Oraichain Token (ORAI) is the native cryptocurrency of the Oraichain blockchain, used for transaction fees, staking, and rewarding validators, AI-API providers, and test case providers. It plays a crucial role in the Oraichain ecosystem, facilitating the integration of AI models and smart contracts while ensuring the reliability and security of data requests and executions.
The Oraichain Token (ORAI) is the main utility token of the Oraichain network. It serves several purposes:
Transaction Fees: ORAI tokens are required to pay fees for transactions on the network, including AI requests and data transactions.
Staking and Validation: Validators must stake ORAI tokens to participate in the network and validate transactions. In return, they receive rewards in the form of ORAI tokens.
Participation in Governance: ORAI token holders can participate in the network's governance through the Oraichain DAO, where they can vote on protocol upgrades and parameter changes.
Purchasing AI Services: Users can purchase AI services and data sets from the marketplace using ORAI tokens.
Incentives for Validators and Providers: Validators and AI providers can earn additional ORAI tokens by executing test cases and providing high-quality AI services.
Overall, the ORAI token is essential for the functioning and security of the Oraichain network, as it incentivizes validators and providers to maintain the network's integrity and quality.
To store Oraichain Token (ORAI) tokens, you have several options:
KuCoin Account: You can store your ORAI tokens in your KuCoin account, which provides quick access to trading products like spot and futures trading, staking, and lending. Ensure you set up a strong password and upgrade your security settings to prevent unauthorized access.
Non-Custodial Wallets: For enhanced security, you can withdraw your ORAI tokens to a non-custodial wallet, such as hardware wallets, Web3 wallets, or paper wallets. This option gives you complete control over your private keys, but you must store them securely to avoid losing your tokens.
MetaMask: MetaMask supports Oraichain Token, allowing you to manage your ORAI funds directly within your web browser.
Keplr Wallet: Oraichain has integrated its native ORAI tokens into Keplr Wallet, enabling users to manage and transact their tokens via the Keplr web and mobile wallets.
OWallet: OWallet supports both Cosmos-based and EVM-based networks, including Oraichain, and offers features like managing multiple accounts, transferring tokens, and browsing dApps.
Oraichain Wallet: The Oraichain Wallet is available on web and mobile platforms and supports specific services within the Oraichain ecosystem.
Each wallet option has its pros and cons, so it is essential to consider factors like security, convenience, features, and fees when choosing the best method for storing your Oraichain Token (ORAI) tokens.
To buy Oraichain Token (ORAI) tokens, follow these steps:
Choose a Centralized Exchange (CEX):
- Register on a CEX that supports ORAI trading, such as Uphold, KuCoin, or Gate.io.
- Verify your email address and identity.
- Deposit funds using a debit card, credit card, wire transfer, or Bitcoin.
Buy USDT or BTC:
- Use your deposited funds to buy USDT or BTC, as these are commonly used for trading.
Swap to ORAI:
- Transfer your USDT or BTC to the CEX that supports ORAI trading.
- Swap your USDT or BTC for ORAI in the spot market.
Alternative: Decentralized Exchange (DEX):
- If you prefer to use a DEX, ensure it supports the blockchain where your ORAI resides.
- Download a crypto wallet like Trust Wallet and set it up.
- Buy ETH as your base currency and transfer it to your wallet.
- Connect your wallet to the DEX and trade your ETH for ORAI.
Additional Options:
- You can also use platforms like Kriptomat, which allows you to buy ORAI directly with a credit/debit card.
- For detailed instructions on specific exchanges, refer to the respective guides.
