Prominent blockchain-based venture capitalist Polychain Capital has collaborated with the artificial intelligence (AI) platform Ritual.
According to a recent blog post, Polychain joins Ritual as a significant investor in a bid to decentralize AI and its integration into cryptocurrency. However, details about the partnership, believed to be a multi-billion dollar investment, are yet to be disclosed at the time of writing.
Expanding Crypto Adoption With AI
Ritual is on a quest to disrupt the AI landscape, which has long been dominated by Big Tech behemoths such as Amazon, Alphabet, Microsoft, and Meta. These companies’ stronghold in the AI investment landscape raises concerns among industry participants about a tech oligarchy.
Accordingly, Ritual aims to introduce decentralization into data storage and access, resulting in a more inclusive and collaborative environment for AI innovation. In the blog post, Ritual wrote about the exciting potential of the intersection between AI and cryptocurrency.
This fusion provides a vast playground for crypto enthusiasts to explore limitless opportunities in AI-driven protocols. Furthermore, Ritual and Polychain Capital’s collaboration is based on a shared vision of advancing cryptocurrency adoption and exploring new technologies and their evolving applications.
Ritual offers cutting-edge technology, including a specially designed VM for AI operations and a decentralized Oracle network known as Infernet. This network enables smart contracts to integrate AI models seamlessly for various on-chain tasks and applications.
Preventing AI Censorship
Arthur Hayes, co-founder of BitMEX and a current member of Ritual’s advisory board, opined that one of the best ways to protect the burgeoning AI economy is via censorship-resistant technology.
With the widespread adoption of AI-powered tools over the last year, the collaboration between these two entities is poised to result in the development of innovative AI-crypto products. The recent partnership comes amid growing interest in AI crypto coins since the start of the year.
