July 16, 2024
Ritual Raises $25M to Fill Crypto Infrastructure Gaps
Latest Cryptocurrency News

Ritual Raises $25M to Fill Crypto Infrastructure Gaps

Decentralized AI network Ritual has emerged from stealth mode, securing a substantial $25 million in Series A funding led by Archetype. The company distinguishes itself by offering an AI-powered infrastructure capable of executing intricate logic beyond the capabilities of conventional smart contracts. Despite the ongoing surge in AI adoption across various industries, challenges like high compute costs, restricted hardware accessibility, and centralized APIs impede the full realization of the current AI stack.

Ritual’s ambitious vision aims to position itself as the focal point of AI in the web3 space, evolving Infernet into a modular suite of execution layers that seamlessly interact with other base layer infrastructures in the ecosystem. This design enables every protocol and application on any blockchain to utilize Ritual as an AI Coprocessor. The integration of AI models in the crypto realm, spanning from base layer infrastructure to applications, holds promise for addressing novel use cases. For instance, it could automate the management of risk parameters for lending protocols based on real-time market conditions.

Ritual’s protocol diagram unveils a structure featuring modular execution layers revolving around AI models. The GMP layer, encompassing layer 1, rollups, and sovereign, facilitates interoperability between existing blockchains and Ritual Superchain, positioned as an AI coprocessor for all blockchains. Noteworthy investors such as Balaji Srinivasan, Accomplice, Robot Ventures, Accel, Dialectic, Anagram, Avra, and Hypersphere have joined the $25 million Series A funding round. The capital infusion is earmarked for expanding Ritual’s developer network and initiating the network’s growth.

Amidst these developments, the recent executive order on AI safety by the Biden administration has raised concerns within the AI community. The order introduces six new standards for AI safety and security, encompassing mandates like sharing safety test results with officials for companies developing foundation models with significant risks to national security, economic security, or public health. It also emphasizes accelerating the development and deployment of privacy-preserving techniques.

Image by pch.vector on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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