This content originally appeared on HackerNoon and was authored by Ishan Pandey
\ YeagerAI, the team behind the decentralized AI network GenLayer, has secured $7.5 million in seed funding. This investment, led by North Island Ventures, signals growing interest in the potential of AI-enhanced blockchain systems. GenLayer's innovative approach introduces the concept of "intelligent contracts," a leap beyond traditional smart contracts.
\ These new tools aim to connect blockchain-based systems with large language models on the internet to execute functions. Albert Castellana, co-founder of GenLayer, explains the transformative potential: "We're enabling consensus on subjective decisions." This capability could revolutionize how blockchain applications interact with real-world data.
\ The technology's significance lies in its ability to interact with real-time information. Unlike conventional smart contracts that produce consistent outputs for given inputs, GenLayer's intelligent contracts can adapt to external factors such as financial markets, weather changes, or news events. This advancement addresses a long-standing limitation in blockchain technology.
\ As Node Capital partner Amos Meiri points out, "Some of the core limitations the industry faces stem from the need for humans in the loop and lack of access to real-world data." GenLayer's unique architecture incorporates AI not just in contract execution but also in its consensus mechanism. The platform utilizes a custom delegated proof-of-stake algorithm that randomly selects validators connected to different large language models (LLMs). This approach aims to maintain decentralization while leveraging AI capabilities.
\ The funding round attracted a diverse group of investors, including Arrington Capital, ZK Ventures, and WAGMI Ventures, among others. This broad support suggests that GenLayer's vision resonates with those looking to push the boundaries of what's possible in decentralized systems. As the crypto and blockchain space continues to evolve, projects like GenLayer represent a new frontier.
\ By marrying the trustless, decentralized nature of blockchain with the adaptive intelligence of AI, we may be witnessing the birth of a new paradigm in decentralized applications. The coming months will be crucial as YeagerAI works to bring its vision to life. With substantial funding and growing interest from the tech community, all eyes will be on GenLayer to see if it can deliver on the promise of truly intelligent, internet-connected smart contracts.
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:::tip Vested Interest Disclosure: This author is an independent contributor publishing via our business blogging program. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR
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This content originally appeared on HackerNoon and was authored by Ishan Pandey
Ishan Pandey | Sciencx (2024-08-22T16:13:51+00:00) GenLayer Paves the Way for Intelligent Contracts with $7.5M Seed Funding. Retrieved from https://www.scien.cx/2024/08/22/genlayer-paves-the-way-for-intelligent-contracts-with-7-5m-seed-funding/
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