Fetch.AI, the decentralised network providing the world’s first decentralised infrastructure for digital representatives ‘Autonomous Economic Agents’ to find, communicate and trade with each other, today announced that its token sale on Binance Launchpad will begin on Monday 25 February at 14:00 UTC.
The Fetch.AI token (FET) acts as the medium of exchange, allowing autonomous agents to exchange tokens for data, services, and other goods within the Fetch.AI network, easily supporting machine-to-machine microtransactions.
For businesses, the new approach means virtually any networked machine or real-world asset, such as a hotel room or hospital bed, can now be represented by an autonomous agent so they can manage their own affairs, like autonomous booking, pricing, and maintainance. This type of infrastructure enables new marketplaces to evolve and flourish without the need for intermediaries.
Humayun Sheikh, CEO of Fetch.AI said: “Today’s internet is built for ecommerce solutions that enable connectivity between humans. The new web needs to enable more autonomous machine based solutions and this requires building the infrastructure and tools to make it deployable. Fetch.AI is building the deployment infrastructure, which brings the new AI-based autonomous machine economy to life.”
For users, an autonomous agent can live on a smartphone continuously learning the intimate needs of the user based on decisions the human takes and by accessing data from calendars, email, and many other systems to enable highly personalised experiences. The data needed to inform this step-change in personalisation and automation remains sovereign to the user, informing the agent but without the need for the agent to reveal the underlying data to third-parties.
Giving a practical example, Sheikh added: “Let’s take travel. Today, people rely on traditional travel agents or spend hours searching for the travel combinations they need. An autonomous agent learns from your behaviour to build a clearer picture of your needs. It uses that insight to search vast combinations of options, confirms availability with, say, an airline or rail network, negotiates a price and completes the transaction.” He continued: “For businesses, this enables a more targeted selling opportunity without the need for a user’s personal data or deployment of machine learning algorithms.”
“The Fetch network is in a position to help overcome barriers presented by centralised systems for bringing data to life, leveraging an AI and decentralised solution,” said Binance CEO and Founder, Changpeng Zhao (CZ). “We are looking forward to this project that will help create a decentralised digital world for the future of economic activities and marketplaces.”
The Fetch.AI decentralised network enables agents to pursue their user’s stated objectives whilst also working together to solve complex optimisation problems, delivering an overall ‘Collective Intelligence’. This unique capability promises to drastically improve the efficiency of complex systems involving many participants. These include ride-hailing, autonomous vehicle routing, parcel delivery routing, energy trading, and many areas of asset management.
Fetch.AI is underpinned by its Smart Ledger, which incorporates machine learning and offers scope to surpass the performance of today’s distributed ledgers by many orders of magnitude. The Smart Ledger is specifically designed for data-intensive decentralised computing.
The Smart Ledger incorporates:
- ‘Transaction lanes’ – a novel means of parallelising blockchain to achieve performance far beyond today’s existing ledgers.
- Advanced Machine Learning capabilities provide powerful search and discovery, trust and negotiation capabilities for Autonomous Economic Agents.
- Synergetic Smart Contracts enable third-party developers to solve complex machine learning and optimisation problems in a decentralised and collaborative way. For the first time this enables a unique opportunity for prediction marketplaces to be deployed and monetised.