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Oraichain Launches Mainnet 2.0 to Boost Scalability & Enable Mass Adoption of AI in the Blockchain Ecosystem

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Tortola, British Virgin Islands–(Newsfile Corp. – March 24, 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.

Oraichian

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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.

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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.

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“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.” – Dr. Chung Dao.

About Oraichain

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.

Contact:
Name:
Duc M. Tran
Position:
Community Manager
Email:
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117766

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Blockchain

Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships

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This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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