BitMEX co-founder Arthur Hayes has recently taken on the role of advisor at the decentralized AI platform, Ritual. In his new position, Hayes will bring his extensive experience in the crypto and financial markets to help Ritual scale and develop new use cases for on-chain AI.
Hayes, who is now the Chief Investment Officer of his family office, Maelstrom, was also the former CEO of BitMEX. He introduced perpetual swaps, a type of futures derivative contract used in cryptocurrency trading that does not expire like traditional futures contracts.
Ritual co-founder Akilesh Potti expressed excitement about having Hayes on board, stating that his unique expertise in both crypto and traditional markets, as well as his passion for the crypto ecosystem, will be invaluable as Ritual continues to grow and create a decentralized future for AI.
Hayes believes that AI is made for decentralization, and the future of this technology relies on its ability to assert independence from powerful tech giants that control every aspect of it. He aims to ensure that the emerging AI economy has access to a more censorship-resistant and collaboration-powered technology.
Ritual launched last year and raised $25 million in funding. The platform aims to create an incentivized network that hosts, processes, and refines AI models. It offers a flagship product called Infernet, which enables smart contracts to access AI models for various on-chain applications.
Ritual is not alone in its pursuit of decentralized AI, as there are other firms working on similar developments. The biggest challenges identified by Ritual co-founder Potti are sourcing global compute resources, education about machine learning in the web3 community, and merging AI and decentralization into a cohesive system.
Hayes also believes that AI-powered DAOs (decentralized autonomous organizations) will revolutionize economic entities in the future. He argues that the solution to adequately compensating entities for their data when using AI lies in a decentralized and open-source DAO structure.
With Hayes joining as an advisor, Ritual is well-positioned to navigate the challenges and harness the opportunities presented by the intersection of AI and decentralization.
The source of the article is from the blog klikeri.rs