Fetch.ai Telegram AMA Recap — March 12, 2021
Mar 12, 2021
Fetch.ai Community AMA Recap with
- Humayun Sheikh — Founder and CEO
- Toby Simpson — Founder and COO
- Jonathan Ward — CTO
- Maria Minaricova — Head of Business Development
Agenda for the AMA — Please note this AMA was regarding the Fetch.ai Mainnet 2.0 launch and what will follow once the Mainnet 2.0 is launched. We did not discuss any questions related to price or trading!
Q: What are you working on right now, and what do you think is the most exciting and interesting thing that our community might want to hear about pre-Mainnet and post-Mainnet launch?
Toby — Hi! Doing well. Super busy, as you can imagine, but a ton of great things going on with Mainnet preparations and the agent metaverse.
With the agents’ side of things, we’re getting close to releasing the agent framework version 1.0. With Mainnet v2, agent framework v1, and the developments in agent search and discovery, it’s super exciting to see all these components fully functioning for people to build on. We’ve also released an iOS app to let you explore the agent’s world (and yes, to head the obvious question off at the pass: Android, yup, understood!) (Toby)
Humayun — We have been very busy on Mainnet2.0 as you know. The past weeks we have been navigating some regulatory work, but we’re getting to a good place. The good news is we are gearing up to launch Mettalex with real money. The aim here is to recruit active crypto and commodities traders to join the platform in waves over the coming weeks. Stay tuned for that very soon.
Q: Are the likes of companies such as Google, Microsoft interested in setting up nodes for Fetch.ai?
Humayun — we have started this journey and soon you will see a few joining.
Q: How do you use the Cudos network to “scale out network validation” for Mainnet 2.0?
Jonathan — Cudos have a very interesting approach to providing computation at lower cost than crowd providers — they’re planning on running a node on our network and could turn out to be very competitive with existing players in that space.
Q: When will we see an update regarding agent oracle?
Humayun — over the coming weeks we will be showcasing quite a few things and Oracles is one of them!
Q: Are they a means to provide insight on the market? For example, if I am at a hotel and want to know what services most clients want Can I do that with fetch?
Toby — Not sure of the full context to this question, but we’ve been working on some stuff relating to this and we’ll be able to talk more about that in the coming days, weeks and months. If you are a hotel, though, this technology is potentially transformational. It provides *discovery* but without the centralized introduction agencies.
Q: What other partnerships (and in which areas are the focus of these) are you pursuing?
Maria — We are always working on different partnerships and developments in the background, but it takes time, as I have mentioned previously, and only once everything is well organized, we can discuss these publicly.
Q: Please try to change some other wallet instead of Metamask.
Toby — For what specifically? As you can use a variety of things for general access to a FET balance, and we’ll have new options for the Mainnet tokens too.
Q: Regarding Mettalex, what is going to be good news for holding $mtlx?
Humayun — first target to increase trading! More traders and partners. All happening very soon!
Q: Is the grand vision for Fetch.ai to be a household name, or to be operating behind lots of other household names?
Humayun — We would like to be both but the main motivation is that the tech gets used and we get traction, so the first phase is via the current household names.
Q: Any impacts to FET after ETH upgraded to 2.0?
Jonathan — We’ll all be relieved when Ethereum deals with its scalability issues. The move to 2.0 will enable more the agent-based use-cases to run on Eth, which is beneficial for us also. We need governance over our own token, but are open to running applications on other chains depending on their capabilities. Currently, Eth is a great source of capital but is only really suitable for DeFi applications. You’ll soon see more uses of the FET token for that purpose but we’re excited about the future possibilities for other agent-based applications in the future.
Q: Any plans for south east Asia expansion?
Humayun — a very important region the short answer is yes.
Jonathan — We’re keen to make Fetch as global as possible, and SE Asia is an important area for us so yes. We’ll be doing that by encouraging groups in every part of the world to participate in the network as either developers, users, or validators.
Q: Also, what’s going to be the process for moving old fet tokens to the new Mainnet tokens?
Toby — We’ll publish more soon, but it’s pretty straightforward.
