Joint AMA March 31st 2021 | VAIOT x Oraichain
On 31/03/2021, Oraichain and VAIOT held a joint AMA in both Oraichain and VAIOT groups. We are glad that the AMA took place successfully as both communities had a great chance to get better understanding of each other and we are pleased to recap the main content of the AMA.
PART I: AMA IN ORAICHAIN CHANNEL
1. VAIOT team attendees:
- Mr. Pawel — COO of VAIOT
- Michal — Blockchain Expert
- Daniel — Head of Marketing
- Anthony — Marketing Manager
2. Q&A with ORAICHAIN
1.Oraichain: First and foremost, we want to get to know VAIOT. Can you give us an elevator pitch of your project?
Mr. Pawel: First of all, VAIOT is delivering a portfolio of blockchain-based AI Assistants around its 3 business/product lines, for both consumers and businesses, that are supported with a token economy. With our first AI Sales and Customer Service Assistant being now at beta stage (beta testing round 2 available for our community) we already secured our first commercial client — a big retail shop network in Belgium that will use our Assistant as a Voice Commerce solution; and the AI Legal Assistant delivering both traditional and blockchain-based contracts being our ultimate goal.
You need to know that we are the first-ever regulated crypto project in Malta (VFAA-regulation). We prepared our PoC in cooperation with IBM, we partnered up with Grant Thorton, ChainLink, PAID Network, CoinFirm, DAO Maker and a few other companies that support our cause. We did our regulated token sale in cooperation with DAO Maker in a form of rSHO.
2.Oraichain: Nice to know that VAIOT has PoC with IBM. They are a big one in AI domain. Both projects focus more on AI and AI services. I think it would be also great to outline the scope of our cooperation. Would you like to elaborate more on that?
Michal: Sure! To begin with, we can proudly say that VAIOT is one of the genesis validators of the ORAI Mainnet launched recently.
Cooperation: general idea is to have a trusted off-chain data provider for price feeds to serve in VAIOT Payback Program guaranteeing the best prices of services offered as well as in the VAIOT Value Assurance System (VVAS).
However, the thing that we are most excited about is participation in ORAI’s AI Marketplace. It’s funny because VAIOT offers innovative service distribution channels for business and ORAI’s Marketplace can also be considered as an additional service distribution channel but for VAIOT.
3.Oraichain: As VAIOT will integrate its AI models to ORAI Marketplace, what kind of data are you looking to provide?
Michal: Our flagship solution being the AI Legal Assistant is the one that will be handling the largest amount of data to work with which gives the greatest chances for analysis and extraction. Both in the process of analysis and the creation of contracts/agreements.
Data to be provided will surely oscillate in that “legal/contract provision” area for both digital contracts and the traditional ones. As an example we can think of: suggestions for legally-binding contract provisions based on user requirements, suggestion of red flags in smart contracts.
4.Oraichain: How did you guys collect the data?
Mr. Pawel: Well we are obviously in the process of extending our legal database. The data we have till now was received through cooperation and partnerships with companies and law firms such as Hance Law, Grant Thornton etc. and we are working on partnerships with local law firms in different jurisdictions just now.
We have product-based and technological mechanisms for acquiring additional contract data but it is top secret for now
5.Oraichain: What value does your VAI Tokens bring to your AI & Blockchain concept?
Michal: As both VAIOT and ORAI bet on the usage of AI in its solutions, glad you asked about how we are willing to approach that.
For now it’s a vision of the future as the mainnet is planned for the end of the year. Artificial Intelligence will play a crucial role in the consensus of the network and be present in the form of AI Agents deployed on-chain. The unit of account between them and the parameter determining the importance of the decision will be VAI Token. As Machine Learning algorithms deployed on-chain will enhance the capabilities of digital blockchain based contracts we saw a need for native assets serving the platform.
6.Oraichain: We have heard about your app being in Beta stage, what use cases and functionalities does it cover? What does it lack compared to the target version?
Mr. Pawel: Yes. VAIOT developed its BETA in September 2020 and we are now in a second round of Community Testing of our software. Current beta covers the use case of the car insurance sales process conducted through the conversation with our AI Assistant. It basically allows you to have a conversation via text and/or voice with our AI Assistant, provide him with all necessary inputs and expectations, get a few car insurance options and buy the one which suits you most. As this is our Business Line 1, which is the first point of our gradual development plan towards our Business Line 3 (AI Legal Assistant) you can imagine that there are quite a few cool functionalities missing ;) Business Line 1 is a B2B solution and we have already sold this software to our first client and we will implement it there this year to serve SupraBazar’s clients as a Voice Commerce tool. With our gradual development we will be adding more functionalities as we move through Business Line 2 all the way to Business Line 3 — this includes the integration with our blockchain built on Cosmos SDK for bringing Intelligent Contracts to life.
