FETCH AI (FET) Review

An independent review of FETCH AI (FET)

Making Distributed Ledger Technology Smarter

Summary

Fetch AI is seeking to combine machine learning (ML), artificial intelligence (AI), autonomous  agent  systems  and  a  distributed  ledger  network  to  create  an economy where data could be exchanged seamlessly. Machines integrated with Fetch AI’s protocol would be able to communicate and solve complex problems in  our  daily  lives,  eventually  increasing  efficiency  that  is  beyond  human capabilities.

Company overview

Fetch AI is incorporated in the UK with an aim to create a digital economy where autonomous agents can interact with one another without human intervention. The  environment  will  create  a  decentralised  digital  world  to  perform  useful economic work where information trades effortlessly. There is a plethora of applications that can be adopted, but the overall bottom line is to bring data to life.

Here are several issues that Fetch AI seeks to resolve:

•Creating economic efficiencies by providing market intelligence to prevent issues such as shipping empty containers and energy waste by power grids

•The  “disconnect”  between  centralised  systems  as  they  cannot  effectively communicate with one another

•Scalability of distributed ledger technology

Commercial & Technical Strategy

Fetch AI is building a product that facilities execution of tasks, delivering data, providing  services  and  getting  rewarded  for  the  efforts  displayed.  The technology  encompasses  a  3-layer  architecture;  1)  Autonomous  Economic Agents (AEAs), 2) Open Economic Framework (OEF), 3) Smart Ledger. ML and AI are integrated across all layers to incorporate an intelligence element into the system.

Several significant features include:

•OEF – The digital world where AEAs operate in, allowing them to access services and connect with other peers. In addition, high-level commands (transfer, explore, search and discover) and low-level commands (reaching consensus, peer trust, transactions and protocol control) can be executed

•AEA – A digital entity that acts on its behalf. They are paired with existing hardware and can exchange data with other agents to fulfil requirements of the owner

•Smart  Ledger  –  A  unique  blend  of  blockchain  and  DAG  with  two  main components; 1) smart contract on the ledger and 2) data stored on the DAG

•uPoW - Useful proof-of-work consensus that builds market intelligence and trust over time

•Machine learning intelligence that increases efficiency using past, present and future elements employed by AEAs

•A synchronisation of 40k tps between nodes and 30k tps for mining blocks

Token Sale

Fetch AI raised $2.06m in seed funding and $0.975m & 24,597 ETH in private sale.  Total  tokens  supply  will  be  fixed  with  17.6%  allocated  for  token  sale (including seed and private rounds) and 15% for mining. Investors, advisors, foundation and team will have a lockup and vesting periods.

Fetch AI has a planned expenditure for its first three years namely on working capital, operation cost, and academic partnerships. The greatest costs incurred would be salaries and working capital associated with the development of the technology.

The main token functionalities are 5 folds:

Currency  for  transactions  –  FET  tokens  act  as  the  medium  of  exchange between agents

Staking/ Mining – Users will be able to earn FET tokens by providing value to the network

Connect to the digital world – FET is required as a deposit to access the network to encourage appropriate behaviour

Access to services in the digital world – Allowing AEAs to view, explore and search the digital economy and interact with other nodes to negotiate services

Access to ML/AI algorithms – Access to a range of intelligence tasks that are available on the smart ledger