5 days Ago By Dan Yoo
In a pivotal development announced on November 18, Ritual, a decentralized AI network, has officially inaugurated the Ritual Foundation. This launch signifies substantial progress toward enhancing AI's security, accessibility, and integration within decentralized ecosystems. The Foundation will oversee the global adoption of the Ritual Chain, fostering growth through grants, governance structures, educational initiatives, and community-led guidance.
As an autonomous entity, the Ritual Foundation is poised to drive the Ritual network's market introduction, cultivate strategic alliances, and integrate emerging applications and protocols. It is tasked with broadening the developer community, aligning the Ritual ecosystem with AI model developers' and users' requirements, and offering comprehensive support—both technical and financial—via its ecosystem program. This endeavor calls on developers to harness Ritual’s ecosystem from initial concept to full deployment, supported by various resources and expert guidance.
The upcoming launch of the Ritual Chain private testnet heralds a groundbreaking innovation: the first Layer 1 blockchain embedding AI functionalities directly. Leveraging an EVM-based framework, Ritual Chain facilitates the secure operation of AI models within decentralized applications (dApps). It ensures computational fidelity for applications that trust AI outputs and performance.
This transition from Ritual’s Infernet decentralized oracle network to the Ritual Chain mainnet marks a significant evolution in blockchain capability, empowering developers to create dApps seamlessly integrating sophisticated AI features. Akhilesh, the co-founder of Ritual Labs, articulated the transformative potential of the Ritual Chain testnet: “It enables entirely novel user interactions with AI beyond the capabilities of current systems. This expansion is foundational for next-gen RaaS platforms, prover networks, and intellectual property marketplaces to emerge on Ritual.
” In its engagement efforts, the Foundation has issued a Call to Action, urging developers to join the Ritual Foundation’s Realm—a platform designed to expedite project development within the Ritual ecosystem. Realm offers crucial technical, educational, and financial support, facilitating developers' ability to leverage Ritual Chain’s distinctive capabilities and actualize their projects. Ritual is pioneering the first decentralized AI execution layer.
Established by influential operators and investors associated with Polychain, Deepmind, Paradigm, Coinbase, Citadel, and Palantir, Ritual has garnered over $30 million in funding from leading crypto venture capitalists..
