Important notice and conditions relating to this document
This report has been written by Binance in conjunction with Fetch.AI Foundation Pte Ltd for informational purposes only and may be amended, superseded or replaced. Access to, the use and reliance on this paper is subject to legal terms (https://Fetch.AI/legals), in particular the General Disclaimer and Conditions set out at https://Fetch.AI/legals/disclaimer. In addition:
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|Issuing Price||$0.0867 USD|
|Initial Circulating Supply||11% of Total Token Supply|
|Total Supply||1,152,997,575 FET|
Fetch.AI ("the Project") brings together machine learning ("ML"), artificial intelligence ("AI"), multi-agent systems and decentralized ledger technology to create an economic internet — an environment where digital representatives of the economy's moving parts (such as data, hardware, services, people and infrastructure) can get useful work done through effective introductions and predictions.
Fetch's goal is to automate a limitless number of markets which currently require tremendous manual intervention. Autonomous economic transactions will deliver near-frictionless marketplaces, operating at digital speed.
Fetch.AI envisages a world in which everyone owns numerous economic agents on the Fetch.AI platform which operate in series or in parallel to construct solutions to today's and tomorrow's complex problems which are far more elegant and efficient than humans can produce.
|Token Type||ERC-20 (as of TGE)|
|Seed Sale Allocation||5.24% of Total Supply|
|Seed Sale Date||2017 to June 2018|
|Seed Sale Price||$$0.0341 USD / FET|
|Private Sale Allocation||6.38% of Total Supply|
|Private Token Sale Date||3rd April - 10th July 2018|
|Private Token Sale Price||$0.0680 USD / FET|
|Amount Raised||$3,033,562 USD & 24,596.5 ETH|
There will be a fixed number of divisible tokens that are used on the Fetch.AI 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 to discourage malicious behavior).
Token allocation has been divided amongst public sale, seed investors & private sale, founders & team, advisors, ecosystem, mining rewards, and issuer.
Issuer: Fetch.AI Foundation Pte Ltd
As of 1st December 2018, Fetch.AI has used approximately 85% of SAFT funds according to the allocations below:
All funds raised in the SAFT rounds were credited to a multi-sig account: two keys are held by TokenMarket (independent manager of private sale round) and two keys are held by Fetch.AI executives. Three keys are required to transact.
Of the Ether raised across the three SAFT rounds (24,596.5 ETH), the majority (21,125 ETH i.e. 86%) has been converted into fiat currency during Q4 2018 and Q1 2019. As Fetch.AI costs predominantly originate from the UK in staff and office costs, this Ether has been converted to British Pounds.
For comprehension and convenience, the table below uses US Dollars.
|Date||Sep '18||Oct '18||Nov '18||Dec '18||Jan '19||Totals|
|Qty of ETH Converted||3,851||6,737||5,507||3,550||1,480||21,125|
|Weighted Average ETH Price||$212.20||$193.15||$150.87||$94.33||$141.14||$165.35|
The following chart represents the number and breakdown of all FET tokens that are intended to be released into circulation on a monthly basis.
Note: Mining Rewards are intended to be issued in perpetuity at a decaying issuance rate.
Various tranches of token lockups and vesting schedules are detailed as follows:
FET Token Utility:When the Fetch.AI mainnet is launched, the Fetch.AI token allows for autonomous economic agents to get things done on the network.The Fetch.AI token is the key method of value exchange on the Fetch.AI network. It is required for all network exchanges, as a method of registering with the network, for staking and as a mechanism for delivering value back to those performing work on the network.
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 access to services, data, infrastructure, or data processing via AI and ML algorithms.
Fetch.AI tokens can be used for many purposes, the largest six of which are:
When the TGE was delayed in Q4 2018 due to market conditions, Fetch.AI de-emphasized their public testnet and focused their efforts on the private network and building examples with the Project's increasing number of commercial partners. Whilst Fetch.AI have incurred some delays in development, they have been minimal.
|PLANNED DATE||MILESTONE||ACTUAL DATE||TIMING||COMMENTS|
|Q3 2018||Ledger code release||2018: Q3||On time||Released and updated several times:GitHub Link|
|Q3 2018||Virtual Machine||2018: Q4||Late||Released slightly late as part of the ledger code updates:Medium Link|
Phase 1 - By Invite Testnet (Feb 2019)
Development release Access to private test network extended by invite for network participation and wallets
Phase 2 - Public Testnet (Apr 2019)
Full public test network with smart contracts Includes enhanced Open Economic Framework ("OEF") search capabilities
Phase 3 - Smart Market Testnet (Jun 2019)
Consensus, synergetic computing, & auctions
Full Fetch.AI consensus with multi-party & multi-dependency auctions and computing
Launch Phase begins (Jul 2019)
Alpha Delivers the initial mainnet OEF and ledger functionality in its initial form. All building blocks will be present
End of Sept 2019
Beta All expected mainnet functionality undergoing tuning, optimisations and tweaks. Beta will extend out to the mainnet release
End of Dec 2019
Mainnet Initial release of the Fetch.AI main network powered by the native on-chain Fetch.AI token (FET)
For Phases 1 and 2, the test network will employ a simple Proof-of-Work ("PoW") consensus mechanism. It is the intention that these phases of the testnet will allow developers to begin developing smart contracts and evaluating the Fetch.AI ecosystem of applications, libraries and services. In addition, the testnet in Phase 1 will be restricted to selected invitees — this primarily is to ensure a controlled ramp up of load on the network. Sign up will not be restricted but token holders will gain priority access to the network.
Fetch.AI expects that the node population will vary considerably based on public involvement. As such, Fetch.AI and some chosen partners will additionally run a number of core nodes in the network, and this is likely to be in the range 100-500 nodes.
