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Oraichain Labs US hopes to democratize access to capital markets with its cutting-edge, security-focused blockchain implementation. The New York-based FinTech firm has launched a Layer-2 network above the Oraichain Mainnet that enables tokenized asset fractionalization and features a new security token standard.
Oraichain is reportedly the world's first AI Layer-1. The Oraichain Foundation hopes the network will serve as a foundational layer for more sophisticated, next-generation smart contract-based decentralized applications.
OLUS launches permissioned, compliance-focused L2
Oraichain Labs US — also known as OLUS — is looking to extend access to capital markets by fractionalizing real-world and digital assets. The startup has built a Layer-2 network on top of Oraichain.
Known as the Oraichain Pro Network, the permissioned blockchain uses a delegated proof-of-stake consensus mechanism. The network itself is a fork of Oraichain Mainnet 2.0, which claims to be the world's first AI Layer-1 blockchain. As explained in a Medium article, the Oraichain Pro Network uses Rollup technology to connect the two chains, meaning the mainchain helps keep the L2 secure.
OLUS and its Oraichain Pro Network have a strong focus on compliance, which is lacking in many blockchain ecosystems. Together with the Oraichain Foundation, the two will develop a new token standard that enforces regulatory compliance by default.
Previously, regulators have taken issue with the anarchic blockchain industry, and agencies like the Securities and Exchange Commission have faced challenges with startups skirting existing securities regulations. A press release seen by benzinga states that the network's on-chain assets will be capable of enforcing KYC, transaction rules and lockup functions, all of which should make it easier for asset issuers to remain on the right side of the law.
The network allows individuals and organizations to tokenize many different kinds of assets. Those issuing assets on the network will upload ownership documentation to a decentralized file storage platform and store a hash of the data on-chain. The press release reads:
"Asset owners can then update this documentation on a regular basis, providing investors with a near real-time snapshot of its performance, health factors and cash flows."
OLUS seeks Oraichain Pro Network validators
OLUS will launch the Oraichain Pro Network's Genesis nodes itself and is appealing to potential validators from the Oraichain community. Those wanting to be involved in the network's launch must fill out a registration form, and submit proof of identity and an NDA.
Earlier in September, OLUS put out a call for would-be network validators. A Medium article details node requirements, stating that validators should ensure uptime of 99-100%, and be equipped to resolve any issues with their node that might arise. As such, the startup stresses that those applicants with a technical background have a higher chance of being selected.
Anyone can apply to become an Oraichain Pro Network validator but only three will be selected. If chosen, operators will receive $120 each month by way of an incentive and be given early access to OLUS products and features.
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