Oraichain Token

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Discover Oraichain Token's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Oraichain Token?

Oraichain Token (ORAI) is the native cryptocurrency of the Oraichain blockchain, used for transaction fees, staking, and rewarding validators, AI-API providers, and test case providers. It plays a crucial role in the Oraichain ecosystem, facilitating the integration of AI models and smart contracts while ensuring the reliability and security of data requests and executions.

How is Oraichain Token used?

The Oraichain Token (ORAI) is the main utility token of the Oraichain network. It serves several purposes:

  1. Transaction Fees: ORAI tokens are required to pay fees for transactions on the network, including AI requests and data transactions.

  2. Staking and Validation: Validators must stake ORAI tokens to participate in the network and validate transactions. In return, they receive rewards in the form of ORAI tokens.

  3. Participation in Governance: ORAI token holders can participate in the network's governance through the Oraichain DAO, where they can vote on protocol upgrades and parameter changes.

  1. Purchasing AI Services: Users can purchase AI services and data sets from the marketplace using ORAI tokens.

  2. Incentives for Validators and Providers: Validators and AI providers can earn additional ORAI tokens by executing test cases and providing high-quality AI services.

Overall, the ORAI token is essential for the functioning and security of the Oraichain network, as it incentivizes validators and providers to maintain the network's integrity and quality.

How do I store Oraichain Token?

To store Oraichain Token (ORAI) tokens, you have several options:

  1. KuCoin Account: You can store your ORAI tokens in your KuCoin account, which provides quick access to trading products like spot and futures trading, staking, and lending. Ensure you set up a strong password and upgrade your security settings to prevent unauthorized access.

  2. Non-Custodial Wallets: For enhanced security, you can withdraw your ORAI tokens to a non-custodial wallet, such as hardware wallets, Web3 wallets, or paper wallets. This option gives you complete control over your private keys, but you must store them securely to avoid losing your tokens.

  3. MetaMask: MetaMask supports Oraichain Token, allowing you to manage your ORAI funds directly within your web browser.

  1. Keplr Wallet: Oraichain has integrated its native ORAI tokens into Keplr Wallet, enabling users to manage and transact their tokens via the Keplr web and mobile wallets.

  2. OWallet: OWallet supports both Cosmos-based and EVM-based networks, including Oraichain, and offers features like managing multiple accounts, transferring tokens, and browsing dApps.

  3. Oraichain Wallet: The Oraichain Wallet is available on web and mobile platforms and supports specific services within the Oraichain ecosystem.

Each wallet option has its pros and cons, so it is essential to consider factors like security, convenience, features, and fees when choosing the best method for storing your Oraichain Token (ORAI) tokens.

How to buy Oraichain Token?

To buy Oraichain Token (ORAI) tokens, follow these steps:

  1. Choose a Centralized Exchange (CEX):

    • Register on a CEX that supports ORAI trading, such as Uphold, KuCoin, or Gate.io.
    • Verify your email address and identity.
    • Deposit funds using a debit card, credit card, wire transfer, or Bitcoin.
  2. Buy USDT or BTC:

    • Use your deposited funds to buy USDT or BTC, as these are commonly used for trading.
  3. Swap to ORAI:

  • Transfer your USDT or BTC to the CEX that supports ORAI trading.
  • Swap your USDT or BTC for ORAI in the spot market.
  1. Alternative: Decentralized Exchange (DEX):

    • If you prefer to use a DEX, ensure it supports the blockchain where your ORAI resides.
    • Download a crypto wallet like Trust Wallet and set it up.
    • Buy ETH as your base currency and transfer it to your wallet.
    • Connect your wallet to the DEX and trade your ETH for ORAI.
  2. Additional Options:

    • You can also use platforms like Kriptomat, which allows you to buy ORAI directly with a credit/debit card.
    • For detailed instructions on specific exchanges, refer to the respective guides.
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History of Oraichain Token

The Oraichain Token (ORAI) has a significant history, marked by notable events and price fluctuations. Here are the key points:

  • Launch and Initial Price: Oraichain Token launched in September 2020 with an initial price of $20.92.
  • Highest Price: The token reached its highest price of $93.91 in February 2021.
  • Lowest Price: The lowest price recorded was $0.9299 in November 2022.
  • Token Burn: In a significant event, Oraichain burned 73% of its total supply, reducing the total ORAI tokens from 86 million to approximately 23 million.
  • Current Price and Market Cap: As of June 11, 2024, the live Oraichain price is $12.20 USD with a 24-hour trading volume of $2,555,101 USD and a market cap of $168,925,078 USD.

These events and price movements highlight the token's journey since its launch, including its significant price swings and the token burn that significantly reduced the total supply.

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How Oraichain Token works

The Oraichain Token (ORAI) is the primary utility token of the Oraichain network, a programmable Layer 1 blockchain and oracle service provider. Here's how it works:

Token Functionality
  • Staking and Passive Income: ORAI tokens can be staked to earn passive income. Users can delegate their tokens to validators, who are responsible for approving network transactions and conducting other tasks. In return, validators receive rewards in the form of ORAI tokens, which are then distributed to the delegators.

