The post Canyon Network Raises $6M to Expand AI-Powered Blockchain Oracle appeared on BitcoinEthereumNews.com.

Canyon Network, a New York-based provider of on-chain AI oracles, has successfully raised $6 million in a recent funding round, bringing its valuation to $60 million, according to a report by FinSMEs. The round saw contributions from notable investors, including DeData Technologies, DAO Venture, Vinci Labs, and Fission Digital Capital. The company plans to use this funding to enhance the development of its AI oracle, strengthen security and scalability, and foster partnerships within the decentralized finance (DeFi), governance, and gaming sectors. Led by Dr. Tim Willis, Canyon Network leverages cryptographic technologies to deliver verifiable AI results for blockchain applications, focusing on transparency, security, and reliability for various decentralized ecosystems.   What is Canyon Network?   AI-Powered Blockchain Oracles Canyon Network is a provider of AI-powered oracles that connect blockchain smart contracts with off-chain data in a secure and verifiable manner. Oracles play a crucial role in enabling decentralized applications (dApps) to interact with real-world data, such as asset prices, weather reports, or any other off-chain information that a smart contract might need to execute its functions. However, Canyon Network takes this concept a step further by incorporating artificial intelligence to process and analyze the off-chain data, ensuring that it meets the needs of complex blockchain applications. This AI integration allows Canyon Network to offer more dynamic and intelligent data feeds, with a special emphasis on DeFi, governance, and gaming sectors.   Cryptographic Verification for AI Results One of Canyon Network’s unique innovations is its use of cryptographic technologies to ensure that the AI-generated data is verifiable and tamper-proof. This level of security is essential for blockchain applications, as it ensures that the data provided by the AI oracle is accurate, trustworthy, and immutable. By utilizing zero-knowledge proofs and other cryptographic methods, Canyon Network offers proof of accuracy for its AI…

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Filed under: News - @ October 18, 2024 9:28 am