Fetch AI - A decentralised digital world for the future economy
Fetch is a decentralised digital representation of the world in which autonomous software
agents perform useful economic work. This means that they can perform tasks, such as delivering
data or providing services, and are rewarded with a digital currency for their efforts — the Fetch Token.
These agents can be thought of as digital entities: life-forms that are able to make decisions on their own
behalf as well as on behalf of their stakeholders (individuals, private enterprises and governments for
example). Fetch's digital world is exposed to agents via its Open Economic Framework (OEF) and is
underpinned by unique smart ledger technology to deliver high performance, low cost transactions. The
ledger delivers useful proof-of-work that builds market intelligence and trust over time — growing the
value of the network as it is used. Fetch can be neatly interfaced to existing systems with minimal
effort, allowing it to take advantage of the old economy whilst building the new: plug existing data in to
Fetch and watch markets spontaneously form from the bottom up.
The applications of such technology are many. By bringing data to life, Fetch solves one
of the greatest problems in the data industry today: data can't sell itself. With Fetch, it can: data is able
to actively take advantage of any opportunity to exploit itself in the marketplace in an environment
that's constantly reorganising to make that task as easy as possible. Internet-of-things (IoT) devices
inhabited by Fetch agents can increase utilisation by capitalising on short-lived opportunities to sell the
information that they possess in existing as well as new markets: an agent in a vehicle can provide
weather and road conditions by simply relaying the activity of its windscreen wiper and washer activity.
Fetch's decentralised digital world enables the emergence of new marketplaces and allows this "unreal
estate" to place relevant markets near each other for ease of exploration. The ability of agents to serve
as representatives for data, hardware and services enables a better coordinated delivery of highly or
even loosely connected services such as transport and insurance. Fetch creates a huge population of
digital data analysts and sales agents who can work together, alone, or with human or corporate masters
to reduce the cost of delivering complex solutions in our daily lives.
Fetch's autonomous agents actively push their value out to those who need it or
who unknowingly need it. The Open Economic Framework provides a digital world for them to inhabit
that grows in value as it is used: over time, the collective intelligence that is formed provides
unparalleled guidance allowing for high speed, high reliability transactions. The network's expanding
compute power provides all agents with the ability to gain new insights and understanding from their
data. With machine learning technology integrated throughout the system, from the ledger to the
agents themselves, it is a network that enables, encourages and deploys intelligence, and that actively
creates new knowledge. Fetch provides the node structure, the OEF API, and agent Development
Toolkits to make agents easy to deploy. Additionally, entire new industries can be built from AEA
construction as opportunities exist to replace human intermediaries with trusted digital agents.
Previously unprofitable data and services become valuable with Fetch, as the cost and friction of
applying them is dramatically reduced. Data and hardware can now get up on their own two feet, get
out there and sell themselves entirely free of human intervention.
Fetch are issuing a fixed number of divisible tokens that are used on the network as the
digital currency for all transactions, as well as for network operations such as secure communications.
Tokens can also serve as a refundable deposit for both nodes and agents wishing to perform certain
operations (as a security mechanism that discourages bad behaviour). As Fetch secures its foothold in
the data, transport, services, and IoT industries its token grows in demand as each sector makes a larger
and larger contribution to the Fetch network’s economic throughput. An initial utility token will be
issued on Ethereum for the token sale.
TECHNOLOGY IN THREE LAYERS
Figure - Fetch's three layers. Layer 1 is the autonomous economic agents, AEAs, which live in the environment
provided by layer 2, the OEF. Underpinning the OEF is the ledger that ensures the integrity of the global truth on
the decentralised network and feeds the learning that provides trust, reputation and network intelligence. Layer 2
and 3 form a node. Fetch's peer-to-peer network is made up of many such nodes connected to each other in
Fetch actively puts value-generating agents in contact with those that require it. The world is
dynamically reorganised to remove friction from the process. Trust and reputation information is
provided to allow users and agents to transact with the least risk. Our underlying ledger delivers a digital
currency and a decentralised transaction system capable of scaling more effectively than alternatives, so
that it can support many tens of thousands of transactions per second at virtually no cost. We enable
improved utilisation of IoT devices and we bring data marketplaces to life. To deliver this, we have
developed three key layers of technology:
What we're building
Fetch brings the world closer together and delivers power to the individual. We’ve built the world’s first truly smart ledger, allowing data to act autonomously. Using machine learning and AI technology, we enable data to cooperate, solving problems instantly and presenting answers directly to you. Fetch is the missing critical infrastructure for tomorrow’s digital economy.
Transport: Low friction, connected travel.
Fetch is working on reducing laborious travel planning tasks by using expert autonomous economic agents to organise 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: Don’t switch, be fluid!
Fetch 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. The concept is based around Software Defined Digital Cells.
Supply Chain: It’s alive.
