Ritual: Project Breakdown

Overview

Ritual Decentralized AI aims to democratize AI with an open, modular, and sovereign execution layer.
It leverages zero-knowledge proof technology for computational integrity in sensitive sectors like healthcare.
The platform is expected to launch in early 2024 and may be chain-agnostic or interoperable with multiple blockchains.
Ritual is part of the movement to decentralize AI and integrate it with DeFi, offering data privacy and a range of AI applications.

Ritual’s use case includes democratizing access to AI infrastructure and creating a decentralized network for AI models.
Key applications: autonomous agents, DeFi integration, computational proof of interactions, private fine-tuning and inference, and AI-powered applications.
The project addresses the concentration of AI infrastructure among large tech companies and promotes broader participation in AI.
Ritual has raised $25 million in seed funding and is preparing for a 2024 launch.

Ritual has secured $25 million in seed funding led by Archetype, indicating investor confidence.
The platform is building an incentivized network for distributed computing and an ecosystem that is still under development.
No formal partnerships have been announced, and the user base is not yet active.
Ritual is preparing to launch Infernet to enable smart contracts to use AI while maintaining decentralization and privacy.
TVL metrics are not applicable or disclosed at this stage.

Co-founders Niraj Pant and Akilesh Potti have backgrounds in blockchain investment and data analytics, respectively.
Team members have experience in decentralized systems labs, machine learning research, and quantitative trading at firms like Goldman Sachs.
The team’s expertise covers blockchain, AI, and quantitative finance, with a commitment to decentralizing AI infrastructure.
Investors include Archetype, Accomplice, and Robot Ventures.

Ritual is expected to launch in early 2024 with an incentivized network for AI model hosting and an API layer for model access.
The platform is focusing on building its team and targeting enterprise and Web3 applications.
No details on a token launch, use case, or tokenomics have been provided.

Ritual Decentralized AI is set to democratize AI with a decentralized infrastructure, challenging the dominance of large corporations.
It emphasizes privacy, security, and accessibility, with substantial funding and a strong team background.
The project’s integration of AI and blockchain technology has the potential to impact various industries significantly.