TL;DR
- The convergence between artificial intelligence (AI) and cryptocurrencies is gaining interest in the industry.
- Polychain Capital invested a multimillion-dollar sum in Ritual, in a funding round of over $25 million.
- Ritual seeks to address centralization in AI systems by introducing decentralization in data storage and infrastructure access.
With the advancement and emergence of new technologies, the intersection between artificial intelligence (AI) and cryptocurrencies is garnering significant interest in the industry. This convergence is responding to the quest for solutions to decentralize AI systems and counteract the centralization exerted by tech giants like Microsoft, Meta, and Alphabet. This challenge has led companies like Ritual and investors like Polychain Capital to join forces in the quest for more open and collaborative alternatives in AI development.
Polychain Capital is a venture capital firm specializing in blockchain technology. It recently announced a significant investment in Ritual, an AI platform aimed at decentralizing AI systems. While the exact amount of the investment was not disclosed, it was revealed to be a multimillion-dollar sum and adds to the $25 million funding round led by other companies last November.
Ritual seeks to address centralization in AI systems by introducing decentralization in data storage and infrastructure access. Its goal is to create a more open and collaborative environment for the development of artificial intelligence. In contrast to the dominance exerted by major tech companies.
Ritual Takes on Big Tech Companies
The platform includes a custom-built virtual environment 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.
The partnership between Ritual and Polychain Capital reflects the goal of accelerating cryptocurrency adoption and focusing on new technologies and their emerging use cases. This collaboration is based on a history of joint work between the teams, promising a perfect alignment in achieving goals.
The alliance comes at a pivotal moment for the industry. The proliferation of AI-driven tools and their increasing popularity are positioning the collaboration between both companies to enhance product development. Expand into new markets, and foster community growth.
