ORA Secures $20 Million Funding to Advance AI-model Tokenization and Onchain Development
Summary:
Oracle protocol ORA raises $20 million in a funding round with contributions from Polychian, HF0, and Hashkey Capital. The funds will accelerate the development of ORA's ecosystem, focusing on building technology for tokenizing AI models onchain and enhancing blockchain infrastructure. The protocol will also introduce features such as optimist machine learning and revenue-sharing model through tokenization. Some potential applications include onchain processing of insurance claims and assisting in dispute resolutions.
The Oracle protocol ORA has garnered $20 million in investments during its recent funding round, with contributions from Polychian, HF0, and Hashkey Capital among others. The protocol is in the process of creating technology that facilitates tokenization of artificial intelligence models onchain. The newly raised funds will be channelled towards the development of ORA's ecosystem, with an emphasis on enhancing blockchain infrastructure and oracles, as reported on June 26. ORA is developing its Optimistic Machine Learning (opML) technology, to empower blockchain with AI model inference capabilities, besides providing traceability and verifiability. Essentially, it will record details of all AI interactions including the model employed, data inputs, and results. The protocol will provide a unique feature called Initial Model Offering (IMO), enabling tokenization of AI models. The mechanism, built on an ERC-20 token, allows token purchasers to earn and share revenue from an AI model. Whenever an AI model operates onchain, a fee is generated, which is then distributed among IMO token holders via the protocol's ERC-7641 Intrinsic RevShare Token, an extension of the ERC-20. The company debuted its onchain AI oracle on Optmism's OP mainnet in April, claiming to be the only outfit with an operational oracle that can handle AI models of any size. The company says its technology, using optimistic systems and zero-knowledge software, offers secure, efficient onchain machine learning with enhanced privacy features. Developers are testing various applications using ORA's technology. Some potential applications include onchain processing of insurance claims based on defined rules and detecting outliers from standard patterns. AI oracles that help in dispute resolution and settlement by neutrally interpreting data are also under development.
Published At
6/26/2024 8:45:00 PM
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