Angry Pitbull Club X Oraichain: Introduction for the APC Community

With the recently announced partnership between Angry Pitbull Club and Oraichain, this is a great time to give the APC community a brief introduction to what Oraichain has built so far and where this partnership is headed. Unlike the empty marketing partnerships that we’ve grown accustomed to in the crypto space, this collaboration is all about innovation. Our goal is to both expand the Angry Pitbull Club brand and pave the way for cross-chain NFT utilities. Before I recap the specific details around our collaboration, let’s start with an overview of Oraichain and aiRight (our suite of NFT products and services).

Oraichain Overview

Oraichain was founded in late 2020 by Dr. Chung Dao (PhD in Computer Science from the University of Tokyo, Co-founder of Rikkeisoft). The primary objective is to bridge the gap between AI and Blockchain, opening the door for smart contracts with greater functionality and infinite applications of decentralized ledger technology. Since inception the team has developed: Oraichain mainnet (a Layer 1 network for AI enhanced dApps), CosmWasm IDE (a development environment for Cosmos-based smart contracts), AI Oracle infrastructure, Data Hub (label, structure and monetize data for use in AI Oracle), aiRight (NFT services and Marketplace), OraiDEX for cross-chain swaps + asset bridge and more.

I could go on for hours talking about the ecosystem in detail, but you get the idea. Big boy stuff. More development in the past year than some achieve in the lifetime of their project. Want to go deeper? Visit blog.orai.io.

For now, let’s look broadly at AI X Blockchain for a moment to get an understanding of why this work is so important.

AI X Blockchain

Smart contracts are extremely strict. They require 100% accurate input to generate output.

Machine learning models can be extremely accurate, but can never achieve 100% precision.

In order to bring machine learning functionality to blockchain, our team developed Oraichain’s AI Oracle. This allows developers to call input from AI APIs and integrate them directly into smart contracts. In addition, Oraichain also developed the Data Hub to provide an environment for data scientists to manage and structure data, as well as monetize these models and publish them to the AI Oracle.

Let’s look to aiRight for a specific example to see how this works:

1. A data crawler is used to index NFTs from multiple networks, creating a database by which content originality can be measured.
2. This data is labeled, structured and becomes the library for the NFT Similarity Check, which is published as an AI Oracle for smart contract integration.
3. Every NFT that is minted on Oraichain is then compared to this database, scoring similarity to identify IP infringement and fraud.
4. If a user attempts to mint an NFT that is already in our database, the minting protocol now has the power to automatically reject this submission, citing specific similarity conflicts.

As a proof-of-concept, this is a great way to display improved smart contract functionality. This added security can help to improve trust and transparency in NFT Marketplaces, both on Oraichain and any supported network, creating a layer of consumer protection that is currently missing from the ecosystem. With the addition of off-chain IP, this will grow into a powerful copyright protection tool for all creators and collectors.

NFT Authenticity is only one of many use cases. Oraichain’s AI Oracle system creates the potential for many unique blockchain applications: real estate, insurance, finance, logistics, advertising and of course gaming.

Oraichain as a Layer 1 Network

Oraichain is a Layer 1, developed so that AI enhanced dApps can be launched directly on the network. The team has already built the core infrastructure necessary to begin adoption, including: Oraichain Wallet, OraiScan, OraiDEX, OraiBridge and aiRight. With the recent launch of Mainnet 2.0, we are moving forward with the vision of becoming one of the most interoperable networks, providing services to Cosmos, EVM and Substrate-based chains and supporting assets across all these ecosystems as well.

Again, I could talk about the hybrid rollups for improved throughput etc, but let’s stick to the basics: 10K Transactions per second, extremely low transaction fees, EVM Compatible sub-network for developers building with solidity and complete infrastructure for developing on-chain AI solutions that can easily be integrated into smart contracts.

Automation is vital to transparency and DAO management. Oraichain pushes forward with the goal of supporting a truly decentralized Web3.

ORAI Token

Before discussing the Angry Pitbull Club X Oraichain collaboration, let’s touch on the ORAI token, the base currency of the Oraichain ecosystem.

