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Home»BLOCKCHAIN NEWS»EigenLayer and Ritual Collaborate
BLOCKCHAIN NEWS

EigenLayer and Ritual Collaborate

By Crypto FlexsFebruary 24, 20243 Mins Read
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EigenLayer and Ritual Collaborate
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Ritual is collaborating with EigenLayer to enhance Ethereum’s AI capabilities by leveraging decentralized AI services and a re-staking mechanism for economic security.

Ritual, a pioneering AI network, presentation Strategic partnership with EigenLayer, a protocol that extends Ethereum’s staking and security model. The collaboration is set to develop new Actively Validated Services (AVS) designed to support Ritual’s Infernet and future sovereign chains, while also providing a unique opportunity for Ethereum operators to engage in AI-driven operations with potential new revenue streams.

The Ritual team plans to launch the world’s first sovereign, community-owned AI network, using Infernet as its initial product. This product allows smart contracts to leverage AI models for a variety of applications over a decentralized oracle network. Accordingly, Ritual aims to introduce a sovereign chain with customized VMs optimized for AI operations.

EigenLayer’s re-staking mechanism is the backbone of the partnership as it allows Ethereum holders to strengthen the economic and security framework of other applications, including Ritual’s AVS. This symbiosis is intended to provide a strong level of decentralization and security to AI operations on the Ritual network from the beginning. It also provides an innovative form of revenue for EigenLayer operators participating in Ritual’s ecosystem.

Through this collaboration, we plan to launch various AVS. One important innovation is facilitating model operations through EigenLayer operators, which can be reinvested to provide services such as inference, fine-tuning, and AI model training. This integration allows Ritual to unify the payment channels for these services, allowing these operators to participate in their revenue streams.

Another important aspect is the Proof Marketplace within Ritual, which provides computational integrity for model operations. This feature is essential to ensure that model outputs, especially those used in smart contracts, are verifiable and have not been tampered with. When EigenLayer introduces a slashing mechanism, the nodes providing these proofs become responsible for maintaining the integrity of their operations.

Model routing is also a component of partnerships where users can be matched with the most suitable models and nodes based on their preferences. This is made possible with the help of routers via Ritual, which in turn are facilitated by staked EigenLayer nodes, connecting them to optimal resources to improve user experience.

Ritual’s partnership with EigenLayer represents a step toward a more secure and decentralized future for AI on blockchain. This alliance not only enriches the Ethereum ecosystem, but also opens new horizons in staking for AI service security.

The potential of this partnership is enormous, and both Ritual and EigenLayer are actively seeking community input to explore other innovative uses of staking for service development. For more updates, interested parties can follow both entities on Twitter and find information about running Ritual nodes in the documentation.

On November 8, 2023, Ritual, a pioneering decentralized AI platform, announced a successful initial funding round of $25 million. The round was led by lead investors Archetype, Accomplice, and Robot Ventures. Co-founded by prominent Web3 investor Niraj Pant and data analytics expert Akilesh Potti, Ritual intends to solve the problem of AI centralization by prioritizing transparency, computational integrity, and data privacy.

Ritual’s innovative approach allows Web3 companies to provide verifiable on-chain evidence for AI interactions to ensure secure handling of particularly sensitive financial and health-related data. By leveraging state-of-the-art zero-knowledge proof techniques along with Optimistic Machine Learning, the platform aims to maintain computational integrity. Ritual is also committed to ensuring a more equitable and efficient ecosystem for AI development and applications by improving access to GPU resources for advanced image processing.

Image source: Shutterstock

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