Firstly, nobody has to. Your ERC20 FET tokens remain valid, safe, they work with your existing wallets, exchanges, multi-sigs, etc. We will provide a bridge to allow you to convert ERC20 FET into Mainnet V2 FET so that you can use it for validator staking, for smart contract execution, Mainnet v2 application deployment and interactions, etc., as you see fit.
Q: Any pilot testing program for autonomous travel agents?
Humayun — Oh yes! coming very soon.
Q: Is Tesla interested in Fetch.ai plans?
Toby — I don’t know if they have any specific interest, but they _should_, IMHO. True self-driving vehicles are a tough call. After releasing the beta of this software to people recently, there are more than one video of drivers having to grab control after the car was about to drive into another in a parking space, for example.
Autonomous economic agents offer *augmented views* of the world: the ability for the scenery to tell you what it is, rather than you having to recognize it. Add this to being able to understand others’ intention, and being able to see around corners, through walls, through thick fog, etc., and suddenly the load on traditional AI to build an accurate picture of the world around it is reduced: as I’ve described it before, agents in things is the *ultimate cheat mode* for self-driving cars.
Q: Status of click and drag setup of AEAs?
Toby — All sorts of things happening with that:
1. Agent GUI that lets you grab and deploy agents from the agent registry
2. Extension to the SOEF viewer app to let you create simple agents to interact with others in the world
3. Greatly improved examples and get-started-code to help you build with the agent framework
4. Continued work on extending GUI based agent development to ultimately be click, drag, drop, done.
Q: Is there much going on around rolling out the ‘Warwick energy saving’ product/application? That always seemed like a real no brainer that everyone would want/need and bite your hand off for, but there haven’t really been many announcements recently about it.
Maria — There are several projects that we are working on in the background. Please be patient, we will be able to announce more about them later. Some take higher priority, and some projects take longer to develop.
Q: What is the product roadmap for the next 3 years?
Ans: We have updated our online roadmap, and we’ll be updating it again to cover more of 2021 so you can get a better picture of the developments that occur post Mainnet v2/agent framework v1. (Toby)
Q: With the recent partnership with Bosch, they have been working with Microsoft in the AI field does that have a connection to Fetch.AI and/or the FET token?
Jonathan — Many companies that work in software, communications and automotive also use AI. There’s currently a lot of interest in the type of things we’re doing but I can’t name names of course 😉
Q: Are there any new apps in development for release with Mainnet?
Toby — There’s lots happening on this front. Our SOEF explorer, web and iOS, and of course things relating to the new network itself (wallets, explorers, and more). In the meanwhile, the GUI side of things on the agent framework is coming along fast, and your ability to build and deploy agents is coming along leaps and bounds. We’re seeing more and more people building things, and Mainnet v2 release is the key point when all this stuff can be deployed for real, together, for the first time. Can’t describe how excited we are to reach this milestone!
Jonathan — All of the collective learning project runs on our network.
Q: Will FET held on Exchange be automatically swapped out for new tokens?
Toby — You do not need to worry. Your existing ERC20 FET tokens are not going anywhere. They work, they are on exchanges, they will remain. You can choose to convert ERC20 to Mainnet V2 (and back again) as and when you need to in order to do work on the new Mainnet.
Q: Thanks for previous answers. In terms of setting up AEA’s, can I confirm that this can be done within the app? Also, any eta on android app thanks?
Toby — No specific ETA on Android app yet, but will announce the moment we have it.
With regards to setting up AEAs in the app, we are working on something so that you can set up a simple agent, deploy it, see it appear on the map, and perform some searches and other things. This will increase its value as a developer tool, as you’ll be able to interact with your own agents to check they’re doing what you expect. It’s also cool because anyone can create an agent and see it, and can interact with other agents as a result.
As this functionality develops, there’s the possibility to plug these app agents into data sources: either on your mobile device, to deliver that value to the agent metaverse, or via APIs. There’s a lot that could be done!
Q2: looking forward to getting my hands dirty with AEA’s. As Bezos says, customer experience is everything. If Granny can use it then I see no reason why Fet doesn’t gradually transform everything -animate and inanimate — into AEA’s. If I had to ask a final question it would be on marketing — what’s the strategy?
