Fetch AI (FET) on Binance Launchpad
By: Raul Butuc
Tags: Binance, Fetch Ai, Blockchain, Fetch, Binance Launchpad

Today we’ll be conducting a research on a new blockchain company that is about to be launched on Binance via their Launchpad.

The company I’m talking about is Fetch.AI Foundation Pte Ltd (FET) — Powering an economic internet with ML, AI, multi-agent systems, and decentralized ledger technology

Key Metrics as of 19 Feb 2019 Ticker: FET Issuing Price: $0.0867 USD Initial Circulating Supply: 11% of Total Token Supply Total Supply: 1,152,997,575 FET Project Website: https://Fetch.AI/

First, let’s take a quick look at some key features and highlights:

Digital infrastructure for deployment of Multi Agent Systems

Unique scalable ledger to support high transaction rates

Synergetic computing: intelligent smart contracts for autonomous systems

Economic framework for governing dynamic marketplaces

Semantic, geographic and decision based navigation for autonomous agents to deliver seamless problem solving

What exactly is FET?

Fetch.AI (“the Project”) brings together machine learning (“ML”), artificial intelligence (“AI”), multi-agent systems and decentralized ledger technology to create an economic internet — an environment where digital representatives of the economy’s moving parts (such as data, hardware, services, people and infrastructure) can get useful work done through effective introductions and predictions.

Mission

Fetch’s goal is to automate a limitless number of markets which currently require tremendous manual intervention. Autonomous economic transactions will deliver near-frictionless marketplaces, operating at digital speed.

Fetch.AI envisages a world in which everyone owns numerous economic agents on the Fetch.AI platform which operate in series or in parallel to construct solutions to today’s and tomorrow’s complex problems which are far more elegant and efficient than humans can produce.

Value Proposition

Near-autonomous system integration for multiple components of a complex system

for multiple components of a complex system Easy integration and use of ML/AI outcomes into decision making without too much understanding of ML/AI techniques

into decision making without too much understanding of ML/AI techniques Collective intelligence between machine intelligence and human intelligence to create a non siloed AI model, improving decision making processes

FET Token Ecosystem

There will be a fixed number of divisible tokens that are used on the Fetch.AI network as the digital currency for all transactions, as well as for network operations such as secure communications. Tokens can also constitute an access deposit for both nodes and agents wishing to perform certain operations (as a security mechanism to discourage malicious behavior).

Token allocation has been divided amongst public sale, seed investors & private sale, founders & team, advisors, ecosystem, mining rewards, and issuer.

FET Token Distribution

Foundation: 19.99% Founders & Team: 19.99% Future Release:17.40% Mining Rewards: 15.00% Advisors: 10.00% Private Sale: 6.38% Public Sale: 6.00% Seed Sale: 5.24%

Treasury

All funds raised in the SAFT rounds were credited to a multi-sig account: two keys are held by TokenMarket (independent manager of private sale round) and two keys are held by Fetch.AI executives. Three keys are required to transact.

FET Token Utility

When the Fetch.AI mainnet is launched, the Fetch.AI token allows for autonomous economic agents to get things done on the network.The Fetch.AI token is the key method of value exchange on the Fetch.AI network. It is required for all network exchanges, as a method of registering with the network, for staking and as a mechanism for delivering value back to those performing work on the network.

Fetch’s token allows agents access to the digital world. It enables them to exist in this world, in multiple locations, and explore it looking for other agents to deliver value to or gain value from. This value can be in the form of access to services, data, infrastructure, or data processing via AI and ML algorithms.

Fetch.AI tokens can be used for many purposes, the largest six of which are:

Ability to connect agents and nodes to the network: FET is an access deposit token that acts as a form of stake to demonstrate desire to behave appropriately. It modulates the ability for bad actors to flood the network with undesirable nodes or agents due to the escalating cost of doing so. Fetch.AI are performing modelling and simulations on their testnets (both public and private) during the first half of 2019 to determine what this stake should be.

Value exchange between agents: The Fetch.AI token is required in order to allow for two agents, regardless of where they are, to perform a value exchange. The Fetch.AI token is infinitely divisible, thereby supporting transactions that have very low monetary value, but in aggregate provide new and profound level of insight and opportunity.

Access to search and discovery, and advertisement services: Fetch.AI tokens are needed to access, view and interact with the Fetch.AI search engine. This is a space optimized for autonomous digital entities, providing dynamic and autonomous price setting and negotiation.

Access to Fetch’s multi-dimensional digital world: Fetch.AI tokens allow agents to view and explore its digital space geographically, semantically or economically. Some of these detailed views involve considerable computing time and communications between many nodes. These more resource intensive operations will require more tokens. Fetch’s AI and ML constantly restructure this world to optimize each agent’s individual view.

Ability to access and develop ledger-based AI/ML algorithms: The Fetch.AI token enables development of and access to a broad range of machine learning and artificial intelligence tasks that are available on the ledger. These may be Fetch-developed primary services such as trust and prediction models, or they may be large-scale independently developed services for network users.

For exchange into Fetch’s operational fuel: Operation costs in Fetch.AI are decoupled from the Fetch.AI token in a similar way to that of “gas” on the Ethereum network, but with additional functionality designed to increase the stability of such a fuel and look at addressing issues associated with high and low-velocity economies. Fetch’s operational fuel allows access to processor time for contract execution and services for agents.

Sample Target Use Cases

Transport

Fetch.AI is working on reducing laborious travel planning tasks by using expert autonomous economic agents to organize complex trips, predict potential misconnections and dynamically reroute journeys, rearrange travel plans and rebooking reservations without intervention. The goal is to improve users’ and transport providers’ efficiency, service levels and satisfaction.

Energy

Fetch.AI is working on creating a fluid energy model to deliver the most effective energy solution to households without the friction of switching suppliers. Consumers could potentially change providers down to the minute or even by each appliance’s unique energy demands. Fetch.AI is working with Warwick University on creating and deploying a live energy balancing simulation.

Supply Chain

Fetch.AI is enabling the trillion dollar steel sector to autonomously and collaboratively self-manage. It is now able to optimize its supply chain from the raw materials to the finished product, giving it the opportunity to massively reduce costs and improve efficiency.

Fetch.AI is also working on building collective prediction models to improve efficiency in cargo rail route in collaboration with a German team.

Product and Metrics

Because the product is at testnet stage, there are no metrics on downloads, DAUs or any other usage or product metrics at this time. However, here’s a conceptual diagram on how the Fetch.AI ecosystem is intended to work:

Consensus

Fetch.AI uses a combination of Proof-of-Stake (“PoS”) coupled with a protocol to perform work to deliver consensus. New blocks are minted through the PoS protocol with the transaction order being determined by the work carried out between two blocks. This work is recorded on a directed acyclic graph (“DAG”) that grows between the blocks. The DAG is notarized by the blockchain which removes the need for a coordinator. A leader or committee of leaders is elected in each block epoch using a decentralized random beacon that is based on a threshold signature scheme.

Fees and Incentives for Participation

System incentives will be distributed to processing nodes for block production and for data mining operations on the smart ledger. Transaction fees will involve several components including a proposed gas price and a maximum number of operations.

Performance

The ledger is scalable by design, so its exact performance will vary depending on the configured resources available in the processing nodes. In private tests, Fetch.AI has achieved speeds in excess of 30,000 transactions per second. It is expected that Fetch.AI will gradually increase resources allocated to the test network as demand increases over time.

It is expected that at its inception, the test network will have a block time in the order of minutes. This conservative value will be reduced over time to reflect improvements to the consensus protocol and progressively more realistic test network deployments.