What are the technical specifications of the Oraichain (ORAI) coin blockchain?

Oraichain features a 6-second consensus time, making it one of the fastest blockchains in the industry, enabling near-instantaneous transaction confirmation.

Dec 23, 2024 at 03:57 pm

Technical Specifications of the Oraichain (ORAI) Coin Blockchain

Oraichain is a decentralized data oracle platform that provides real-world data to smart contracts on various blockchains. It offers a secure and reliable way to connect smart contracts to external data sources, enabling the development of more sophisticated and data-driven applications.

Key Points:

• Consensus Mechanism: Proof-of-Stake (PoS)
• Consensus Time: 6 seconds
• Block Reward: 25 ORAI
• Total Supply: 1,000,000,000 ORAI
• Circulating Supply: 434,512,616 ORAI
• Block Size: 2 MB
• Transaction Fee: 0.0001 ORAI
• Supported Blockchains: Ethereum, Binance Smart Chain, Polygon, Fantom, Avalanche

In-Depth Technical Specifications:

1. Proof-of-Stake (PoS) Consensus Mechanism

Oraichain utilizes a Proof-of-Stake (PoS) consensus mechanism to secure its network. In PoS, validators are chosen to create new blocks and validate transactions based on the amount of ORAI tokens they hold. This mechanism incentivizes users to hold and stake their tokens, contributing to the stability and security of the network.

2. 6-Second Consensus Time

Oraichain boasts a remarkable consensus time of just 6 seconds, making it one of the fastest blockchains in the industry. This rapid consensus process allows for near-instantaneous transaction confirmation, providing significant benefits for applications requiring real-time data integration.

3. 25 ORAI Block Reward

Block validators on the Oraichain network receive a block reward of 25 ORAI for successfully creating and validating a new block. This reward incentivizes participation in the consensus process and contributes to the overall security and efficiency of the blockchain.

4. 1,000,000,000 ORAI Total Supply

The total supply of ORAI tokens is capped at 1,000,000,000 tokens. This fixed supply ensures the scarcity of the token, potentially driving its value over time.

5. 434,512,616 ORAI Circulating Supply

As of March 8, 2023, the circulating supply of ORAI tokens is 434,512,616 ORAI. This circulating supply represents the amount of ORAI available on exchanges and in the market.

6. 2 MB Block Size

Oraichain blocks can accommodate up to 2 MB of data, which allows for the efficient storage of smart contracts and data feeds. This block size provides sufficient flexibility to support complex decentralized applications.

7. 0.0001 ORAI Transaction Fee

Users are charged a minimal transaction fee of 0.0001 ORAI for sending transactions on the Oraichain network. This low fee ensures that users can interact with the blockchain affordably, promoting accessibility and adoption.

8. Ethereum Virtual Machine (EVM) Compatibility

Oraichain's Ethereum Virtual Machine (EVM) compatibility allows developers to easily deploy and execute smart contracts on the Oraichain network. This compatibility provides interoperability with the Ethereum ecosystem, allowing developers to leverage the existing infrastructure and toolkits.

9. Support for Cross-Chain Data Feeds

Oraichain provides support for cross-chain data feeds, enabling smart contracts on one blockchain to access data from another blockchain. This interoperability allows for the development of more sophisticated and interconnected decentralized applications.

10. Decentralized AI Network

Oraichain incorporates a decentralized AI network that enhances the platform's data processing capabilities. This AI network leverages machine learning and artificial intelligence to provide accurate and reliable data analysis for various use cases.

FAQs:

Q: What is the primary use case of the ORAI token?
A: ORAI is the native token of the Oraichain platform, used for staking, governance, and transaction fees.

Q: How is the Oraichain blockchain secured?
A: Oraichain utilizes a Proof-of-Stake (PoS) consensus mechanism to secure its network, incentivizing validators to maintain the integrity of the blockchain.

Q: What is the future roadmap for the Oraichain platform?
A: Oraichain plans to expand its cross-chain compatibility, integrate more AI capabilities, and enhance its data analytics services in the future.

Q: Where can I trade ORAI tokens?
A: ORAI tokens are traded on a variety of cryptocurrency exchanges, including Binance, Huobi Global, KuCoin, and Gate.io.

Q: Can I use ORAI tokens to stake and earn passive income?
A: Yes, holders of ORAI tokens can stake their tokens on the Oraichain network to earn rewards and contribute to the security of the blockchain.