps.
OraiDEX is a 100% CosmWasm smart contract-based platform that’s focused on Oraichain ecosystem assets including the native ORAI token and OW20 tokens on the Oraichain Mainnet such as AIRI, KWT and more to come. This makes it possible for OraiDEX to leverage the speed of WASM with the power of the Rust programming language in order to address many of the known vulnerabilities seen on the Ethereum blockchain. OraiDEX will also support EVM-based blockchain tokens via its OraiBridge , and ATOM and other Cosmos tokens through its IBC integration.
“We are enthralled with the new benchmark Oraichain Mainnet 2.0 has set for a Layer 1 blockchain network. With the maturity of needed infrastructure, Oraichain is becoming a complete AI cascading network that expands on a seamless multichain space. This major revamp will bolster our core offerings and further define our ecosystem of AI, DeFi and oracles, while accelerating the much-needed development of AI-powered smart contracts and Dapps.” Said Dr. Chung Dao, Oraichain CEO and Founder
Oraichain is an AI-Powered Oracle and Blockchain Ecosystem. 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, aiming to revolutionize the AI, DeFi, and Blockchain industries.
- Duc M. Tran