Decentralized AI Network Ritual Raises $25M in Series A Funding
Ritual, a decentralized AI network, has emerged from stealth mode with a significant announcement of securing $25 million in Series A financing led by Archetype. The company specializes in providing an AI-powered infrastructure designed to execute complex logic currently beyond the capabilities of smart contracts.
AI adoption is on the rise across all business verticals, but issues such as high compute costs, limited hardware access, and centralized APIs are hindering the full potential of the current AI stack. Ritual aims to become the focal point of AI in the web3 space, evolving Infernet into a modular suite of execution layers that interoperate with other base layer infrastructure in the ecosystem.
This introduction of AI models in the crypto space can open up new use cases, such as automatically managing risk parameters for lending protocols based on real-time market conditions.
Ritual’s protocol diagram reveals the use of modular execution layers revolving around AI models. The funding from investors will be used to grow Ritualβs developer network and start seeding the network.
Uncertainty Surrounding Bidenβs Executive Order on AI Safety
The recent executive order on AI safety issued by the Biden administration has sparked concerns among the AI community due to its vagueness. The order established six new standards for AI safety and security, including mandates for sharing safety test results with officials and accelerating the development and use of privacy-preserving techniques.
Hot Take: The Future of Decentralized AI
Ritual’s emergence from stealth mode and securing $25 million in Series A funding marks an important milestone for the advancement of decentralized AI networks. With its focus on addressing existing limitations in AI adoption, Ritual’s vision for becoming a key player in the web3 space has significant implications for future use cases within the crypto industry. However, uncertainties surrounding regulatory developments, such as Biden’s executive order on AI safety, could potentially impact innovation and growth in this space.
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