In recent years, with the rapid development of artificial intelligence technology, the AI field has become a hot spot for technology and investment. In particular, with the support of cryptocurrency and blockchain technology, decentralized AI platforms such as Ritual have begun to receive high attention from the market. Since its inception, Ritual has been committed to building an incentive network that supports distributed computing devices and provides power for various AI applications.
Since 2023, Ritual has successfully completed two important rounds of financing: the first round was led by Archetype in November 2023, raising US$25 million; subsequently, in April 2024, Ritual again received millions of dollars in additional investment from Polychain Capital.
These two rounds of financing not only provide strong financial support for Ritual's technology development and market expansion, but also reflect the market's great expectations for decentralized AI platforms. Since 2024, the popularity of AI in the field of science and technology has continued to rise, and Ritual's development and innovation are continuing to advance against this backdrop.
This article will further explore Ritual's position in the current AI boom and the opportunities and challenges it faces. What is the current situation of Ritual after the bull market?
Why has AI+Web3 become such a hot topic? Technology trends have already determined everything
In 2024, the integration of AI technology and Web3 will continue to be a prominent hot spot in the crypto field. As the concept of decentralization becomes more popular, blockchain platforms combined with AI technology are gradually becoming a new innovation highland. The popularity of the AI track continues to rise, and various AI-based applications continue to emerge, promoting the rapid development and application of related blockchain technologies.
First, AI’s enhanced computing models and algorithms have been widely used to optimize the performance and security of blockchain networks. For example, the Ritual platform uses its decentralized AI execution layer to not only increase the processing speed of transactions, but also enhance the data security of the network. By introducing complex machine learning models, Ritual is able to analyze network status in real time, predict and prevent potential security threats.
Secondly, driven by the trend of AI+Web3, decentralized finance (DeFi) and other blockchain applications have begun to integrate AI functions to improve their efficiency and the quality of user interaction. AI technology has shown unique advantages in the automatic execution of smart contracts, asset management, and market forecasting. For example, Ritual's Infernet framework greatly expands the functions and application scope of smart contracts by allowing smart contracts to directly call AI models for data analysis and decision support.
Finally, AI is increasingly being used in the NFT and gaming industries, providing users with a richer and more personalized experience. Through AI technology, users can create unique digital assets and virtual characters, enhancing the interactivity and appeal of digital art and games.
Overall, the combination of AI and Web3 has brought new development opportunities to the crypto track, but also raised new technical challenges. With the further development of technology and the popularization of applications, it is expected that this field will continue to maintain rapid growth, driving the entire crypto market towards a more efficient, safer and smarter direction.
Overview of the Ritual project and team: Raised $25 million in November 2023, and the team has completed multiple technical iterations
As an innovative enterprise in the decentralized AI execution layer, Ritual has been committed to combining the advantages of artificial intelligence technology and blockchain technology to promote the integration and development of the two since its establishment. Since completing a $25 million financing in November 2023, Ritual has begun to occupy a place in the encryption field and AI applications.
In 2023, Ritual launched its flagship product Infernet, a lightweight off-chain client that is primarily used to handle AI inference workloads. The launch of Infernet allows smart contracts to natively access AI models, greatly expanding the possibilities of blockchain applications, from infrastructure construction to smart application development, with a wider range of application scenarios.
Entering 2024, Ritual has not only consolidated its infrastructure construction, but also strengthened its integration with other technology layers. For example, the second phase of Ritual, Ritual Chain, is a sovereign execution layer designed specifically for AI. The launch of this platform marks an important step for Ritual in creating an ecosystem that fully supports the interaction between smart contracts and AI.
In addition, Ritual is also working to improve the multi-chain compatibility and security of its products. By introducing encryption technologies such as ZK proof, Ritual strengthens data privacy protection and computational verification, ensuring the security and transparency of transactions and data processing.
In terms of market adaptability, Ritual responds to market demand through continuous technology iteration and upgrading, especially the growing integration demand in the fields of AI and encryption. As more developers and companies begin to explore how to use AI to create value in the Web3 space, Ritual's technology and products are becoming a key bridge connecting these two fields.
