ORA raises $20M in funding to promote AI models
Oracle Protocol ORA has closed $20 million in funding from Polichian, HF0 and Hashkey Capital, among other investors. The protocol is building artificial intelligence models with chain token technology.
According to the June 26 announcement, the funds will be used to develop the ORA ecosystem with a focus on research and development of Oracle and blockchain infrastructure.
The protocol is running on an intelligent machine learning technology, or opML, that allows the blockchain to run AI model understanding and is adding layers of authentication and traceability. In other words, every AI interaction, such as the AI model used, the data inputs and the outputs, is recorded and can be verified.
ORA is introducing a new method called Initial Model Provisioning (IMO) to simulate AI models. Based on an ERC-20 token, the mechanism entitles anyone who buys a token to own and share in the revenue generated by the AI model.
Every time an AI model is used on-chain, a payment is made, and this payment is distributed to IMO tokenholders using the ERC-20 extension ERC-7641 Intrinsic RevShare Token created by the protocol.
ORA launched its onchain AI talk at Optimism on the Mainnet in April. According to the team, it is the only operational oracle that can efficiently handle an AI model of any size.
“Through intelligent systems and zero-knowledge technology, it provides secure and efficient onchain machine learning with privacy protection features,” the company said in a statement.
According to the spokesperson, developers are currently exploring a number of applications using ORA technology. Some use cases include automatic chaining of insurance claims based on specific rules and identifying anomalies that deviate from normal patterns. Additionally, AI oracles are being developed to help resolve and resolve disputes by analyzing data to make independent decisions.
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