- ORA raised $20M to integrate AI models with blockchain technology, focusing on research and development.
- ORA’s opML technology enhances verifiability and traceability of AI interactions on blockchain.
- ORA introduced Initial Model Offering (IMO) for tokenizing AI models, with revenue shared among token holders.
ORA, an oracle protocol, has successfully raised $20 million in a funding round featuring investors such as Polychian, HF0, and Hashkey Capital. This significant capital injection aims to bolster ORA’s efforts in integrating artificial intelligence models with blockchain technology.
ORA is excited to announce a $20M fundraise from top backers:@polychain@hf0residency@hashkey_capital@sevenxventures
— ORA
and morepic.twitter.com/smhU5FPx1Y
(@OraProtocol) June 26, 2024
(@OraProtocol) Research and Development
ORA plans to allocate the newly acquired funds to expand its ecosystem, concentrating on the research and development of oracles and blockchain infrastructure. The company’s optimistic machine learning technology, or opML, facilitates AI model inference on blockchain, enhancing verifiability and traceability.
Every AI interaction, including the AI model used, data inputs, and outcomes, is recorded and can be verified.
Additionally, ORA has introduced a new mechanism known as Initial Model Offering (IMO). This mechanism, based on the ERC-20 token standard, enables the tokenization of AI models. Token holders are entitled to a share of the revenue generated by the AI models, with fees incurred each time an AI model is used onchain being distributed through the ERC-7641 Intrinsic RevShare Token.
Operational and Future Applications
Since April, ORA has been operational on the Optimism OP mainnet, claiming to be the only oracle capable of handling AI models of any size efficiently. The company highlights that its system, leveraging optimistic and zero-knowledge technologies, ensures secure and efficient onchain machine learning with privacy-preserving features.
Developers are exploring various applications using ORA’s technology, including processing insurance claims onchain based on specific rules and identifying anomalies that deviate from normal patterns. Moreover, AI oracles are being developed to assist in dispute resolutions and settlements by examining data to make neutral decisions.
ORA’s successful funding round marks a significant step forward in the intersection of AI and blockchain technology. The company’s innovations in tokenizing AI models and ensuring their verifiability and traceability promise to unlock new potentials in various sectors, from finance to dispute resolution.
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