BitMEX Co-founder Arthur Hayes Joins Decentralized AI Platform Ritual as Advisor
Arthur Hayes, co-founder of BitMEX, has become an advisor to decentralized AI platform Ritual. Hayes, who is now the Chief Investment Officer of his family office Maelstrom, is known for introducing perpetual swaps in cryptocurrency trading. Ritual stated that Hayes’ expertise in both traditional and crypto markets will help them scale and develop new use cases of on-chain AI. Hayes expressed his excitement about joining Ritual and his belief that AI technology should be decentralized to ensure independence from powerful tech giants.
Hayes’ Role and Vision at Ritual
Hayes has joined Ritual as an advisor to provide his deep knowledge of crypto and financial markets. He will contribute to the financialization of AI models, GPUs, and data, help grow the Ritual brand, and explore new possibilities for on-chain AI. He believes that generative AI has the potential to revolutionize various sectors and increase worker productivity. Hayes’ involvement with Ritual came about through discussions with Maelstrom about Ritual’s vision for the financialization of AI and crypto primitives.
Ritual Emerges from Stealth with $25 Million Funding
Ritual, which was built by a team with backgrounds at notable firms like OpenAI, Coinbase, and Google, recently raised $25 million in a funding round led by Archetype. The platform features Infernet, its flagship product that allows smart contracts to access AI models for on-chain applications. The company aims to unlock various potential use cases by combining AI with blockchain technology. Ritual plans to launch its testnet in the second half of the year.
Challenges and Opportunities in Decentralized AI
While Ritual is not the only firm working on decentralized AI, it faces challenges such as sourcing diverse compute resources and educating the web3 community about machine learning. However, Ritual is actively addressing these challenges through strategic partnerships, educational initiatives, and open-sourcing its developments. The company believes that decentralized AI brings transparency, accessibility, and privacy to the technology, countering the limitations of centralized AI systems.
Hayes’ Vision for AI-powered DAOs
In a previous argument, Hayes stated that AI-powered DAOs would revolutionize economic entities and impact Ethereum transaction growth. He believes that traditional companies will increasingly adopt a decentralized and open-source DAO structure for training AIs to avoid legal conflicts. Hayes predicts that decentralized AI will benefit networks like Ethereum, which he considers the most robust decentralized computer, powering the future AI/human economy.
Hot Take: Decentralized AI and the Future of Technology
Decentralized AI has the potential to reshape industries by ensuring independence, transparency, and accessibility. By combining blockchain technology with AI models, platforms like Ritual are paving the way for a more open and collaborative future. As more experts like Arthur Hayes join these projects as advisors, they bring valuable insights from both traditional and crypto markets. With ongoing advancements in cryptography and increasing adoption of decentralized computing networks like Ethereum, we can expect the decentralization of AI to continue driving innovation and transforming various sectors.
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