LATER EDIT:
Smart ledgers act as monitors in Fetch.AI system to track, evaluate and support activities between AEAs. Fetch.AI uses the Useful Proof of Work consensus, which has many advantages over traditional PoW, to facilitate this process. The current blockchain ecosystem’s consensus mechanism requires full nodes to download every blocks/transactions and add them sequentially into the main chain. This is a waste of time and energy. For the DAG system, a transaction confirmed by two other nodes is already deemed valid. Also, PoW can easily lead to the centralization of the network via the formation of powerful mining pools that has the ability to control a large portion of the total hash power. In uPoW, computational resources will rather be employed to train AI instead of solving useless problems. Processing nodes with less computational power can earn rewards by registering low — value transaction into the ledgers. Such functionalities will bring out the solution for spreading nodes, collecting computer resources and enhancing the scalability of the system.
Fetch.AI is strategically joining BMW, Ford, General Motors, Renault, Accenture and IBM to form the Mobility Open Blockchain Initiative (MOBI). MOBI will encourage the collaboration between Fetch.AI and global partners on the development of blockchain-enabled vehicle data and mobility services applications. With a wide range of partners, including BigchainDB, Aioi Nissay Dowa Insurance Services USA, BMW, Bosch, Hyperledger, IBM, the IOTA Foundation,… MOBI will be cooperating with Fetch.AI on projects related to:
Vehicle identity, history and data tracking
Supply chain tracking, transparency, and efficiency
Autonomous machine and vehicle payments
Secure mobile commerce
Data markets for autonomous and human driving
Car sharing and ride hailing
Usage-based mobility pricing, and payments for vehicles, insurance, energy, congestion, pollution, and infrastructure.
The special bond with MOBI Consortium is a significant contribution to Fetch.AI application in the transportation sector. Such relationships will be a definite advantage for the Fetch.AI ecosytem in stimulating data collection and training AI.
*Fetch.ai investments
Hard Cap: $30–100M (Tiered Sale based on an escalating price function as explained below)
Total token supply: ~1,15bn
TGE is planned for end of September
Fetch.AI anticipates that investors may slow down or stop contributing around $60–100M which would then effectively become their Hard Cap.
Fetch.AI is working with their advisors and partners to optimize their crypto token economics. Fetch.AI will utilize its token through methods such as market incentives, monetary and fiscal policy, etc… In the near future, Fetch.AI will publish their Economics White Paper for detailed description.
All the AEAs must contain a unique identifier which comes from the agents’ wallet. This allows it to send and receive Fetch tokens. APIs are exposed to agents to support a number of base-level commands. The amount of Fetch tokens to be paid will be proprietary to the nature of the command. This cost will be rewarded to node operators for their high quality and consistent services. The following table list some of the commands supported by the OEF agent API: