TL;DR:
- Giza, an AI platform for smart contracts and web3 protocols, has raised $3 million in a pre-seed funding round led by CoinFund.
- The funding will be used to launch Giza’s platform, enabling the integration of machine learning into smart contracts and decentralized protocols.
- Giza’s solution addresses the limitations of the current web3 infrastructure, providing trustless inference access and empowering smart contracts to classify, contextualize, and adapt.
- By leveraging zero-knowledge cryptography, Giza enables on-chain model inferencing and unlocks new possibilities for smart contract design.
- ML-integrated smart contracts have implications across various web3 verticals, such as improved usability, enhanced risk assessment mechanisms in DeFi, and transformative possibilities in web3 gaming.
Main AI News:
Giza, a pioneering artificial intelligence (AI) platform revolutionizing smart contracts and web3 protocols, has recently announced the successful completion of a $3 million pre-seed funding round. Led by CoinFund, a prominent cryptonative investment firm and registered investment adviser, the funding round also witnessed participation from leading industry players such as Arrington Capital, StarkWare, and TA Ventures, along with notable angel investors including Rand Hindi and Julien Bouteloup. The injection of capital will be instrumental in facilitating the launch of Giza’s groundbreaking platform, which aims to seamlessly integrate machine learning capabilities into smart contracts and decentralized protocols within the web3 ecosystem.
The existing web3 infrastructure, primarily comprised of static smart contracts, has long struggled with a lack of connectivity to real-world context, resulting in inefficiencies, user experience obstacles, and inherent vulnerabilities. Giza aims to address these challenges by offering trustless inference access to web3 applications, empowering smart contracts to classify, contextualize, and adapt through the incorporation of ML models served on their cutting-edge platform.
Francisco Algaba, CEO of Giza, highlighted the current limitations of smart contracts and the immense potential of Giza’s solution. “Smart contracts are not as intelligent as their name implies,” Algaba explained. “They lack the functionality and user-friendliness of many web2 applications due to their inability to seamlessly integrate machine learning capabilities. Giza is committed to unlocking the potential of machine learning for web3 smart contracts and protocols by fostering collective and open development. The successful integration of AI into web3 will not only expand the capabilities of smart contracts but also enable new models of AI ownership.”
Presently, smart contracts face challenges when it comes to securely operating on off-chain data without relying on external oracles, thereby limiting their ability to leverage the power of machine learning. Giza addresses this hurdle by utilizing zero-knowledge cryptography, which enables on-chain model inferencing, thereby opening up new possibilities for smart contract design.
This innovative design space holds significant implications across various web3 verticals. With ML-integrated smart contracts, web3 will witness substantial improvements in usability, unlocking a range of exciting use cases such as biometric access and account recovery. In the domain of decentralized finance (DeFi), protocols can enhance their risk assessment mechanisms, leading to a more resilient open finance infrastructure. Moreover, Giza has the potential to revolutionize web3 gaming through the implementation of on-chain autonomous agents, dynamic difficulty adjustment, and asset interoperability mechanisms.
“We are thrilled to support Giza in their mission to provide AI models to smart contracts and significantly expand their design space,” expressed Einar Braathen, an investor from CoinFund. “Fran, Cem, and Renç form an exceptional team deeply rooted in the web3 ecosystem, boasting a unique blend of expertise in AI, web3, and operations. Their extraordinary vision and rapid execution demonstrate their commitment to driving innovation and delivering tangible solutions to the market in record time.”
Conclusion:
Giza’s successful funding round and innovative platform represent a significant step forward in the web3 market. By enabling the integration of artificial intelligence into smart contracts and decentralized protocols, Giza tackles the limitations of the current web3 infrastructure. This development opens up new avenues for enhanced usability, increased security, and transformative possibilities in various sectors, such as finance and gaming. Giza’s solution has the potential to reshape the market and unlock new opportunities for innovation and growth within the web3 ecosystem.
