Ritual Raises $25M To Revolutionize AI With Decentralization

Published On: November 9, 2023487 words2 min readBy:

Ritual, a decentralized AI platform, has recently emerged from stealth mode after successfully raising $25 million in a seed funding round. The round was spearheaded by Archetype, with Accomplice and Robot Ventures also contributing. The brains behind Ritual are Web3 investor Niraj Pant, known for funding projects such as EigenLayer and Solana, and Akilesh Potti, a quant who previously worked at data analytics company Palantir.

In recent times, AI companies have seen substantial growth, providing new products and experiences while also generating fresh sources of revenue. However, Pant pointed out that this growth also comes with notable challenges. The current AI models are controlled and operated on centralized APIs hosted by a few corporations. These corporations have been criticized for their lack of transparency, inability to prove computational integrity, and failure to provide data privacy. In response to this growing centralization of AI, Ritual has come to the fore with its decentralized AI platform.

Cryptographic advancements can ensure user integrity, enhance privacy, and reduce censorship resistance in AI, according to Pant. He elaborated that decentralization embodies the best of Web3 principles – transparency, open-source, privacy, and integrity. This approach ensures a more open and universally accessible future for this crucial technology.

Ritual aims to empower Web3 companies by providing computational, on-chain proof of interactions with AI models. In the context of Web2, the platform can enable companies in sectors like healthcare to use AI to manage sensitive financial and health information of their customers securely. Ritual plans to achieve this by leveraging zero-knowledge (zk) proof technology and Outline Processor Markup Language (OMPL). These technologies can ensure that computational integrity is maintained while offering more access options around graphics processing units (GPUs) used for image processing.

Pant illustrated the potential of Ritual’s platform using the example of a healthcare website. By utilizing Ritual’s platform of GPUs, computational integrity verification, and data privacy layer, a healthcare website can create an open ledger of transparency for their AI use.

Ritual is set to launch its platform in early 2024 and is currently on the lookout for developers across enterprise and Web3 to join its team. As a crypto education platform, it aims to provide a unique approach to AI technology that prioritizes transparency and integrity.

For those looking to make a crypto investment, blockchain technology like Ritual’s presents an exciting opportunity. This is especially true for those in the United States, where the Crypto Exchange service is gaining popularity. To get involved, users can download a digital wallet or use a Crypto app in the USA.

In conclusion, Ritual’s decentralized AI platform promises a more transparent and accessible future for AI technology. By leveraging the principles of Web3 and the power of blockchain technology, Ritual aims to address the current challenges in the AI industry. Whether you’re an investor, a developer, or a user looking to benefit from AI technology, Ritual’s upcoming platform is something to keep an eye on.

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