7.Oraichain: Oraichain sees VAIOT as a perfect partner as both companies share a vision for interconnecting AI & Blockchain. Can you tell us about your company vision, mission, goals and what are some of the innovations you plan to bring to the space?
Mr. Pawel: We definitely share the vision of interconnecting AI & Blockchain. From the very beginning we knew that both technological concepts have a great potential independently but we also know that when put together they can revolutionize many processes and areas of our lives and enhance each other’s capabilities significantly. Our general mission is to bring both complex technological concepts to ordinary people so they can be used in their daily lives and enhance their daily lives. We feel that blockchain is still far from ordinary people now, and we want to use AI to make it usable for a wide audience. Our vision is that every person has the access to the AI personal assistant who supports said person with acquiring products and services, including those based on blockchain, easier, cheaper and faster. In the center of our vision is the AI Legal Assistant which would basically mean that everyone can access and afford the best legal service (due to AI having access to combined knowledge of many people and institutions) on the market, at lower price, via your mobile device. As for innovations, take a look at our concept of Intelligent Contracts, blockchain enhanced with AI, blockchain-based contracts made usable for ordinary users by the AI, no programming skills required, and there is much more.
8.Oraichain: Could you tell us more about the AI Oracles provided by Oraichain that VAIOT will use in order to fulfill the use cases of your AI virtual assistants?
Michal: Indeed, VAIOT is developing smart contract enhancements could not see it’s solution without Machine Learning algorithms and off-chain data. Price feeds are required to serve users their desired use cases. Intelligent Contracts accessed via AI virtual assistant with legal contract equivalents are being one — with potential use cases for insurance policy agreements, smart escrow contracts, or loan agreements. All of those need a trusted source of data to fit in the trusted environment being created.
3. Q&A with ORAICHAIN Community
1.Is there a use case for VAIOT to leverage Oraichain GPU Staking for AI workloads coming in 2022?
Michal: GPU Staking for AI workload sounds like something that we would be happy to explore. Unfortunately I do not know the details about that project. 2022 sounds like the date where VAIOT would really look and explore solutions like that.
2.Will VAIOT replace lawyers?
Mr. Pawel: No way ;) First of all VAIOT’s AI Legal Assistant development will be a gradual process, split over many years. We will be automating easier legal tasks first so for example businesses can move their legal workforce to more advanced tasks and activities. Eventually we are planning to implement more and more legal use cases and cover more and more contracts but still, for most advanced legal tasks human lawyers will be the ones to handle them. AI Legal Assistant is supposed to offer legal services which are easily accessible, cheaper and faster than the ones of traditional lawyers but due to the complexity of this topic and the slow process of legal transformation this will take time.
3.I’m curious what’s going to be the next industry VAIOT will be tackling after legal?
Michal: VAIOT solutions will also focus on the insurance sector a lot and enhancement of internal business processes. The whole Business plan of the company prepared jointly with Grant Thornton relies heavily on the insurance market.
4.Do you have any other partners (either current or planned for the future?) and how do you feel you can utilize them to better help you towards your goals?
Mr. Pawel: We are planning some significant partnerships in the legal area, with few global brands, including consulting companies but also as I said we are working on adding smaller, local law firms (EU first) to help us build our legal database and the AI Legal Assistant itself. Plus of course we will be adding more clients like SupraBazar to the mix because nothing makes you better at developing technology than an actual client implementation
Anthony: In terms of “Real life” partnerships, we are in discussions with another large retail chain where we will be offering our services as an AI voice commerce solution.
In terms of the blockchain space, there are several partnerships in the works, including another very special AI project 😉 expect more details on that in the coming weeks.
When it comes to partnerships, we like to think of ourselves as unique entities in the space. Due to the broad scope of our services, we are able to bridge the gap between blockchain projects and what you might call “Real world” companies and projects.
5.Can you tell us how Chainlink and Orai will work as oracle providers for VAIOT?
Michal: Glad you asked! As we see ORAI as our main oracle partner with more use cases to tackle together than just price feeds as we also wanted to try other solutions as a point of reference. Data provided will cover the same areas meaning price feeds for payback program, vvas and contracts.
PART II: AMA VAIOT CHANNEL
1. Oraichain team attendees:
- Dr. Chung Dao — CEO of Oraichain
- Noah — AI Lead of Oraichain
2. Q&A with VAIOT
1. VAIOT: Could you tell us about Oraichain? What problems does it aim to solve?
Dr. Chung: Oraichain is the world’s first AI-powered oracle and we are also building an AI ecosystem for blockchains.
