Fetch.ai Integrates Chainlink Oracles Live on Mainnet, Connecting Real-World Asset Price Data To Autonomous Software
Oct 8, 2020
This strategic integration is the first step in Fetch.ai’s adoption of Chainlink’s decentralized oracle network to connect Fetch.ai with valuable access to real-world economic data
SINGAPORE — OCTOBER 8, 2020 — Fetch.ai (https://fetch.ai/), a Cambridge-based artificial intelligence lab building an open-access decentralized machine learning network for smart infrastructure, announced today that it has successfully completed a mainnet integration of Chainlink, the most widely used decentralized oracle network. Fetch.ai is using Chainlink’s market-leading Price Reference Data to allow users to verify the price of assets on-chain whilst also enhancing security against price manipulation.
Fetch.ai has built a decentralized network to create the infrastructure required for AI-driven autonomous software agents to perform useful economic work on behalf of individuals, businesses, and organizations. This agent-based system creates an environment where digital representatives of the economy’s moving parts, such as data, hardware, services, people, and infrastructure, can carry out complex coordination tasks within the modern economy.
This price reference data integration marks the first step in Fetch.ai’s adoption of Chainlink’s decentralized oracle network to connect Fetch.ai with valuable access to real-world economic, currency, and commodity price data. It will further enhance the development and deployment of real-world applications within mobility, finance, logistics, and IoT ecosystems which rely on a decentralized oracle network to connect the physical world with the digital world.
“By integrating Chainlink into the Fetch.ai network, we are taking the necessary steps needed to further couple real-world data with autonomous software,” continued Humayun Sheikh, CEO of Fetch.ai. “This in turn will speed up the adoption of Fetch.ai autonomous software agents and provide the necessary information for them to communicate with sophistication in real-life scenarios.”
“Any developer building on Fetch.ai will soon have access to smart contracts powered by tamper-proof market price data,” said Daniel Kochis, Head of Business Development for Chainlink. “AI is an incredibly powerful technology and properly combining it with decentralized computation will require high-quality off-chain data to trigger on-chain logic, which is the exact problem Chainlink solves.”
At inception, Chainlink’s Price Reference Data will be used to provide price insights into Gold: USD and Silver: USD on Mettalex, a decentralized crypto and commodities derivatives trading platform powered by Fetch.ai. Chainlink’s trustless, reliable data feeds for stock markets, cryptocurrencies, commodities, and gas prices will also permit adjacent markets to those currently in existence to surface.
“By referencing Chainlink’s price feeds on assets and commodities such as Gold and Silver we will be able to enhance the relationship between traders on Mettalex’s first of its kind commodities exchange,” continued Sheikh. “Not only will this provide a safeguard against price manipulation but it will also serve as a market reference for the changing prices of the worlds most traded commodities.”
For more information on Fetch.ai or Mettalex please visit: https://fetch.ai/
Fetch.ai, a Cambridge-based artificial intelligence lab, is building the infrastructure required for autonomous software agents to begin performing useful economic work on behalf of individuals, businesses, and organizations. Fetch.ai’s network is based around open-source technology and gives users access to the power of AI on a world-scale secure dataset to carry out complex coordination tasks in the modern economy. For more information, please visit https://www.fetch.ai.
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high quality data sources from other blockchains as well as real world data. Managed by a global, decentralized community of hundreds of thousands people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.