There are roughly 2.3M ORAI tokens in circulation currently, flattened inflation curve, no unlocks on the immediate horizon (all seed sale tokens have been released to holders) and the team is vested for 7+ years. The total supply for ORAI is capped at 19.7M tokens (less than BTC Total Token Supply).

ORAI is currently listed on KuCoin, Uniswap, PancakeSwap, OraiDEX and a few other exchanges (the ones mentioned here are currently the only official listings). KuCoin currently supports direct withdrawal of ORAI directly to your Oraichain Wallet address with very low transaction fees (~$0.7 currently).

Like ETH on Ethereum, ORAI is necessary to pay gas fees when interacting with the network. In addition, ORAI is the base currency of all liquidity pools on OraiDEX. This means that in order to Yield Farm on mainnet, you will need to supply liquidity 50/50 in Token A-ORAI pool.

ORAI token is also crucial for proper decentralization of the dPoS network. By delegating ORAI to a validator on mainnet, users can earn rewards for participating (~29% APY), vote in governance proposals and even receive some airdrops when new projects are listed.

If you are ready to join the Oraichain ecosystem:

1. Create an Oraichain Wallet on Oraiscan
2. Fund your wallet. I suggest KuCoin for CEX as they support withdrawal directly to your newly created Oraichain Wallet address.
3. Delegate to one of the networks validators and begin earning 29% APY for securing the network. Rewards can be claimed in real-time. (Note: there is a 14 day unbonding period for delegators, standard for the Cosmos ecosystem to ensure network stability. If you will need your ORAI tokens, let’s say to participate in a token sale, it’s best to be aware and plan ahead!)
4. When transferring funds from Oraichain to KuCoin, make sure you include the memo number assigned to you by the exchange.

Lastly, let’s jump into a recap of the Angry Pitbull Club X Oraichain partnership and what we can look forward to in the coming months.

Angry Pitbull Club X Oraichain

As discussed at the Discord AMA last night, Ultimate and I have been working towards this collaboration for a couple months now, theorizing the many ways to bring additional value to the APC community and expand the brand with exciting utilities. While many details are still forthcoming, let’s outline some key objectives that are already established:

Token

Utilizing OraiDEX, we will be developing the APC token to be used in the coming gaming ecosystem. Like all tokens on Oraichain, the initial listing will be paired with ORAI. Tokenomics + listing details will be finalized and released in the near future.

DeFi

There will be multiple opportunities for APC token and NFT holders to take advantage of DeFi offerings on Oraichain. This includes yield farming on OraiDEX, NFT Staking and more.

Game Ecosystem

Throughout all of our early conversation, Ultimate and I both expressed our lack of enthusiasm for “spend to earn” blockchain games. This structure tends to favor early adopters and make it difficult for newcomers to enjoy earnings. Instead, we will be focusing on player vs. player gaming experiences, putting the end-user in control of their risk-reward appetite. Regarding the specifics of the game ecosystem itself, we will give APC NFT holders many opportunities to steer the direction and contribute to ideation.

One point worth touching on is the choice to make the game available to a wide audience rather than only Pitbull holders. From our point of view, Angry Pitbull Club is a brand and community that could easily grow beyond the 10K NFT and 5.2k unique collectors. While we will always ensure NFT holders benefit heavily from token, DeFi and GameFi offerings, we also want to expand the APC and Oraichain communities to their maximum potential reach. More details will be released in the coming weeks.

Final Thoughts

One question I was asked multiple times last night: What made you want to work with Angry Pitbull Club on this project?

With only 5% of APC NFTs listed for sale, the community has shown outstanding commitment to the long term growth of the project. The team has matched this with an ambitious vision, constantly delivering value to NFT holders and innovating to push the envelope, redefining what it means to be a DAO member. This is the type of spirit we want to bring to Oraichain, commitment to excellence we expect from our partners and engaging products that will forward the adoption of our network. APC and Oraichain are working together to accomplish a specific set of goals, but the milestones achieved here will set the standard for interoperability and elevate expectations for future NFT projects.

If you have any questions, feel free to join Oraichain on Telegram and please join us for our Twitter Space on Wednesday April, 6 2022 @ 6pm PST.

Most importantly, let’s get ready to have some fun! Big things coming.