  • Transaction Fees: ORAI tokens are used to pay transaction fees for executing AI requests on the network. The transaction fee is not fixed and varies based on the fee requirements of validators, AI-API providers, and test case providers. Validators can choose whether to execute a request based on the offered transaction fee.

  • Purchasing Data Sets and Oracle Services: ORAI tokens are used to purchase data sets and oracle services within the Oraichain marketplace. This marketplace allows AI providers to sell their AI services, and users can choose the services they require and pay for them with ORAI tokens.

Token Economics
  • Token Supply: In December 2020, 73% of the total ORAI token supply was burned to reduce inflation. The emission schedule was extended to 2027 to flatten the release curve and protect against sudden supply shocks.

  • Reward Distribution: Validators receive rewards in ORAI tokens for each newly created block. The rewarding token is divided based on the number of tokens a holder is staking to a validator. This incentivizes validators to participate in the network and maintain its quality.

  • Punishing Bad Behavior: There is a mechanism to punish validators for bad behavior, such as failing to perform test cases, slow response times, or low availability. This ensures that validators maintain high-quality services and are accountable for their actions.

Token Management
  • Wallets: ORAI tokens can be managed and transacted through the Oraichain Wallet, which is available on web and mobile platforms. The wallet features staking capabilities, making it easy for users to secure predictable returns.

  • Keplr Wallet Integration: Oraichain has integrated its native ORAI tokens into Keplr Wallet, allowing users to manage and transact their tokens via the Keplr web and mobile wallets. This integration increases the liquidity of tokens and expands their utility.

Overall, the ORAI token plays a crucial role in the Oraichain ecosystem, facilitating transactions, incentivizing validators, and ensuring the quality of AI services.

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Oraichain Token's strengths

The Oraichain Token (ORAI) has several strengths that contribute to its utility and potential within the Oraichain ecosystem:

  1. Staking and Passive Income: ORAI can be staked to earn passive income, providing a financial incentive for users to participate in the network.

  2. Payment for AI Services: ORAI is used to pay for AI services and data sets in the marketplace, fostering a robust data economy and oracle services.

  3. Network Governance: ORAI plays a crucial role in network governance, allowing holders to influence the validators' reputation and ensuring the quality of AI APIs.

  1. Interoperability: ORAI enables seamless interactions between different decentralized networks, enhancing the overall functionality and scalability of the ecosystem.

  2. Security: The token's use in the DPoS consensus mechanism helps maintain network security by incentivizing validators to perform their duties effectively.

  3. Tokenomics: The token's supply is capped at 19,779,272 units, with a significant portion already in circulation, which can help stabilize its value and promote adoption.

  1. Diverse Use Cases: ORAI supports various applications across DeFi, NFTs, Identity, Collective Intelligence, Asset Tokenization, and Smart Healthcare, demonstrating its versatility and potential for growth.

These strengths collectively contribute to the utility and value of the Oraichain Token (ORAI) within the Oraichain ecosystem.

Oraichain Token's risks

The Oraichain Token (ORAI) carries several risks. Firstly, it is considered a high-risk investment, and traders should be prepared for potential losses due to market volatility and leverage. The token's value can fluctuate significantly, and market manipulation is possible due to limited trading and changes in volume and market capitalization. Additionally, validators who participate in the network can have their delegated tokens slashed if they engage in bad behavior, such as providing low-quality AI APIs or having poor response times.

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Did Oraichain Token raise funds?

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Oraichain Token’s team

  • Chung Dao, CEO & Co-founder: Ph.D. from the University of Tokyo, co-founder of Rikkeisoft.
  • Tu Pham, CTO & Co-founder: Co-founder of AgileTech and Novalex Vietnam.
  • Diep Nguyen, Ph.D., COO & Co-founder: Ph.D. from Keio University, lecturer at IAI, UET-VNU, Hanoi.
  • Tu Chu, CPO: Expert at McKinsey, former CTO at Selless (formerly Upinus).
  • Duc Pham, Co-founder & DeFi Lead: B.S. in CS from HUST.
  • Toan Nguyen, Ph.D., AI Lab Lead: Ph.D. in CS from Chonnam National University.
  • Tyree Robinson, Head of Ecosystem: B.F.A. from Carnegie Mellon University.
  • Tung Do, Head of Sales: M.S. Applied Math from Johns Hopkins University.
  • Ha Khong, Head of Marketing: M.S. from the National University of Singapore.
  • Phu Tran, Infrastructure Lead: B.S. in Communication-Electronics Engineering from UNETI.
  • Quan Phung, Kawaii Lead: B.S. in CS from HUST.
  • Tu Dao, Head of Back Office: B.S. in Finance & Banking from PDU.
  • Hoang Le, Head of Design Lab: Eng. in Civil Engineering Informatics from UTC.

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