Fetch is enabling the trillion dollar steel sector to autonomously and collaboratively self-manage. It is now able to optimise its supply chain from the raw materials to the finished product, giving it the opportunity to massively reduce costs and improve efficiency.
The Fetch Token Overview
The Fetch Token
Fetch.AI Foundation Pte Ltd are issuing a fixed number of divisible tokens that are used on the
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 that discourages bad behaviour).
As Fetch secures its foothold in the data, transport, services, and IoT industries, its token grows
in usage and adoption as each sector makes a larger and larger contribution to the Fetch
network’s economic throughput.
An initial ERC-20 utility token will be issued on Ethereum for the token sale which entitles the
holder to generate Fetch tokens on the public test-network for the purpose of agent and useful
proof-of-work development as well as application building and testing. See “The ERC-20
Token” for more information. When the main network is released during 2019, the ERC-20
tokens issued at the token generation event will be convertible into Fetch tokens. Whilst the
ERC-20 Fetch tokens will be eliminated at that point, all development on agents and more will
Role of the Fetch token
The Fetch token is the key method of value exchange on the Fetch network. It is required for all
network exchanges, as a refundable method of registering with the network, for staking and as a
mechanism for delivering value back to those performing work on the network. The Fetch token
allows for autonomous economic agents to get things done.
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 services, data, infrastructure use or access to data processing
such as AI and ML algorithms.
Fetch tokens can be used for many purposes, the largest five of which are:
Ability to connect agents and nodes to the network. This 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.
Value exchange between agents. The Fetch token is required in order to allow for two
agents, regardless of where they are, to perform a value exchange. The Fetch 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 the digital world. Fetch tokens are needed to access, view and interact with
the decentralised digital world. This is a space optimised for digital entities: an abstract
representation of the real world in many dimensions that allows machines to make sense
of and work within. The Fetch token is needed to gain access to all aspects of this digital
world for agents.
Ability to access and develop ledger-based AI/ML algorithms. The Fetch 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 are decoupled
from the Fetch 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 agents2.
The ERC-20 Token
At Fetch’s Token Generation Event, ERC-20 Fetch tokens will be issued. These are required to
access the public test network. Holders of the ERC-20 Fetch token will be able to
proportionately generate Fetch test tokens on a regular basis for the purposes of development
and testing. Fetch test tokens can be used for many things, including, but not limited to:
Agent development. Holders can develop and test all manner of agents on the Fetch
network including those that represent data, services, hardware devices, people or
facilitate connections to the existing economy or other decentralised networks.
Network participation. Mostly via the Fetch network participation application (NPA)
this involves downloading, installing and using a mobile application specifically designed
to convert the device’s sensors and information into agents that exist on the Fetch
network. It also facilitates direct value exchange using the test tokens and exploration of
the Fetch world.
Node development and operating. Holders can operate nodes on the public test
network, provide services to agents and perform processing on behalf of themselves or
other users on the network in the form of useful proof-of-work execution.
Economic analysis. Analysis of the network’s overall performance and economics,
looking at how the utility value per-token is delivered.
AI/ML development. Holders can develop machine learning and artificial intelligence
applications and services and have them executed as part of useful proof-of-work.
Between such developers and node operators, these applications and services can be
delivered to those that want them and the value exchanged accordingly.
Essentially, no part of developing or participating on the Fetch test network can occur without
the ERC-20 token. This ERC-20 token acts as the key enabler for access to the test network’s
existing utility value as well as the component that facilitates the ability to develop and access
future utility value.
The total number of tokens generated is intended to be 1,152,997,5753. No further tokens will be
created, but native Fetch tokens can be subdivided indefinitely.
In order to manage token liquidity and provide stability to the Fetch token, various vesting
periods are applied to some of the issued tokens. In particular, those issued to advisors, founders
and the foundation are subject to vesting periods of three years. Mining tokens, those that are
there to incentivise node operators whilst the value of agent service delivery grows, are
introduced over a period of five years. The tokens allocated and their vesting periods can be seen
in the table below:
- August 15th 2018 Fetch.AI London meetup - announcing the roadmap & long term plan
- August 23rd 2018 Fetch.AI Berlin Meetup - deep dive on scalable smart ledger
- August 30th 2018 Fetch.AI Amsterdam meetup: introducing the Fetch Virtual Machine & algorithms
- Mid Q3 2018 Ledger code release
- September 4th 2018 Fetch.AI Toronto Meetup: Developing Fetch Agents & the Fetch economic model
- September 5th 2018 Fetch.AI Chicago Meetup: introduction to Fetch.AI (decentralised AI & ML)
- Late Q3 2018 Useful Proof of Work/Consensus White Paper
- Late Q3 2018 Initial Fetch Public test-net
- Q4 2018 Enhanced code release: ML/AI
- Q1 2019 Digital world tools and test-net release
- Q2 2019 Main-network release.