ORA raised funds to develop and research blockchain infrastructure and oracles, particularly to broaden its ecosystem.
Oracle protocol Polychian, HF0, and Hashkey Capital, among other investors, have contributed to ORA’s $20 million funding round. The protocol is developing a technology that enables the tokenization of artificial intelligence models on the blockchain.
According to an announcement on June 26, the funds will be allocated to advancing ORA’s ecosystem, emphasizing the research and development of blockchain infrastructure and oracles.
The protocol is currently developing its optimistic machine learning technology, or opML, which enables blockchain to conduct AI model inference while simultaneously incorporating layers of traceability and verifiability.
In other words, each AI interaction, including the AI model employed, the data inputs, and the results, is documented and verifiable.
Additionally, ORA is introducing a novel mechanism known as an initial model offering (IMO) that facilitates the tokenization of AI models. Based on an ERC-20 token, the mechanism allows anyone who purchases a token to own and share the revenue generated by an AI model.
Each time an AI model is employed on-chain, a charge is incurred. This fee is distributed to IMO token holders using the ERC-7641 Intrinsic RevShare Token, an ERC-20 extension designed by the protocol.
In April, ORA introduced the on-chain AI oracle on the OP mainnet of Optimism. According to its team, it is the sole operational oracle that can effectively manage any size AI model.
“It will offer secure and efficient on-chain machine learning with privacy-preserving features through optimistic systems and zero-knowledge technology,” the company stated.
According to a spokesperson, developers are investigating numerous applications utilizing ORA’s technology. Several use cases involve directly processing insurance claims on-chain in accordance with specific rules and identifying anomalies that deviate from typical patterns.
Furthermore, AI oracles are being created to aid in resolving disputes and settlements by analyzing data to render impartial decisions.
