Key Takeaways:
- Polychain Capital has made a significant, multimillion-dollar investment in AI platform Ritual, concluding its $25 million funding round aimed at developing a decentralized AI system.
- Ritual’s initiative seeks to counteract the potential monopolization of the AI industry by major tech corporations with a decentralized alternative, amidst growing concerns over centralized control.
- The investment highlights the blockchain community’s interest in utilizing decentralization to prevent a centralized AI oligopoly, with notable figures like Arthur Hayes supporting the move towards a blockchain and AI convergence for a more equitable digital infrastructure.
In a bold step towards diversifying the artificial intelligence (AI) landscape, Polychain Capital has finalized a significant investment in Ritual, an AI platform.
This investment, described as “multimillion dollar,” marks a notable conclusion to Ritual’s $25 million funding round initiated last November.
We’re excited to announce that @ritualnet has closed a strategic investment from @polychain to accelerate decentralized AI.https://t.co/gv2Wcmw3Fk pic.twitter.com/rrNDsJp7cu
— Ritual (@ritualnet) April 8, 2024
Ritual’s ambitious project aims to disrupt the current centralized paradigm of AI systems, proposing a decentralized alternative in response to the rapid adoption and growing influence of AI technologies.
This initiative has gained traction amidst concerns that major technology corporations, including Microsoft, Meta, and Alphabet, are poised to establish a monopolistic AI regime.
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 (@ritualnet) April 8, 2024
Through Infernet and Ritual Chain, smart contract developers can now access a rich set of AI workflows and tooling…
The funding round, spearheaded by Archetype, saw contributions from other prominent entities such as Accomplice and Robot Ventures.
Polychain’s involvement adds a significant boost, underscoring the growing interest within the blockchain community in leveraging decentralization to mitigate the risks of a centralized AI oligopoly.
Arthur Hayes, co-founder of BitMEX and a new member of Ritual’s board of advisors as of January, emphasized the critical need for a resilient, censorship-resistant technology framework to support the evolving AI economy.
📰 Just IN: Decentralized AI platform Ritual secures $25 million investment in funding round led by Archetype; Participation from Polychain Capital, Robot Ventures, and others; Investment to enhance artificial intelligence system 🤖💼 #Ritual #AIPlatform #InvestmentNews 💰🚀
— BitcoinWorld Media (@ItsBitcoinWorld) April 8, 2024
Hayes advocates for a system that fosters collaboration and accessibility beyond the current limitations, pointing towards a future where blockchain and AI convergence could pave the way for a more equitable digital infrastructure.
The movement towards decentralizing AI by blockchain firms reflects a proactive approach to addressing the dominance of Big Tech in the AI space.
Crypto VC –@polychaincap joins –@ritualnet as major investor #AI #crypto https://t.co/7ZhLRbyOw4
— Crypto Briefing (@Crypto_Briefing) April 8, 2024
By championing decentralized data storage and access to infrastructure, these firms aim to democratize AI development and usage, ensuring broader participation and innovation across the tech landscape.
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