EigenLayer-Ritual Partnership Fuels AI Capabilities in Decentralized Blockchain Apps
Summary:
EigenLayer, the top Ethereum restaking protocol, is partnering with AI network Ritual to infuse AI capabilities into decentralized applications (DApps). The collaboration intends to enhance security while adding revolutionary functions to blockchain systems. The partnership comes amid an increasing interest in AI crypto solutions. Ritual's product, Infernet, will allow smart contracts to access AI models efficiently. The recent increase in AI tokens' market cap suggests a promising future for the burgeoning AI-crypto sector.
EigenLayer, the leading restaking protocol on the Ethereum network in terms of total locked value (TVL), has formed a strategic partnership with Ritual, a community-governed artificial intelligence (AI) network. The collaboration is designed to implement Ethereum-scale restaking security on Ritual's network, and to infuse decentralized applications (DApps) with AI capabilities, such as intelligent agents, AI-driven decentralized finance (DeFi) apps, and autonomous media creations, as described in a press statement provided to Cointelegraph.
Sreeram Kannan, the brains behind EigenLayer, pointed out that crypto-economically designed, AI-fueled co-processors could bring a whole new dimension of powerful functionality to blockchain systems, while bolstering economic incentives. His excitement is brimming at the fact that Ritual is crafting the first-ever crypto-economic AI co-processor to unlock a fresh wave of AI-empowered smart DApps. There's a thrill in partnering with this inventive team to import Ethereum staking security to this budding arena and let EigenLayer's stakers and operators play a critical role in fostering a more decentralized, transparent AI arena.
This collaboration comes at a time when the intrigue surrounding AI crypto solutions is escalating, following a Feb. 18 post by Vitalik Buterin, the brain behind Ethereum, outlining his elation for AI-augmented smart contract verification that could rectify flawed codes. Buterin perceives bugs as the major technical threat to the Ethereum network.
Ritual, on the other hand, stated that their premier product, Infernet, will be the frontrunner in enabling smart contracts to gain access to AI models both economically and natively. The partnership will design innovative Actively Validated Services (AVS) to fuel Ritual's infrastructure, allowing EigenLayer restakers that are GPU-enabled to offer decentralized inference, fine-tuning, and validation in its on-chain economy.
Ritual, born in 2023, embodies a network of data processing devices to host, infer and fine-tune AI models. It also offers an API for accessibility and security mechanisms to AI models to ensure computational integrity. Co-founder of Ritual, Niraj Pant, believes the integration can lead to more efficient, AI-driven DApps.
The AI-crypto domain witnessed a significant uptick in the wake of Nvidia's - a GPU producer - Q4 earnings report for 2023, which revealed a whopping 265% year-on-year rise in revenue. This development caused Nvidia to leapfrog Tesla and become the most heavily traded stock on Wall Street in the 30 trading sessions up to Feb. 22.
Following these earning results, the market cap of AI tokens witnessed an 11.2% increase in the 24 hours leading up to 1:30 pm CET on Feb. 22, reaching $25.4 billion as per CoinMarketCap. Over the last month, the market cap of AI-oriented crypto tokens has seen a twofold increase.
Published At
2/23/2024 5:00:00 PM
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