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EigenLayer and Ritual collaborate for AI-powered DApps

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EigenLayer and Ritual collaborate for AI-powered DApps

EigenLayer, the largest restaking protocol on the Ethereum blockchain in terms of total value locked (TVL), has formed a partnership with Ritual, a community-owned artificial intelligence (AI) network. The collaboration aims to bring AI capabilities to decentralized applications (DApps) and enhance the security of the Ritual network through Ethereum-level restaking. This includes the development of smart agents, AI-powered decentralized finance (DeFi) applications, and autonomous media generation.

According to EigenLayer founder Sreeram Kannan, the addition of crypto-economic, AI-powered coprocessors can introduce new functionality to blockchain networks while also providing economic incentives. Kannan emphasized the importance of bringing Ethereum staking security to the nascent AI space and creating a more decentralized and transparent AI ecosystem.

The partnership comes at a time when there is increased interest in AI solutions within the crypto industry. Ethereum co-founder Vitalik Buterin recently expressed enthusiasm for AI-powered smart contract auditing, which has the potential to fix code bugs, the biggest technical risk to the Ethereum network.

Ritual’s first product, called Infernet, will be the first to enable smart contracts to access AI models in a cost-efficient and native manner. The integration of EigenLayer into Ritual’s infrastructure will enable the development of Actively Validated Services (AVS) to support decentralized inference, fine-tuning, and proving. This will be powered by EigenLayer restakers with graphics processing unit (GPU) capabilities.

Ritual, founded in 2023, operates a network of computing devices for hosting and fine-tuning AI models. It also provides an API layer for easy access to AI models and security mechanisms to ensure computational integrity.

Niraj Pant, co-founder of Ritual, believes that this integration will enable more efficient AI-enabled DApps. By harnessing the native security and capital of Ethereum, the partnership aims to create smarter AI-enabled DApps on the Ritual network.

The AI-crypto sector experienced a significant surge in interest after GPU producer Nvidia reported a 265% year-on-year increase in revenue in its fourth-quarter earnings report for 2023. This caused Nvidia to surpass Tesla as the most-traded stock on Wall Street in the preceding 30 trading sessions leading up to February 22. Following the earnings results, the market capitalization of AI tokens rose by 11.2% in the 24 hours leading up to 1:30 pm CET on February 22, reaching $25.4 billion. AI-based crypto tokens have doubled in market capitalization in the past month.

9 thoughts on “EigenLayer and Ritual collaborate for AI-powered DApps

  1. The financial success of GPU producer Nvidia definitely highlights the demand for AI in various industries! This partnership between EigenLayer and Ritual is a step in the right direction to capitalize on the growing market.

  2. I’m skeptical about the security of the Ritual network with AI involved. 😕

  3. The surge in interest for AI solutions in the crypto industry is truly impressive! With the rise in AI token market capitalization, the potential for growth in this sector is undeniable. Exciting times for AI investors and enthusiasts!

  4. The development of smart agents and AI-powered DeFi applications through this collaboration will certainly revolutionize the industry! Exciting advancements await in the world of decentralized finance and AI integration.

  5. With EigenLayer’s restakers and GPU capabilities, decentralized inference, fine-tuning, and proving are going to be taken to the next level! Exciting times ahead for the AI-crypto sector!

  6. The partnership between EigenLayer and Ritual is a testament to the growing interest and potential of AI in the crypto industry! Exciting times lie ahead for AI-powered solutions and the decentralized ecosystem.

  7. This is a major step towards a more secure and transparent AI ecosystem! 🤖 By bringing Ethereum staking security to the nascent AI space, EigenLayer and Ritual are taking the right path to revolutionize the industry. 👍🔒

  8. This integration between EigenLayer and Ritual is a major leap towards creating an efficient and secure AI ecosystem on the Ethereum blockchain! 💪🌐 The potential for AI-enabled DApps is immense with this collaboration.

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