Modulus Labs Raises $6.3 Million in Seed Round
A project called Modulus Labs has successfully raised $6.3 million in a seed round, with backing from Variant and 1kx. The project was founded by Daniel Shorr, who was drawn to the crypto space during the pandemic and decided to combine it with zero-knowledge cryptography.
Modulus aims to utilize zero-knowledge proofs, a cryptography technique that allows the validation of something’s integrity without exposing any additional underlying raw information. It plans to offer users assurance that AI queries remain unaltered or tampered with, paving the way for a broader range of web3 applications to incorporate AI.
Bridging the Gap Between AI and Blockchain
Modulus is bridging the gap between machine language models on servers and the transparency of blockchain. This allows for more advanced decentralized protocols by minimizing the need for human governance over complex functions. The project envisions bringing recommendation and matching algorithms to Web3, improving NFT marketplaces, serving as an automated trusted Oracle for off-chain data verification, and enabling new use cases that were previously impossible without on-chain AI support.
The project also sees opportunities to improve tokenomics by being paid in tokens for improving on-chain models. Additionally, there are prospects for operating a decentralized autonomous organization driven by AI, which could have a significant impact on the decentralized lending market.
Hot Take: Modulus Labs Paves the Way for AI Integration in Web3
Modulus Labs’ successful seed round funding demonstrates the growing interest in combining AI and blockchain technologies. By utilizing zero-knowledge proofs, Modulus aims to provide assurance and transparency in AI queries, opening up new possibilities for web3 applications. The project’s vision of bringing AI features to decentralized protocols and improving tokenomics shows the potential for AI integration in the blockchain space. With Modulus Labs leading the way, we can expect to see more innovative projects that bridge the gap between AI and blockchain, paving the way for a decentralized and AI-powered future.
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