Crypto VC Polychain Capital joins Ritual as major investor
[ad_1]
Share this article
Polychain Capital, a prominent blockchain-focused venture capital firm, has made a significant investment in Ritual, an artificial intelligence (AI) platform aiming to decentralize AI systems. The undisclosed “multimillion-dollar” investment comes on top of Ritual’s $25 million funding round led by Archetype, Accomplice, and Robot Ventures in November.
Ritual’s mission is to address the centralized nature of AI systems and the growing concerns that Big Tech giants like Microsoft, Meta, and Alphabet will dominate the AI landscape, creating an oligarchy. By introducing decentralization into the storage of data and access to infrastructure, Ritual aims to provide a more open and collaborative environment for AI development.
“AI x Crypto represents one of the most exciting new areas for crypto technologists, with a near infinite design space for AI-enabled protocols to be built on top,” Ritual said in a blog post on the announcement.
The partnership between Ritual and Polychain Capital is built on a shared vision for accelerating the adoption of cryptocurrency and focusing on new technologies and their emergent use cases. Ritual’s technology includes a custom-built VM for AI operations and a decentralized oracle network called Infernet, which allows smart contracts to natively access AI models for various on-chain use cases and tasks.
BitMEX co-founder Arthur Hayes, who joined Ritual’s board of advisers in January, emphasized the need to “ensure the burgeoning AI economy has access to a more censorship-resistant, collaboration-powering technology than we currently have.”
Polychain Capital’s investment in Ritual comes at a time when AI has gained significant attention in the blockchain industry. Following the proliferation of AI-powered tools and their increased mainstream popularity over the last year, the collaboration between the two companies is positioned to enhance product development, expansion into new markets, and community growth.
Note: This article was produced with the assistance of AI, specifically Claude 3 Opus for text and OpenAI’s GPT-4 for images. The editor has extensively revised the content to adhere to journalism standards for objectivity and neutrality.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight – and oversight – of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
[ad_2]
Source link
