Blockchain AI research lab YeagerAI has announced the launch of the Intelligent Oracle, an AI-powered oracle that aims to provide decentralised applications (DApps) with online data on-chain. The Oracle can change how data is collected, offering new possibilities and use cases for blockchain DApps. It is built on the GenLayer blockchain, also a brainchild of YeagerAI, and designed to support a new generation of DApps. It can fetch any type of online data and deliver it on-chain.
The Intelligent Oracle will initially launch on a permissioned local network, with the GenLayer Testnet expected operational by the end of 2024. By removing the dependency on human-powered resolution systems and offering cross-chain compatibility, the Intelligent Oracle aims to provide a scalable, efficient, and future-proof solution for decision-making.
The Intelligent Oracle is powered by LLMs integrated in GenLayer’s Optimistic Democracy consensus mechanism. The consensus mechanism is ‘governed’ by validators that connect to LLMs, verifying and securing the data that the Oracle fetches from on- and off-chain sources. The validators enable the network to process non-deterministic transactions by fetching data from the internet.
When a query is made, a lead validator generates a proposed result, while other validators independently verify the output against the pre-set equivalence criteria. Optimistic Democracy ensures all decisions are accurate, reliable, and secure.
While blockchain oracles have evolved rapidly in the past few years, there remain several pertinent unresolved issues. Among them are the inability of blockchains to access external data, and blockchains only able to access what is available on-chain. The emerging uses of blockchains are impacted by the lack of broader oracles, with most futuristic DApps requiring immediate, accurate, and sometimes subjective data from the internet.
To date, the solution has been to use traditional oracles, which only provide pre-defined datasets or require manual intervention, making them slow, costly, and inflexible. The Intelligent Oracle offers an autonomous solution, offering a virtually unlimited range of data types to dApp builders.
Welcoming Intelligent Oracle: A new world of blockchain use cases
The Intelligent Oracle is based on Intelligent Contracts operating on the GenLayer blockchain. The oracle operates in the GenLayer ecosystem, allowing users to fetch decentralised, transparent and secure data for their DApps or platforms. It offers cross-chain compatibility, allowing it to integrate with multiple blockchain ecosystems.
Following the launch, blockchain DApp developers have significantly more possibilities open to them. The launch of the Intelligent Oracle could be a step forward for decentralised applications in prediction markets, insurance, and financial derivatives, for example.
The Oracle enables cost-effective and fast data resolution. While traditional oracles can take days to resolve prediction markets – incurring delays and costs – the Intelligent Oracle achieves transaction finality in less than an hour at a cost of under $1 per market.
YeagerAI has seen rapid adoption of its new Oracle service with several partners, and some platforms already committed to integrating Intelligent Oracle. Early partners committed to building with the technology include Radix DLT, Etherisc, PredX, Delphi Bets, and Provably.