In the third phase, up to June 2019, Fetch.AI will deploy a large update to the test network which will include the first release of Fetch's final consensus mechanism. This will be released alongside updates to the ledger internals and smart market support. The testnet will remain the primary network until the launch of the main network at the end of 2019.
At the beginning of the Launch phase, Fetch.AI will launch a bounty program to incentivize outside participants to find and report bugs in the source code. Additionally, Fetch.AI will start a development program to encourage the development of smart contracts and adoption of the Fetch.AI platform during the Launch phase.
Fetch.AI has 8 advisors, who can be found in the Appendix.
No trading data is available at the time of this report, as the token is not launched or tradeable on exchanges yet.
Fetch.AI has two sets of GitHub repositories, its private and its public set. To date, primary work has been conducted in the private repositories with occasional updates made to the public one to reflect specific milestones. This led to fewer, but much larger, commits to the public repositories. Fetch.AI's software architecture has matured considerably in the past year, and as Fetch.AI proceeds in its development, it is more and more desirable to conduct all activities in the public repositories moving forward.
From February 2019 onwards, Fetch.AI will move all primary development activity to the public repositories to better interact with the wider development community and to ensure that a more regular set of updates and commits are available to all. This difference in public activity up to and then beyond February 2019 is reflected in the tables and diagrams below.
Public fork of main ledger repository
Public fork of main sdk to create agent in Python 3.
Public fork of main sdk to create agents in C++.
Public fork of main repository for the OEF node.
Public fork of main repository for the network protocol between agents and oef node.
Because the product is at testnet stage, there are no metrics on downloads, DAUs or any other usage or product metrics at this time. However, here's a conceptual diagram on how the Fetch.AI ecosystem is intended to work:
The ledger is scalable by design, so its exact performance will vary depending on the configured resources available in the processing nodes. In private tests, Fetch.AI has achieved speeds in excess of 30,000 transactions per second. It is expected that Fetch.AI will gradually increase resources allocated to the test network as demand increases over time.
It is expected that at its inception, the test network will have a block time in the order of minutes. This conservative value will be reduced over time to reflect improvements to the consensus protocol and progressively more realistic test network deployments.
This is a second-layer protocol that provides services to agents. Agents connect to the OEF in order to find, negotiate with, and then do business with other agents on the network. It is designed to present agents with semantic, geographic and economic views on the world. Nodes can either be pure ledger nodes or ledger/OEF nodes. In the initial implementations, the OEF nodes come in two classes: "trusted" and "trustless". The "trustless" nodes can be operated anonymously, similar to the pure ledger nodes. The "trusted" nodes can be granted access to additional agent information to provide intelligent search and discovery capabilities. Operators of these nodes must have a public and legal identity, and receive accreditation by the Fetch.AI Foundation.
Community growth is a tremendously important aspect of the Fetch.AI project. Fetch.AI has held numerous community-orientated meetups across the globe during Q3 & Q4 2018. This program will ramp up in 2019, particularly with the release of the Project's testnet, leading up to mainnet launch. For example, these events could be augmented with hackathons.
Furthermore, Fetch.AI regularly showcases the work of different members from their team to explain the aspect of the project they are working on. This emphasizes the innovative technical challenges of the Project. The response to these articles has engaged technical enthusiasts and opened up in-depth discussions in the blockchain development community.
During 2018, Fetch.AI also presented extensively at blockchain, AI and relevant commercial sector conferences across the globe. These platforms provide the opportunity to discuss the Fetch.AI vision and generates enthusiastic discussion and participation in the development community as well as interest in exploring commercial partnerships.
In Q1 2019, Fetch.AI will be releasing a dedicated developer community website where users can consume technical documentation, showcase their agents, discuss and collaborate on all aspects of Fetch.AI's platform and technology. It also allows for the co-ordination of meetups, hackathons, developer conferences and other activities where Fetch.AI and the community can interact with each other for mutual benefit. Fetch.AI values the developer community enormously: a vibrant, active and productive group of developers are essential for the growth of the network and the applications built upon it.
Participation and engagement in Fetch.AI's vision has been global in nature. It has been mostly active from independent developers who wish to build agents ready for mainnet launch and from corporate strategy and R&D teams who truly appreciate the application of Fetch.AI's platform to their sector(s).
In terms of social media growth, Fetch.AI has seen increased participation as a result of announcements, PR, and speaking at conferences. In addition, Fetch.AI will launch paid media campaigns in the run up to key dates in the Project's calendar (e.g. token sale, testnet / mainnet launch).
Fetch.AI will continue to leverage wider communities - for example, sponsored video coverage and interviews with well-known influencers from the cryptocurrency, blockchain, AI and general technical fields.
|NAME||PRIMARY FUNCTION||LEDGER||SMART CONTRACTS||CONSENSUS|
|Fetch.AI||Network / AI||Blockchain, sharded with DAG||Yes||DAG PoS + PoW|
|Cortex Labs||Network / AI||Blockchain derived||Yes||Cuckoo Cycle|
|Matrix AI||Network||Blockchain||Yes||Hybrid PoS + PoW|
|Neurochain||Network / AI||Blockchain powered by machine learning||Yes (Intelligent Apps)||Proof of Involvement and Integrity|
|Singularity||AI||Ethereum blockchain||Yes||Proof of Reputation|
Fetch.AI delivers a unique, decentralized environment for autonomous agents that enables effective, friction-free value exchange. These agents are able to connect, find each other and transact free of human intervention on a platform that uses AI, and in particular ML, to optimize these interactions. This approach of using high-performance, scalable DLT to enable agents to work together effectively provides the infrastructure for an "economic Internet".