ORA has secured $20 million in a funding round to develop technology for tokenizing artificial intelligence (AI) models onchain. The funds will be used to advance ORA’s ecosystem, focusing on research and development of oracles and blockchain infrastructure.
The funding announcement was made on June 26, 2024. ORA launched its onchain AI oracle on Optimism’s OP mainnet in April. ORA’s activities and developments are taking place within the blockchain and AI industries, with the funding supporting global applications and infrastructure.
The funding aims to enhance ORA’s innovative technologies, such as their optimistic machine learning technology (opML), which allows blockchain to conduct AI model inference with verifiability and traceability. ORA’s technology records and verifies every AI interaction onchain, ensuring transparency and reliability.
ORA’s funding will be used to further develop their ecosystem, including the creation of oracles and blockchain infrastructure. The company is also introducing the Initial Model Offering (IMO), an ERC-20 token-based mechanism that allows for the tokenization of AI models. IMO tokenholders can earn revenue from AI model usage fees, distributed through the ERC-7641 Intrinsic RevShare Token, an ERC-20 extension created by ORA.
ORA’s onchain AI oracle, launched on Optimism’s OP mainnet, is touted as the only operational oracle capable of handling AI models of any size effectively. The technology employs optimistic systems and zero-knowledge technology to provide secure, efficient, and privacy-preserving onchain machine learning.
Developers are exploring various applications using ORA’s technology, such as processing insurance claims directly onchain based on specific rules and identifying anomalies in data patterns. Additionally, AI oracles are being developed to assist in dispute resolutions and settlements by examining data to make neutral decisions. These applications highlight the potential of ORA’s technology to revolutionize the integration of AI and blockchain.
“Through optimistic systems and zero-knowledge technology, it will provide secure and efficient onchain machine learning with privacy-preserving features,” ORA stated, emphasizing the innovative and secure nature of their technology.
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