GenLayer introduces intelligent oracle for real-time data in dApps

Key takeaways:

• The Intelligent Oracle uses AI to deliver on-chain access to real-time, non-deterministic Internet data.
• Designed for prediction markets, insurance, and financial derivatives, it ensures faster, cost-effective data resolution.
• Validators leverage GenLayer’s Optimistic Democracy to guarantee secure and transparent decisions.

AI-powered oracles bring real-time Internet data on-chain

YeagerAI, the creator of GenLayer, has launched an Intelligent Oracle designed to address a critical need in decentralized applications (dApps): seamless access to real-world data. Unlike traditional oracles, which rely on predefined datasets and manual updates, the new oracle autonomously integrates diverse data types directly on-chain, broadening possibilities for blockchain developers.

GenLayer has recently secured $7.5 million in seed funding to advance its AI-driven blockchain platform. This financial backing underscores the industry’s confidence in GenLayer’s innovative approach to integrating artificial intelligence with blockchain technology.

At the core of the Intelligent Oracle is GenLayer’s Optimistic Democracy consensus mechanism, powered by Large Language Models (LLMs). Validators process queries by generating and independently verifying results, ensuring security and reliability. This structure allows dApps to handle complex and subjective tasks previously beyond the capabilities of decentralized systems.

“The integration of GenLayer’s AI-powered Intelligent Oracle with Provably’s zero-knowledge (ZK) technology paves the way for a new era in verifiable analytics and secure access to private data for decentralized applications. By merging Provably’s privacy-preserving capabilities with GenLayer’s intelligent contract framework, this partnership empowers developers to leverage private, high-quality data sources for AI-driven contract execution. Together, we are creating a privacy-centric, data-rich ecosystem that enables innovative applications, from prediction markets to insurance, previously constrained by public data limitations.”

Revolutionizing blockchain data access

Traditional oracles often introduce delays and high costs, particularly for applications like prediction markets and financial derivatives. The Intelligent Oracle resolves these issues by providing real-time results at a fraction of the cost. For example, while older solutions may require days to finalize transactions, GenLayer’s oracle achieves finality within an hour, with costs under $1 per market.

“At Etherisc, we are committed to transforming the insurance industry with transparency, efficiency, and innovation. Integrating the Intelligent Oracle allows us to harness AI capabilities on-chain, enabling automated claims processing and real-time risk assessment. Together, we are shaping the future of decentralized insurance.”

Radix and PredX.ai, other early adopters, are also poised to benefit from the new technology. Radix’s CEO, Piers Ridyard, explained that integrating the Intelligent Oracle enables secure, verifiable event triggers within their ecosystem. Meanwhile, PredX.ai’s Dr. Rein Y. Wu described how the oracle’s speed and accuracy set “a new standard for prediction market platforms.”

To wrap it all up

The Intelligent Oracle represents a leap forward for blockchain technology, removing bottlenecks associated with traditional data integration. By combining AI-driven decision-making with GenLayer’s blockchain, it empowers dApps to access real-world data efficiently and securely. With testnet deployment planned for 2024, YeagerAI’s latest launch sets a new standard for decentralized innovation.