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Home»ADOPTION NEWS»VC Supports AI-Driven Blockchain Team Building Internet-Connected Smart Contracts
ADOPTION NEWS

VC Supports AI-Driven Blockchain Team Building Internet-Connected Smart Contracts

By Crypto FlexsAugust 20, 20243 Mins Read
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VC Supports AI-Driven Blockchain Team Building Internet-Connected Smart Contracts
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Technology • August 20, 2024 10:31 AM EDT

Posted 5 minutes ago ~ in

YeagerAI, the company developing the decentralized artificial intelligence network GenLayer, has closed a $7.5 million seed round.

North Island Ventures led this round of funding with participation from venture capitalists and multiple angel investors, including Node Capital, Arrington Capital, ZK Ventures, WAGMI Ventures, BlockBuilders, and Maelstrom, the family office of Arthur Hayes.

The YeagerAI team is pioneering a technology initiative called ” intelligent contracts,“Or a blockchain-based system that leverages large-scale language models connected to the Internet to execute functions.

“Some of the key limitations the industry faces stem from needing humans in the loop and not having access to real-world data,” Amos Meiri, partner at Node Capital, said in a press release.

Describing some of the new tools unlocked by combining AI and blockchain, GenLayer co-founder Albert Castellana described enabling “consensus on subjective decisions.” Today’s blockchains rely on deterministic computation, meaning that given a specific input, a smart contract always produces the same output.

Being able to respond to external information online allows developers to build applications that adapt to changing situations, such as financial markets, weather, and news events.

GenLayer also leverages AI in a custom delegated proof-of-stake algorithm, randomly selecting a lead validator to propose an output, which is then voted on by four other validators connected to the other LLMs. If the subjective output receives majority support, the transaction is processed.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Current financial disclosures are as follows:

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

Daniel Kuhn is a senior journalist and editor at The Block, covering the cryptocurrency industry with a particular focus on technology. He previously served as an associate editor at CoinDesk, where he covered the opinions/articles section. He was first published in the trade publication Financial Planning. Before pursuing journalism, he studied philosophy as an undergraduate, English literature as a graduate student, and business and economic reporting at NYU’s professional program. You can connect with him on Twitter and Telegram @danielgkuhn, or find him on Urbit as ~dorrys-lonreb.

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