The team has demonstrated significant adaptability and execution over the past few months, driving product innovation and market expansion. Specifically, the Ritual team has conducted multiple product iterations based on market and user feedback, such as improving Infernet's user interface, adding support for multiple programming languages, and optimizing the efficiency of data processing. At the same time, in order to expand market influence, Ritual has established cooperative relationships with a number of leading crypto funds and technology companies to jointly develop and promote solutions based on the Ritual platform. These initiatives have significantly improved Ritual's market visibility and brand recognition, laying the foundation for its favorable position in a highly competitive market.
Through these efforts, Ritual has not only remained forward-looking in technology development, but also demonstrated strong adaptability and leadership in market positioning and strategic execution, continuing to open up new opportunities for developers and creators at the intersection of encryption and AI.
The data performance is impressive. Can Ritual maintain its growth trend in the future?
The activity of the Ritual platform since 2023 has been significant, especially during several key periods in 2024. As its technology platform and go-to-market strategies continue to evolve, Ritual has successfully maintained and expanded the reach of its network. As of June 2024, the total number of active nodes on the Ritual platform reached 4,325, while the total number of users subscribing to the service also climbed to 5,310.
Looking at Ritual's node activity graph, we can see two clear activity peaks, which appeared in March and June 2024. These peaks may be closely related to Ritual's launch of new features or marketing activities. For example, Ritual may have launched new partnerships or technology upgrades in these months, attracting a large number of new users and developers.
In addition, the number of Ritual's nodes that successfully performed calculations also provides evidence of its technical capabilities and market acceptance. In the latest statistics, 429 nodes successfully completed the calculation task, with a total of 7,359 calculations, which shows that Ritual's infrastructure is stable and can support large-scale computing needs.
In detail, Ritual's daily subscriptions and node activity fluctuated in a short period of time, reflecting the dynamic changes in the market and the immediate response of user behavior. Although the number of subscriptions has declined in some periods, the overall trend shows a healthy growth trend. Ritual's technical team has continuously promoted product innovation and market expansion in the past few months, effectively enhancing the market competitiveness of the platform.
These data of Ritual not only demonstrate its strong potential in the fields of blockchain and artificial intelligence, but also reflect the efficiency and reliability of its technical solutions in practical applications. As Ritual continues to push the boundaries of technology and explore new market opportunities, its position in the global blockchain technology ecosystem is expected to be further consolidated and enhanced.
By cooperating with two well-known Web3 projects, MyShell and Celestia, can Ritual's circle of friends continue to expand?
In the field of blockchain and artificial intelligence, Ritual is promoting the expansion of technological boundaries and enhancing market influence through strategic cooperation with MyShell and Celestia.
MyShell, a popular decentralized generative AI creator platform with over one million users and 50,000 active creators. In 2023, Ritual’s partnership with MyShell marks a significant integration of both technology and IP management. Not only are MyShell’s AI models deployed on Ritual’s infrastructure, but these models are registered as IP assets through Story Protocol, which provides creators with copyright protection while opening up new commercialization paths.
This collaboration enables MyShell creators to effectively deploy and manage their AI models while ensuring content security. Ritual's technology platform provides the necessary computing resources and security mechanisms, ensuring transparency in data processing and traceability of transactions, thereby creating an open and secure creative environment for users. In addition, the successful implementation of this model also potentially promotes a new way of using and managing intellectual property rights, heralding a new trend in future creation and technological cooperation.
The collaboration with Celestia focuses on improving the data processing capabilities and scalability of the Ritual platform's infrastructure. Celestia focuses on data layer innovation in blockchain, providing a layered solution that enables Ritual to synchronize and manage large-scale data more efficiently. This is critical to the efficient execution of Ritual's AI models and smart contracts, as these operations rely on fast and reliable data access.
Celestia’s technology not only enhances Ritual’s overall data management capabilities, but also provides Ritual with the possibility of more flexible operations between different blockchain platforms. This technical integration improves the operating efficiency of the Ritual platform, while also verifying the application value and scalability of Celestia’s technology, providing a solid foundation for both parties to further explore blockchain applications and AI technologies in the future.
Through close cooperation with MyShell and Celestia, Ritual has not only broadened its technical capabilities and market application scope, but also established an industry leadership position in promoting the integration of blockchain and AI. These collaborations demonstrate how to increase product value and market competitiveness through technical cooperation, and provide important demonstrations and inspiration for the future development direction of the blockchain and artificial intelligence fields.
