What does the company/project do?
Fetch AI is building a decentralized network that has the purpose to deliver useful economic activity. Through the Fetch network autonomous economic agents provide useful services to the real world. The rewards for these services will be paid out in Fetch tokens. The Fetch network is planning to enable a scalability of millions of transactions per second. It is designed as a permissionless system that can be operated in a permissioned environment for specific use cases.
What are the tokens used for and how can the token value appreciate?
Fetch AI initially created an ERC-20 token for the fundraising purposes. At a later stage these ERC-20 tokens will be exchanged for native Fetch tokens at a fixed conversion rate. The Fetch AI tokens are used for the exchange of value on the Fetch network. The token is infinitely divisible enabling its usage even for micro-transactions.
How advanced is the project?
Fetch AI plans to deliver its Alpha-release in Q1 2019, while the Beta-Release is planned for Q2 2019. The token conversion and the main network release is scheduled to occur at the end of Q2 2019.
Fetch AI counts with a number of prestigious partnerships. It has a partnership with Binance, the world’s largest cryptocurrency exchange by volume. Binace has listed Fetch in its Launchpad platform. Only selected projects are entitled to participate in this platform. Fetch AI will become available on the Binance Launchpad on February 25, 2019, where private investors can purchase the token through Binance’s native BNB token. Furthermore, Fetch AI is a member of the Blockchain for Europe Alliance, in which other high level blockchain projects such as Ripple, Cardano and NEM participate.
Fetch AI was mentioned in a number of high profile news outlets such as Forbes or the Guardian.
Humayun Sheikh is the co-founder and CEO of Fetch AI. He was an early investor of DeepMind, an artificial intelligence company which was acquired by Google. Humayun counts with previous entrepreneurial experience as the founder of uVue, a drone start up, and itzMe, an artificial intelligence startup.
Toby Simpson is the CTO and co-founder of Fetch AI. He has more than a decade of experience as a CTO in other software companies. Additionally, he served as Head of Software Design at DeepMind.
Thomas Hain is the third co-founder of Fetch AI and serves as a Chief Science Officer. He is a professor at Sheffield University and holds a PhD from University of Cambridge. He is specialized in Machine Learning for Speech and Audio Technology.
Besides the three co-founders the Leadership Team is compromised by Jonathan Ward, the Head of Research, Troels F. Rønnow, the Head of Software Engineering, Maria Minaricova, the Head of Business Development, and Arthur Meadows, the Head of Investor Relations. The fetch.ai website lists currently 10 developers, 11 researchers, and 5 admin people as team members.
Among the advisors of Fetch AI are Melvyn Weeks, an Assistant Professor in Economics at Cambridge University, Monique Gangloff, a biochemistry scientist at University of Cambridge, Niall Armes, an entrepreneur, Steve Grand, a researcher, and Jamie Burke, an investor.
FetchAI is characterizing its own network as an entirely new distributed ledger technology that is not a blockchain. The network will use Useful Proof of Work (uPoW) as its consensus mechanism. This type of consensus mechanism is reaching consensus by performing computations that are useful to the network. This stands in contrast to the traditional Proof of Work consensus mechanism where the energy and computational power that is used to reach consensus is waisted. The Fetch Smart Ledger is serving as a proof for the integrity of the activity that is performed on the network.
4. Strength and Opportunities
The partnership with Binance will secure a timely listing of the Fetch token on the exchange. This will provide for substantial liquidity and enable a broad range of investors to purchase the token.
The FetchAI team is well connected to the British tech industry with high level researchers and former DeepMind key people supporting the project. The people responsible for Fetch AI have the knowledge to scale and execute complex technology projects.
5. Weaknesses and Threats
The technology Fetch AI is building is currently not proven in real world circumstances. Therefore there is substantial uncertainty associated with the consensus mechanism and the network architecture that Fetch AI is proposing. Furthermore, no distributed ledger technology has so far achieved a scalability as it is envisaged by FetchAI, while securing network integrity.
The value proposition of Fetch AI is to provide better decentralized solutions for markets. However, it will be a tough endeavour for a small team to deliver better user experience and features than big centralized players such as Google or Uber.
Fetch AI counts with a proven founder team and has received prestigious support from prominent industry players such as Binance. It is one of the top notch ICOs in Q1 2019, at a moment when the cryptocurrency market is still in a difficult phase and tries to recover from a long and persistent bear market.
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.