- It’s a global mega-network for machine learning
- It runs on blockchain
- And will decentralize AI developers
British startup Gensyn has closed another $43 million funding round. Venture capital giant a16z invested in the project, along with CoinFund, Canonical Crypto, Protocol Labs, and Eden Block.
Gensyn was founded in 2020 by Britons Ben Fielding and Harry Grieve. Its main product is a protocol that allows developers to create and implement additional AI features.
Importantly, the project uses a decentralized cryptographic network. Gensyn is a decentralized Tier 1 blockchain based on the Substripe protocol. As co-founder Harry Grieve notes, a big advantage of their project has been “unlimited scope and very low cost of verification.”
The company’s protocol is to operate on a pay-as-you-go basis. This is payment for actual use, not in the form of a subscription. Developers will connect machine learning equipment from around the world via blockchain, and offer their product to engineers, developers, researchers and academics. In doing so, participants will be able to see, in a decentralized way, whether a given system has successfully passed the machine learning process.
Neural network projects are now at the peak of popularity. For example, AI startup Pinecone recently raised $100 million in a Series B round.