Oracle protocol ORA has successfully concluded a funding round, raising $20 million from investors such as Polychian, HF0, and Hashkey Capital. The primary focus of the funding will be on the development of ORA’s ecosystem, particularly in the areas of research and development for oracles and blockchain infrastructure.
ORA is currently working on its optimistic machine learning technology, known as opML, which allows for AI model inference on the blockchain while ensuring verifiability and traceability. This means that every interaction involving AI, including the model used, data inputs, and outcomes, can be recorded and verified.
In addition, ORA is introducing a new mechanism called initial model offering (IMO), which enables the tokenization of AI models. By leveraging an ERC-20 token, anyone who purchases a token will have ownership rights and the ability to share in the revenue generated by the AI model.
To cover the costs of using an AI model on the blockchain, a fee is incurred, and this fee is distributed to IMO tokenholders using the ERC-7641 Intrinsic RevShare Token, an extension of the ERC-20 token created by ORA.
In April, ORA launched its onchain AI oracle on Optmism’s OP mainnet. According to the team, their operational oracle is the only one capable of effectively handling AI models of any size.
Through the use of optimistic systems and zero-knowledge technology, ORA aims to provide secure and efficient onchain machine learning with privacy-preserving features.
Developers are currently exploring various applications using ORA’s technology. Some potential use cases include processing insurance claims directly on the blockchain based on specific rules and identifying anomalies that deviate from normal patterns. Moreover, AI oracles are being developed to assist in dispute resolution and settlements by examining data and making neutral decisions.
In conclusion, ORA’s funding round will enable the further development of its ecosystem, with a strong emphasis on oracles and blockchain infrastructure. The protocol’s opML technology and IMO mechanism aim to revolutionize AI model tokenization and foster secure and efficient onchain machine learning.