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