Oraichain (ORAI) coin issuance time

The ORAI token, issued via an ICO in April 2019, serves as the native currency for gas fees, staking, and rewarding data providers in the Oraichain ecosystem.

Dec 22, 2024 at 05:35 pm

Oraichain (ORAI) Coin Issuance Time

Oraichain (ORAI) is a decentralized data oracle network that provides accurate and verifiable real-world data to smart contracts. The ORAI token plays a crucial role in the Oraichain ecosystem, serving as the native currency for gas fees, staking, and incentivizing data providers. In this article, we will delve into the details surrounding the issuance of the ORAI coin, answering potential questions you may have.

Key Points

• Oraichain (ORAI) was issued through an Initial Coin Offering (ICO) in April 2019.
• The ICO raised a total of $2.25 million, with 75 million ORAI tokens sold.
• The ORAI token operates on the Ethereum blockchain according to the ERC-20 token standard.
• The total supply of ORAI coins is capped at 1 billion.
• The ORAI token serves as the native currency for gas fees, staking, and rewarding data providers.

Coin Issuance Timeline

1. Initial Coin Offering (ICO)

• The ORAI ICO was held in April 2019.
• A total of 75 million ORAI tokens were sold, representing 7.5% of the total supply.
• The ICO raised a total of $2.25 million.

2. Token Distribution

• The tokens issued through the ICO were distributed to participants according to their contribution.
• A portion of the tokens was allocated to the Oraichain team for development and ecosystem growth.
• Unsold tokens were burned.

Token Utility

1. Gas Fees

• ORAI tokens are utilized to pay for transaction fees on the Oraichain network.
• These fees cover the computational and storage costs associated with processing and querying data requests.

2. Staking

• ORAI holders can stake their tokens to participate in the Oraichain consensus mechanism.
• Stakers help secure the network and are rewarded with a share of transaction fees and staking rewards.

3. Incentivization of Data Providers

• ORAI tokens are used to compensate data providers for supplying accurate and reliable data to the Oraichain network.
• The amount of ORAI earned by data providers depends on the quality and relevance of the data they provide.

ORAI Tokenomics

1. Token Supply

• The total supply of ORAI coins is capped at 1 billion.

• The distribution of tokens is as follows:

  • ICO: 7.5%
  • Team and ecosystem: 15%
  • Staking rewards and data incentives: 77.5%

2. Token Economics

• The limited supply of ORAI coins creates scarcity and potential value appreciation.
• The utility of the token in the Oraichain ecosystem drives demand.
• Staking rewards and data incentives incentivize participation in the network.

FAQs

1. What is the difference between ORAI and other oracle tokens?

ORAI is unique in that it combines a decentralized oracle network with an AI-powered technology that enhances data accuracy and reliability.

2. What are the use cases for the ORAI token?

ORAI tokens are used for gas fees, staking, and incentivizing data providers.

3. How can I acquire ORAI tokens?

ORAI tokens can be purchased on various cryptocurrency exchanges.

4. What is the future of the ORAI token?

The future of the ORAI token is tied to the growth and adoption of the Oraichain network. As more developers and businesses utilize Oraichain for real-world data, the demand for ORAI tokens is expected to increase.