Blockchain Project Ora Secures $20M Investment
Ora, a blockchain initiative established in 2022, has secured an impressive $20 million in funding from notable backers including Polychain, HF0, and Hashkey Capital. The investment aims to drive Ora's efforts in developing AI-integrated decentralized applications on the Ethereum network while leveraging their innovative technology, Optimistic Machine Learning (opML), to enable secure and efficient on-chain machine learning with privacy-preserving features. Moreover, Ora introduces a groundbreaking concept called "initial model offering" (IMO) which tokenizes ownership of open-source AI models, thereby expanding the financial prospects for AI dapps.
Key Takeaways
- Ora secured $20 million for AI-integrated decentralized applications on Ethereum, with backing from Polychain, HF0, and Hashkey Capital.
- Ora's Optimistic Machine Learning (opML) technology enhances on-chain machine learning privacy and efficiency.
Analysis
The investment in Ora signals a growing confidence in AI-blockchain convergence, potentially reshaping traditional AI model ownership through tokenization and enhancing privacy and performance in decentralized applications on the Ethereum platform, thereby positively impacting its ecosystem.
Did You Know?
- Optimistic Machine Learning (opML): Ora's unique technology ensures secure and efficient on-chain machine learning while preserving privacy. This innovative approach leverages blockchain's security features to conduct machine learning on the Ethereum network, ensuring data integrity and privacy without compromising computational efficiency.
- Initial Model Offering (IMO): This novel concept introduced by Ora tokenizes ownership of open-source AI models, similar to Initial Coin Offerings (ICOs) in the cryptocurrency space. IMOs expand the financial possibilities for AI development and deployment, making AI more accessible and investable.