Decentralized artificial intelligence (AI) network Ritual came out of stealth mode to announce a $25 million Series A financing for the company, led by Archetype. The company offers an AI-powered infrastructure that aims to execute complex logic currently infeasible for smart contracts.
While AI adoption maintains an uptrend across all business verticals, issues such as high compute costs, limited hardware access and centralized APIs hinder the full potential of the current AI stack. As explained in Ritual’s introductory post:
“The grand vision for Ritual is to become the schelling point of AI in the web3 space by evolving Infernet into a modular suite of execution layers that interop… Read more on Cointelegraph