We are solving the problem of how we aggregate and connect off-chain AI models to smart contracts. And our approach is to build AI Oracle.
The main reason is current smart contracts cannot run AI models inside and it is almost impossible to integrate an AI model in a smart contract. Based on the foundation of AI Oracle, we are creating an ecosystem of blockchain-based AI services.
Our Mainnet successfully launched on February 24th and we’re now developing a comprehensive AI ecosystem of products and services (AI Marketplace, AI Data & Request Hub, AI-labeling Crowdsourcing, Dapps Ecosystem, AI Publisher Service, AI Dataset Trading/Staking, Automated Flow based on AI and AI Training service, and more) with plenty of use cases for Enterprise, Web 3, DeFI and even Academia.
2. VAIOT: What is the utility and the value of ORAI tokens? Could you give us some examples of specific use cases in which ORAI tokens are needed?
Dr. Chung: Yes, the ORAI token is used to pay for AI services on the Oraichain. There are sub-products including aiRight, AI-based farming, and AI Marketplace that require ORAI to execute requests. Moreover, ORAI is being used to incentivize validators and delegators on the Oraichain mainnet. For any upgrade and proposals on the mainnet, ORAI holders have a chance to vote for the best decision.
Noah: In brief, ORAI tokens are for Utility and Governance purposes
3. VAIOT: For our community members, where can you currently buy/trade ORAI tokens?
Dr. Chung: You can buy on Kucoin, which is our latest CEX. Also you can buy on Uniswap and Pancakeswap (BSC).
Noah: And some non-official listings: Bilaxy, Gate.io.
4. VAIOT: We would like to know more about AI Oracles and why they are a necessity. What are the unique solutions they bring that standard oracles cannot fulfill?
Dr. Chung: Oracles feed data to smart contracts, but how can we trust those data? → We must always depend on the data sources.
Oraichain’s AI Oracle, on the other hand, processes the data directly on smart contracts (yes, we can do that). Either predicting future state, or confirming input data, or generating data on-the-fly.
With AI Oracles, you have more functionalities to handle data, which entails unlimited potential applications. Our AI-based farming and aiRight are two examples.
Noah: Don’t forget to mention, AI Oracles allow more stakeholders to contribute into the process of digitizing assets and receive royalties. The road to financial freedom and living with passion is more closer than we can imagine.
New generation of smart contracts will need AI Oracles!
5. VAIOT: Beyond AI Oracles, we see you are building an ecosystem of AI products. Could you describe what are the main products you are building and why they are important?
Dr. Chung: AI oracles untap a plethora of opportunities and use cases. Some easy-to-understand examples are: Identification based on biometric methods (such as face recognition and fingerprint), Automated trading based on price prediction and AI strategies, Lending based on credit scores, Comparison of products using pictures, In-game item price evaluation and many more.
Although, as a first step, we’re focusing on the development of three impactful products that showcase Oraichain’s some of the use cases of Oraichain: (1) AI Marketplace, (2) AI-based farming for DeFi in yAI.Finance, and (3) aiRight.
1) The AI Marketplace will be designed to be an one-stop shop for AI solutions, training data, test cases, and applications. We’re building an infrastructure for developers so that they can build their Dapps on our Super Dapp Platform.
2) AI-based farming for DeFi is a solution that helps manage yield farming strategies with AI strategies and indicators, optimizing gains by providing automated AI-based solutions.
3) aiRight is a pioneering use case which demonstrates the applicability, versatility, and efficiency of an AI-powered blockchain solution. Something which is as complicated as copyright management and “computer’s creativity” will be solved by aiRight.
6.VAIOT: The AI Marketplace looks very interesting. Could you tell us more about the products or services that people will be able to purchase or sell?
Dr. Chung: The Oraichain AI Marketplace will offer all kinds of AI services (APIs, training data, test cases, applications) with the goal of becoming the one-stop-shop for Artificial Intelligence services, “Amazon for AI products and services”.
As a first step, we have deployed 100+ AI APIs to what will later become the AI Marketplace 1.0. This was possible thanks to our in-house team of AI specialists and our strategic partner Rikkeisoft and its Rikkei AI division (which also helps Oraichain providing access to their HR talent pool).
At this stage, we have also integrated the Oraichain Wallet to Smartcontracts, developed the infrastructure to be able to offer more AI services. We are currently developing an SDK for the marketplace and its UI.
We will keep focusing on building AI APIs with popular use cases for regular uses and enterprises, and at the same time developing the technology for providers and users to be able to connect their wallet and use ORAI tokens to access our AI Oracles directly from within the marketplace.
