Can Ritual AI kill big tech like OpenAI & Google? | AI Startup Case Study

In the rush of AI models and technologies like OpenAI’s ChatGPT, tech enthusiasts forgot the revolution of decentralization. Why it was started and why do we need it? Let’s talk about them on some other day as there are many resources to answer this question.

But the point is that the AI rush made us forget how dangerous AI use cases can be when they are centralized.

Now, AI itself is not safe if its not in safe hands as recently Elon Musk said AI is far more dangerous than it looks like.

One reason for that is that it’s only in the big-tech hands like OpenAI, Google, Microsoft, and Meta. One example is how recently OpenAI launched GPTs and wiped off many small business AI startups that were building on top of ChatGPT. 

So Ritual wants to change with its decentralized approach by combining AI infrastructure needs with Defi-based rewards that anyone can be a part of. 

Artificial Intelligence and blockchain-focused Startups like Ritual make it possible to bring privacy and democratization to the AI applications.

Let’s get to know it more…

Disclaimer : This Case Study is only for information purpose, it is not sponsored !
SOURCE : Linkedin, Cointelegraph

What is Ritual ?🧱

Ritual AI is a new blockchain and AI-focused startup that wants to make artificial intelligence (AI) more accessible and fair for everyone. 

AI is a technology that can make computers do amazing things, like talk, write, play games, recognize faces, and more. 

But AI is not easy to use or create. You need a lot of expensive and powerful computers, and you need to know how to program them. 

Most of the time, only big and rich companies can do that. And they can control what AI can and cannot do.

Ritual AI wants to change that. They want to create a network of computers that anyone can join and use to run AI programs.

 They also want to let people share and improve AI models, which are like recipes for making AI do different things. 

They want to make sure that no one can censor or spy on what people do with AI. 

They want to reward people who contribute to the network with tokens, which are like digital money. They think this will make AI more democratic and innovative.

Ritual’s AI models can do new things with crypto, like changing the rules for lending money depending on the market situation.

The combination of Defi and AI 

Ritual AI allows users to create, share, and run AI models on a decentralized network of computers. 

Users can join the network by installing a software on their devices, and they can earn tokens by contributing their computing power or data. 

Users can also browse and use AI models created by other users or by Ritual AI itself. The platform aims to make AI more accessible, fair, and innovative for everyone.

So while providing infrastructure for AI programs you will be earning crypto tokens as rewards. 

The problem with Ritual  🔒

Since no model is perfect even the model of combining decentralization with AI is not that easy, why?

The decentralizational wave is in its early stage, it’s not easily understandable for most people and the blockchain infrastructures are not as fast as web2 infrastructures.

These Web3 infrastructures and blockchain models need a lot of computation power depending on the consensus chosen such as POW or POS. So it may require extra electricity if not turned to green energy. 

These are some of the problems that a decentralized AI infrastructure startup Ritual has to face. Let’s see how far it can go ! 

The Founders of Ritual AI🧠

Based out of San Fransisco, Ritual AI was founded by Niraj Pant and Akilesh Potti, who both worked at Polychain Capital before starting their own company.

Pant and Potti are based in Culver City, California, where they lead a team of 15 engineers, designers, and researchers in Ritual AI. 

Niraj Pant has a background in Web3 investing, and he funded projects like EigenLayer and Solana. He is interested in the intersection of AI, blockchain, and decentralized systems.

Akilesh Potti is the  CTO of Ritual AI. 

He has a background in quantitative analysis and data engineering, and he worked at Palantir, a data analytics company. He is skilled in natural language processing, machine learning, and artificial intelligence.

What’s Next?💰

Ritual AI recently raised $25 million in a Series A funding round led by Archetype, with participation from Accomplice and Robot Ventures. 

The funding will help them expand their team, grow their developer network, and launch their platform in 2024. 

Their platform will allow users to create, share, and run AI models on a network of distributed computers, and earn tokens for their contributions.

Ritual AI is also looking for engineers and other team members so the jobs are opened. 

If you think you are the right fit, apply for it… It can be your chance or share it with your network in case someone is passionate about such a startup. 

Conclusion

So this was the story of an innovative startup democratizing the AI program building so we can get more privacy-driven and people-focused AI applications. 

What are your thoughts on it? Will it be a success or will it die the AI death? Comment down! 

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