Blockchain AI research lab YeagerAI announced the launch of Intelligent Oracle, an AI-powered oracle that aims to deliver decentralized applications (DApps) with online data on-chain. The Oracle can change the way data is collected, providing new possibilities and use cases for blockchain DApps. It is built on the GenLayer blockchain, also the brainchild of YeagerAI, and designed to support a new generation of DApps. It can retrieve any type of data online and transmit it on chain.
The Intelligent Oracle will initially launch on a licensed local network, and the GenLayer Testnet is expected to be operational by the end of 2024. By removing reliance on human-powered resolution systems and providing cross-chain compatibility, the Intelligent Oracle aims to provide a scalable, efficient and scalable solution for decision making.
The Intelligent Oracle is powered by LLMs integrated into GenLayer’s Optimistic Democracy consensus mechanism. The consensus mechanism is “governed” by validators that connect to LLMs, verifying and securing the data that Oracle retrieves from on-chain and off-chain sources. Validators allow the network to process non-deterministic transactions by fetching data from the Internet.
When a query is made, a primary validator generates a proposed result, while other validators independently check the result against predefined equivalence criteria. Optimistic democracy ensures that all decisions are accurate, reliable and secure.
Although blockchain oracles have evolved rapidly in recent years, several relevant issues remain unresolved. Among them are the inability of blockchains to access external data, and blockchains can only access what is available on-chain. Emerging uses of blockchains are affected by the lack of broader oracles, with most futuristic DApps requiring immediate, precise and sometimes subjective data from the Internet.
The solution so far has been to use traditional oracles, which only provide predefined data sets or require manual intervention, making them slow, expensive and inflexible. The Intelligent Oracle offers a standalone solution, offering a virtually unlimited range of data types to dApp creators.
Welcoming Intelligent Oracle: A New World of Blockchain Use Cases
The Intelligent Oracle is based on Smart Contracts running on the GenLayer blockchain. The oracle operates within the GenLayer ecosystem, allowing users to retrieve decentralized, transparent and secure data for their DApps or platforms. It offers cross-chain compatibility, allowing it to integrate with multiple blockchain ecosystems.
After launch, blockchain DApp developers have many more possibilities. The launch of Intelligent Oracle could be a step forward for decentralized applications in the prediction, insurance and financial derivatives markets, for example.
The Oracle enables cost-effective and rapid data resolution. While traditional oracles can take days to resolve prediction markets – leading to delays and costs – the Intelligent Oracle achieves transaction finality in less than an hour at a cost of less than $1 per market .
YeagerAI has seen rapid adoption of its new Oracle service with several partners and some platforms already engaged in Intelligent Oracle integration. Early partners committed to building with the technology include Radix DLT, Etherisc, PredX, Delphi Bets and Provably.
