AI infrastructure startup Ritual raises $25M to fill gaps in crypto

The order developed six brand-new requirements for AI security and security, that include sweeping requireds, such as sharing the outcomes of safety tests with officials for business developing “any structure model that positions a severe threat to nationwide security, nationwide economic security, or national public health and security,” and “accelerating the development and use of privacy-preserving methods.” Magazine: Crypto City: The ultimate guide to Vancouver

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Decentralized artificial intelligence (AI) network Ritual came out of stealth mode to reveal a $25 million Series A financing for the business, led by Archetype. The business provides an AI-powered infrastructure that intends to carry out intricate logic currently infeasible for wise contracts.While AI adoption preserves an uptrend throughout all service verticals, problems such as high calculate costs, minimal hardware access and central APIs impede the full capacity of the current AI stack. As discussed in Rituals initial post:” The grand vision for Ritual is to become the schelling point of AI in the web3 space by developing Infernet into a modular suite of execution layers that interop with other base layer facilities in the community, allowing every protocol and application on any chain to use Ritual as a AI Coprocessor.” The introduction of such AI models in crypto– from base layer facilities to applications– can help deal with new use cases, such as immediately handling danger parameters for providing protocols based upon real-time market conditions.Ritual protocol diagram. Source: ritual.globalRituals procedure diagram reveals the use of modular execution layers revolving around AI models. The GMP layer– consisting of layer 1, rollups and sovereign– “assists in interop in between existing blockchains and Ritual Superchain, which functions as an AI coprocessor for all blockchains.” Investors including Balaji Srinivasan, Accomplice, Robot Ventures, Accel, Dialectic, Anagram, Avra and Hypersphere joined the $25 million Series A financing round. The funding will be utilized to grow Rituals developer network and begin seeding the network.Related: Visa releases global AI advisory practice focused on generative systemsThe ambiguity provided in the current executive order on AI security from the Biden administration raised concerns among the AI neighborhood over stifling innovation.My Executive Order on AI is a testament to what we stand for: Safety, security, and trust. pic.twitter.com/rmBUQoheKp— President Biden (@POTUS) October 31, 2023