Oracle Protocol ORA has successfully closed a significant $20 million funding round supported by investors like Polychian, HF0, and Hashkey Capital. This funding round is dedicated to advancing technology for tokenizing artificial intelligence models on the blockchain.
The acquired funds will be crucial in expanding ORA's ecosystem, with a primary focus on the research and development of oracles and blockchain infrastructure. The announcement on June 26 highlighted the protocol's dedication to enhancing its optimistic machine learning technology, known as opML, enabling blockchain systems to conduct AI model inference while ensuring transparency and traceability of every AI interaction.
ORA is introducing the innovative initial model offering (IMO) mechanism to tokenize AI models using an ERC-20 token, granting token holders ownership and a stake in the generated revenue from AI models.
Every time an AI model is used onchain, there is a fee involved, which is then distributed to IMO token holders through the use of the ERC-7641 Intrinsic RevShare Token, an extension of the ERC-20 standard introduced by ORA.
In April, ORA successfully launched its onchain AI oracle on Optmism’s OP mainnet, showcasing its operational oracle as the unparalleled solution for effectively managing AI models of any size.
The company's ethos is centered on providing secure and efficient onchain machine learning with a focus on privacy preservation features through optimistic systems and zero-knowledge technology.
Developers are currently exploring diverse applications leveraging ORA's technology, including direct onchain handling of insurance claims based on specific criteria and anomaly detection to identify deviations from standard patterns. The development of AI oracles is also underway to enhance dispute resolutions and settlements by impartially analyzing data for unbiased decisions.
