[PRESS RELEASE – New York, NY, March 20th, 2024]
Oraichain, an innovator in the integration of artificial intelligence with blockchain technology, has announced the highly anticipated Beta launch of its OraiBTC Subnet on March 19.
The development marks the first time Bitcoin (BTC) will be integrated into the Oraichain ecosystem, offering a decentralized bridge for seamless BTC deposits and withdrawals.
The Subnet is designed to facilitate the easy transfer of Bitcoin into and out of the Oraichain network, with users able to directly swap the asset for ORAI tokens and bridge 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 throughout the Cosmos Ecosystem.
An emphasis has been placed on ease of use, with the aforementioned functionalities made accessible via the OraiDEX website and OWallet browser. The integration will empower developers to build faster and more powerful dApp experiences, particularly for holders of the world’s best-known and most valuable cryptocurrency.
The OraiBTC Subnet Beta launch provides an opportunity for users to actively participate in refining the platform’s features ahead of its full public release. In appreciation of their involvement, participants may also receive a special surprise, adding an extra element of excitement to the launch.
Built on the robust 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 ensures the utmost safety and integrity of bridged assets.
The launch is a major step in Oraichain’s mission to become the go-to Layer-1 platform for AI-powered decentralized applications (dApps). By bringing Bitcoin into the Oraichain toolkit, the platform significantly expands the addressable market for AI dApp builders 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 major changes to enhance 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 the AI applications running on the Oraichain mainnet, the Oraichain Foundation envisions GPU Staking as a novel approach to ensure that the value generated from increasing AI service demands directly benefits holders of ORAI tokens.
About Oraichain
Oraichain is a permissionless Layer 1 for AI-powered dApps, developed to provide multidimensional Trustworthy Proofs of AI and data reliability. With its AI Oracle at the core, Oraichain is designed to provide a decentralized system for the delivery of AI-generated data to smart contracts, maximizing transparency for developers and consumers.
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