Key highlights:
- GenLayer, developed by YeagerAI, has raised $7.5M in a seed round led by North Island Ventures.
- The funding supports the creation of Intelligent Contracts, enabling blockchain integration with AI for advanced decision-making.
- GenLayer’s unique AI-driven consensus mechanism aims to expand the potential of decentralized applications.
GenLayer secures seed funding to advance blockchain and AI integration
YeagerAI, the team behind GenLayer, has successfully closed a $7.5 million seed funding round led by North Island Ventures. The round attracted investment from prominent Web3 venture capital firms including Node Capital, Arrington Capital, and ZK Ventures, as well as contributions from angel investors. This funding is earmarked for the development of GenLayer, a blockchain designed to leverage artificial intelligence to improve smart contract functionality.
GenLayer introduces the concept of Intelligent Contracts, which integrate Large Language Models (LLMs) to enable blockchain-based contracts to access online data and make complex, non-deterministic decisions. This capability allows for a new range of decentralized protocols and applications that current blockchain technologies cannot support.
“GenLayer is leveraging recent advances in AI to bring more of the internet onchain, enabling improvements in today’s dApps and unlocking entirely new possibilities. We’re thrilled to support Albert and his team in their mission.” –Travis Scher, Partner at North Island Ventures
The seed round also included participation from notable figures like Arthur Hayes, who adds depth to GenLayer’s strategic network through his investment fund, Maelstrom.
AI-driven consensus mechanism: A breakthrough in decentralized applications
Central to GenLayer’s innovation is its consensus mechanism, known as Optimistic Democracy. This system uses a delegated Proof-of-Stake model where a randomly selected group of validators, each connected to a different LLM, work together to achieve consensus on transactions involving subjective tasks. The process ensures that Intelligent Contracts can execute in a decentralized yet flexible manner, adapting to varying inputs while maintaining trust and transparency.
“I believe GenLayer will be a zero-to-one innovation, and we’re grateful to all our investors for sharing our vision. Using Artificial Intelligence to enable consensus on subjective decisions will massively expand the design space for truly decentralized applications.” –Albert Castellana, Co-Founder and CEO of GenLayer
The bottom line
With its $7.5 million seed funding, GenLayer will redefine the blockchain landscape by combining AI with smart contract technology. By enabling intelligent decision-making within decentralized systems, GenLayer is paving the way for a new generation of blockchain applications that are more versatile and capable than ever before.
Read more about AI’s integration with Web3
Source: https://coincodex.com/article/45516/genlayer-raises-75m-seed-funding-to-develop-ai-driven-blockchain/