AI-powered blockchain platform Oraichain has launched version 2.0 of its mainnet in an upgrade that introduces Layer 2 Rollups and opens up the blockchain space for further adoption of Artificial intelligence and interoperability.
In an announcement on Thursday, 24 March, Oraichain said the upgrade brings scalability to its AI Oracles technology, as well as service execution subnetworks.
The platform also summarised the features and benefits of the upgrade on its Twitter account.
The advent of Oraichain Mainnet 2.0 transcends known limits of its predecessor & other L1 chains with a highly advanced AI-driven infrastructure:
– AI Layer 1
– AI Oracles
– Decentralized Data & AI
– Scale up with Rollup
– CosmWasm IDE
– IBC & Ethereum Compatible
— Oraichain (@oraichain) March 24, 2022
Scaling Oraichain via L2 Rollups
The Layer 2 Rollups will allow the Oraichain mainnet and its subnetworks to scale, similar to how such technologies help Ethereum and Binance Smart Chain scale to allow for more dApps.
To achieve the desired high performance for both the mainnet and the subnetworks, Oraichain’s upgrade includes transaction bundling and off-chain processing. This eases the network strain as only transaction proofs get registered on-chain.
Relaying protocols, bridges and the customised Layer 2 Rollups are all features set to help bring a significant bump in scalability.
According to Oraichain, the upgrade will see network throughput jump to 10,000 transactions per second. Processing speeds will be less than two seconds, the platform noted in the press release.
These, together with other better infrastructure updates, is part of Oraichain’s mission of enabling greater adoption of smart decentralised applications (dApps) across DeFi, the metaverse and web3.
Dr. Chung Dao, Oraichain CEO and founder said:
“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.”
He added that Mainnet 2.0 is going to boost the platform’s offerings.
“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”
Oraichain also announced the launch of OraiDEX, a decentralized exchange targeted at promoting the adoption of Oraichain ecosystem assets.
The smart contracts platform will support the native ORAI token as well as OW20 tokens like AIRI and KWT. The DEX will also support EVM-based tokens and those in the Cosmos (ATOM) ecosystem.