© Reuters. Oraichain announces beta launch of OraiBTC subnetwork, enabling seamless integration of Bitcoin into the ecosystem
New York, NY, March 20, 2024, Chainwire
Oraichain, an innovator in integrating artificial intelligence with blockchain technology, announced the highly anticipated Beta launch of its OraiBTC subnetwork on March 19.
The development marks the first time that (BTC) will be integrated into the Oraichain ecosystem, offering a decentralized bridge for seamless BTC deposits and withdrawals.
The subnetwork is designed to facilitate the easy transfer of Bitcoin into and out of the Oraichain network, and users can directly exchange the asset for ORAI tokens and connect BTC between the Oraichain and Bitcoin networks in both directions. In the future, it will also enable the transfer of BTC via IBC to many protocols across the Cosmos ecosystem.
Emphasis has been placed on ease of use, with the aforementioned functionalities accessible through the OraiDEX website and the OWallet browser. The integration will allow developers to create faster and more powerful dApp experiences, especially for holders of the world's most well-known and valuable cryptocurrency.
The launch of OraiBTC Subnet Beta provides an opportunity for users to actively participate in refining the platform's features before its full public launch. As a thank you for their participation, participants will also be able to receive a special surprise, adding an extra element of excitement to the launch.
Built on the strong foundation of Nomic's design, OraiBTC leverages advanced Bitcoin features such as Taproot and Schnorr signatures, as well as a dedicated validator set, all of which ensure maximum security and integrity of bridged assets.
The launch is an important step in Oraichain's mission to become the go-to Layer 1 platform for AI-powered decentralized applications (dApps). By adding Bitcoin to Oraichain's toolset, the platform significantly expands the addressable market for AI dApp creators and offers greater versatility and potential for innovation.
The introduction of OraiBTC is a key component of Oraichain's Mainnet 3.0 upgrade, which has implemented important changes to improve speed and interoperability. Oraichain has recently reduced its block time to approximately 1 second, positioning it as one of the fastest networks in the Cosmos ecosystem and beyond.
The Oraichain team is currently focused on expanding its ecosystem, including through the development of GPU Staking. In addition to making significant investments in GPUs to support AI applications running on the Oraichain mainnet, the Oraichain Foundation envisions GPU Staking as a novel approach to ensure that the value generated by growing demands for AI services directly benefits ORAI token holders.
About Oraichain
Oraichain is a permissionless Layer 1 for AI-powered dApps, developed to provide trusted multi-dimensional testing of AI and data trustworthiness. With its AI Oracle (NYSE 🙂 at its core, Oraichain is designed to provide a decentralized system for delivering AI-generated data to smart contracts, maximizing transparency for developers and consumers.
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ContactTyree Robinson[email protected]
This article was originally published on Chainwire.