A lot of things going on behind the AI Marketplace. The ORAI studio and ORAI wallet v2 are coming.
7.VAIOT: What was your initial inspiration for the idea of an AI Oracle and what makes it unique?
Dr. Chung: My initial inspiration for AI Oracle was the question I asked myself one day “what can Blockchain technology add value to human life?”
As it’s easy to see that the current value of Blockchain is very limited to the “exchanging” value but any “useful” value. When trying to find the solutions to that question, I came to the conclusion that Blockchain needs more functionalities to be able to be actually useful.
That’s where the AI Oracle concept arises. AI Oracle will overcome limitations of the smart contracts.
8.VAIOT: As we also use AI in our solutions, what added value do you see in connecting AI and Blockchain as it seems to be a growing necessity in the space?
Dr.Chung: AI brings more functionalities to smart contracts and that will help to create a new generation of Dapps which relate to real-world use cases.
Connecting Blockchain into an AI ecosystem is very promising to realize a “decentralized AI workforce” that gathers many contributors such as AI scientists, practitioners, data annotators, UI designers and more.
We intend to complete the whole ecosystem in 2021. Initially, we’ll introduce the AI Marketplace and Data Hub with data annotation service in Q2. The annotation service is already developed by our partner Rikkeisoft and will be integrated to join Oraichain’s blockchain ecosystem.
Please check one of the nice articles from SamOrai describing the decentralized workforce.
9.VAIOT: As we know, the big milestone of Mainnet has been achieved by your team, what are the major next steps ahead for ORAI?
Noah: We have many near future milestone, but I want to emphasize on one of our newest innovation, which we’ve filed two patents
It’s aiRight — a product to protect copyrights for AI-generated multimedia.
Some interesting functions that aiRight has:
- Easy creation & issuance of copyright
- NFT database
- NFT originality check (with AI 🙂)
Stay tuned with us. The aiRight is in the testing phase, the launch is soon
3. Q&A with VAIOT Community
1. I want to ask regarding the $ORAI Burn System, Do you have a burn system for your project? If yes, how does your burn system work ?
Noah: Yes we have. There’s a special burn address, where you send the tokens & have no way to recover them.
2. When other vaults will come and will the bridge between BSC and ETH and other chains will be faster? And when a new exchange and more partnerships?
Dr. Chung: For the AI-based farming, we will open the USDT vault on the yAI.finance. New exchanges and partnerships are under NDA 🙂 Stay tuned!
3. Do you have local communities for them to let them better understand about your project?
Noah: We’re building local communities at the moment.
4. How was the idea to create this project born? It is very interesting. What do you want to prove? What are your expectations?
Noah: As Dr. Chung has mentioned above, the initial inspiration for Oraichain is the question
“What can Blockchain technology add value to human life?”
We want to prove the untapped potentials of AI & Blockchain together.
About VAIOT
VAIOT develops purpose-built virtual assistants powered by AI and blockchain technology. Any product or service sold or delivered digitally can use VAIOT’s tech to be handled by a dedicated AI virtual assistant, accessed by customers via a simple mobile application. VAIOT ultimately plans to take a smart personal assistant concept and combine it with lawyers’ unique skill set and knowledge. The company aims to build an AI legal assistant for consumers and enterprises, providing legal services, including digital, blockchain-based contracts.
About Oraichain
Oraichain is a data oracle platform that aggregates and connects Artificial Intelligence APIs to smart contracts, serving as a foundational base for the creation of new Dapps leveraging AI technologies. Oraichain is the world’s first AI-powered oracle aiming to revolutionize the AI, DeFi, and Blockchain industries.
Unlike regular oracles that use raw data, Oraichain’s AI oracle uniquely uses AI APIs to consume or create data on-the-fly via virtual machines on smart contracts. Data quality, reliability and security are enhanced by using test cases, which help to avoid intermediaries, increase trust and open up unprecedented application functionalities. AI-powered oracles create a new generation of smart contracts.
Beyond data oracles, Oraichain interconnects Artificial Intelligence and Blockchain technologies. With AI as the cornerstone, the Oraichain ecosystem contains an AI API marketplace, a Data & Request Hub, Publisher Service, Training Service, and Dapp Hosting.
Oraichain network provides the infrastructure and consensus mechanisms for Blockchain and AI training. These interconnected ecosystems accelerate the development of Web3, DeFi, enterprise and academia applications. yAI.finance is the first use case of Oraichain, a DeFi platform using unique AI-based features and strategies. Oraichain AI Marketplace offers AI products and APIs with the goal of becoming the one-stop-shop for Artificial Intelligence services.
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