Fetch.ai to Launch Blockchain for Complex Machine Learning after Securing $6 Million in Funds
Time is often labeled as our most valuable resource and savings help us to become time rich. This mentality is regularly applied to modern business strategies and increasingly so to our personal lives too. Despite these individual efforts, the final result hinges largely on the personal choices of other individuals, and companies whom we interact with on various timescales.
This impact on our lives by multiple human factors has led to a huge interest in AI development with the intention of addressing these issues using machine intellect, which can process and store data in the blink of an eye.
Today AI platforms exist for trading, advertising, and other digital applications. All are created to benefit aspects of everyday life, but many are conceived without consideration for everyday processes, or the economic possibilities of AI and machine learning technology.
After gaining public support from leading exchange Binance in 2018, Fetch.ai successfully raised $6m on Binance Launchpad. Fetch.ai’s mainnet launched, on schedule, in December 2019.
Fetch.ai’s decentralized network focuses on the benefits of machine learning, and can be used by a company or individual to create and maintain Autonomous Economic Agents (AEAs or agents for short). Agents use a combination of machine learning and artificial intelligence to operate fully autonomously and provide its users with economic value – either by accessing relevant information, or by selling data generated by the user.
For example, Fetch.ai agents could be used to analyze transport routes, the availability of parking lots, or to locate the nearest availability of a specific product based on their user preferences. This could all be achieved without sharing or storing private data.
Humayun Sheikh, Fetch.ai CEO and Co-Founder had these words to say about the platform:
“Our focus is on enhancing and optimizing solutions to everyday problems through intelligent data sharing; creating value by combining knowledge, insights and predictions using machine learning and AI.
We are delivering an innovative platform with open source tools for intelligent communication between IoT devices, services and algorithms to enable collective learning. Built on a high throughput sharded ledger, the Fetch.ai architecture delivers a unique smart contract capability to deploy ML/AI solutions for decentralized problem solving.
The open source tools allow users to create diverse eco-structures (ecosystem infrastructures) and deploy new commercial models.”
Fetch.ai’s technology allows individuals and companies to create their own agent-based applications to suit their needs. These applications collect and analyze relevant data for a stated purpose, learning from the data, and providing users with predictions and opportunities.
FET – Fuel for Fetch.ai
FET is the native currency of the Fetch.ai platform and functions as the fuel for the network. It provides the power for agents to work on the network and for micropayments to be made between agents.
Here is what the team said about their upcoming goals:
“In the coming weeks we will be unveiling more tools to enable developers to build and deploy agents on the Fetch.ai network. This will include our token conversion tool, which will enable users to convert tokens back to ERC20 from native FET. We’ll also be delivering hardware wallet support and web-based extensions.
In terms of commercial growth, we are just starting – there is a lot more to come in terms of partnerships and use cases. Watch this space!”
A small stake of FET can now be used to work on the Fetch.ai network, which can be utilized to create applications and solve a variety of complex issues. These include:
- Transport and infrastructure predictions for traffic analysis and predictions, ticket availability, parking spaces, optimized routes etc.
- Energy companies will be able to offer discount incentives for energy consumed in troughs in demand, creating a new dynamic marketplace. Consumers will automatically receive the best deal as their agents manage their consumption based on their preferences
- Analytical tools for various trading marketplaces
- The recharging of eVehicles
- Decentralized finance systems
- Intelligent autonomous supply chains
- Smart homes or cities
Practically any area of business and everyday processes will be enhanced by Fetch.ai’s combination of blockchain, AI and machine learning.
To learn more about Fetch.ai please visit: https://fetch.ai/
Chat about Fetch.ai on Telegram: https://t.me/fetch_ai
Follow Fetch.ai on Twitter: https://twitter.com/fetch_ai?lang=en
Meet the team on LinkedIn: https://www.linkedin.com/company/fetch-ai/
Read about Fetch.ai on Medium: https://medium.com/fetch-ai
Media Contact Details
Contact name: Chris Atkin
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