Ora Protocol, a company specializing in on-chain AI oracles for decentralized applications, has secured a $20 million funding round from investors including Polychain Capital, HFO, HashKey Capital, and SevenX Ventures. The company aims to use this investment to further develop its technology and infrastructure for tokenizing AI models. Ora’s product, known as “initial model offering” or IMO, allows for the ownership of open source AI models through tokenization.
The company emphasizes its “verifiable oracle protocol” which enables developers to create decentralized, trustless applications powered by AI. Ora is leveraging zero-knowledge technology to provide secure and efficient on-chain machine learning with privacy-preserving features. By offering AI inference capabilities through its oracle, Ora aims to break the limitations of smart contracts and provide developers with more freedom to innovate.
Since its launch in 2022, Ora Protocol has garnered interest from notable early adopters such as Compound, Ethereum Foundation, Uniswap, Optimism, and Arbitrum. The product currently supports LlaMA 2 (7B) and Stable Diffusion, allowing users to create their own programmable, permissionless, and censorship-resistant AI oracles.
One of the key motivations for Ora’s product development is to address the challenge of monetizing AI model contributions in the open source community. The company believes that many open source AI models struggle to generate revenue, leading to a lack of motivation for contributors and organizations. By introducing IMO, Ora aims to support the sustainability of the open source AI model ecosystem by incentivizing long-term benefits and encouraging engagement and funding within the community.
In conclusion, Ora Protocol’s innovative approach to integrating AI with decentralized applications through its verifiable oracle protocol and tokenization of AI models has garnered significant support from investors and early adopters. The company’s focus on addressing the monetization challenges faced by the open source AI community highlights its commitment to fostering innovation and sustainability within the industry.
Article Source
https://www.nftgators.com/polychain-hf0-and-hashkey-invest-in-oras-20m-raise-for-on-chain-ai-oracle/
