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Oraichain mainnet 2.0 also projects a highly scalable platform able to support up to 10,000 transactions per second and processing speeds of less than two seconds.
Decentralized artificial intelligence-powered oracle and blockchain ecosystem, Oraichain an oracle service has announced the latest upgrade of its mainnet version, Oraichain mainnet version 2.0, paving the way for mass adoption of AI in blockchain networks and increasing user participation on its platform and services.
Announced Thursday, the upgraded version will introduce layer 2 rollups to boost scalability and accelerate its AI Oracles and service execution subnetworks. Additionally, Oraichain 2.0 will introduce interoperability across multiple blockchains via relaying protocols, bridging solutions, and inter-block communication within CosmosSDK-based networks. The highlight of the mainnet release is the long-awaited decentralized exchange OraiDEX.
With revamped layer 2 rollups, Oraichain will also significantly increase its scalability, allowing for cheaper and faster transactions across the platform. Oraichain 2.0’s AI-enhanced layer 1 mainnet also provides blockchain developers with standardized infrastructure protocols, making it easier for DApps to launch on the platform.
“We are enthralled with the new benchmark Oraichain Mainnet 2.0 has set for a Layer 1 blockchain network,” a statement from the Oraichain team reads. “With the maturity of needed infrastructure, Oraichain is becoming a complete AI cascading network that expands on a seamless multichain space.”
Oracles on blockchains refer to entities that connect the blockchain to external points of data, which allows smart contracts to execute according to the data provided from real-world data. Oraichain offers AI-powered oracles that aggregate and connects artificial intelligence APIs to smart contracts and regular applications. The launch of Oraichain 2.0 will set the platform as the first AI-powered layer 1 blockchain, creating a complete AI ecosystem “powering a new generation of smart contracts and intelligent DApps across all Web 3 ecosystems including gaming, NFTs, and DeFi.
“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,” the statement further reads.
Scaling the Defi Ecosystem
The mainnet 2.0 release introduces layer 2 Rollups, enabling the separation of Oraichain’s Mainnet from its subnetworks to scale up the performance of both. Oraichain’s subnetworks and the VRF service will be domiciled in the layer 2 platform, further scaling the mainnet.
Rollups execute transactions outside the main blockchain layer. This reduces the strain on the mainnet by bundling transactions together and processing them off-chain before returning the results as proofs on-chain. As transaction data is included in layer 1 blocks, this allows rollups to be secured by native Ethereum security.
Oraichain 2.0 also 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. Developers on the platform will also be able to leverage the AI models on Oraichain, alongside a wide set of tools such as the Royalty Protocol and SDK tools to accelerate the development of intelligent DApps.
The Oraidex Platform
The long-awaited OraiDEX will also be launched a week following the launch of the Oraichain mainnet 2.0. The DEX is compatible with the Cosmos ecosystem’s IBC protocol and focuses on Oraichain-based assets including the native $ORAI token and OW20 tokens on the Oraichain Mainnet such as $AIRI and $KWT.
Oraichain Mainnet will be upgraded after this proposal is passed 💪 https://t.co/jbdvgo9Dye
— Chung Dao (@chung_sfc) March 24, 2022
The DEX also leverages the CosmWasm using its speed, scalability, and 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, $ATOM, and other Cosmos tokens through its IBC integration.
Finally, Oraichain mainnet 2.0 also projects a highly scalable platform able 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.