Toby — And looking forward to seeing what you will build with AEAs. I’m also curious as to what people will do with other people’s AEAs: you can find lots of low-value information from a bunch of agents and transform it. The weather agents on the network right now, for example, allow all sorts of interesting weather maps to be built by anyone. So, agents can grab that data, transform it, and sell it on as higher value information. Super exciting stuff.
Q: 1 follow up question on partnerships. Any collaborations with the UK govt on solving traffic flow?
Maria — We are working on some very interesting partnerships. When we are able to speak more about it, you guys will be first ones to know! 😉
Toby — Incidentally, if you have agents representing vehicles, charging points, junction traffic levels, parking spaces and more, you can potentially optimize congestion out of traffic by taking steps to suggest changes to vehicles based on their overall goal, rather than just a small visible part of it. Knowing where you’re going when parked can make the difference as to whether you divert to another parking space in event of congestion, or even where you part in the car-park in order to take the best exit to get to your destination. Context is king. Agents representing you can provide that context.
Q: Will have any token buyback when Mettalex starts?
Humayun — once we start trading and receive fees the buyback will start.
Q: what about NFT, ORACLES, DEFI… any news regarding that… the timing can’t be better for such an amazing innovation happening now.
Jonathan — Yes, it’s very exciting — NFTs are revolutionary and are definitely part of our plans. You’ll be hearing more about all three of those things (NFTs, oracles and DeFi) over the next month or so.
Q: Do you foresee fetch being embedded as an agent for most vehicles moving forward?
Toby — Yes.
And there are three ways of doing this:
1. Plug into the vehicle’s OBD2 port, and use a small microcontroller containing an agent along with mobile data to create agents for vehicles (potentially coupled with other sensors in the unit)
2. Integrate into the car’s software through APIs, but this is more challenging and requires individual implementations that are potentially non-trivial
3. Use the driver’s mobile device: you have a phone, it’s packed with sensors, it’s yours, it is connected to the global network. Acceleration, speed, and much, much more can be published as agents directly
And there are probably others, too. Either way, this results in agents that can provide contextual data to surrounding agents, so you can see further than your eyes could and self-driving vehicles or an agent that represents you can take actions or tell you to take actions to improve the outcome for you: e.g., immediately divert to avoid upcoming issues, or minor changes that improve traffic flow.
Q: I remember from an AMA in the distant past price was mentioned specifically the fact that the price would be kept at a stable point and that unstable growth wasn’t needed. Is this suppression still going on or will this be lifted at any point?
Humayun — this is not what was said or meant, the cost of transaction needs to be stable. This does not mean the token price has to be stable or can be stable.
Q: Is it safe to assume that if someone sees fetch as a strategic partner, they will become a validator? Also have a need for fetch tokens?
Humayun — Yes, to be a validator you will need FET.
Q: Do you think that Fetch’s technology can be used in the retail (supermarket) industry — for example through age verification of age restricted goods?
Toby — Verifiable credentials can be used for a chunk of this, and agents can potentially provide automation for ensuring that the right things talk to the right things. Certainly, from the supply chain side (as you’ll have already seen from the work we’ve been doing recently) there’s a massive application of agents, but agents that represent you and are able to assert claims to validate who’s allowed what and when are certainly a potential application, yes.
Q2: Would you guys consider this if a supermarket did approach Fetch for this application to be utilized, it would allow pretty much free media attention 😉
Toby — Yes. If someone approached us, we absolutely would discuss the opportunity.
Jonathan — Partnerships take time and resources, of course, but we would certainly consider it (especially if they wanted to do the work!).
Q: regarding the partnerships that are ready to go, will the info be available for us with actual names and implications before the Mainnet launch or the day Mainnet is launched? …numbers, names and all that.
Maria — We are working very hard on these partnerships and doing a lot of development in the background. You guys, our community, will be the first ones to know about them, when we are able to speak about them and say more.
Q: What large piece of news gold can you hint today, to reinstate confidence to the coin holders that $FET is shortly heading to be a financially viable investment?
Humayun — you know we can’t say such things! What we will showcase in the coming weeks is various use cases that will make you appreciate the value of FET (Humayun)
Jonathan — The bigger the news, the less likely you’ll hear any hint of it in advance!
Q: how is the T-SYSTEMS signs prototype update coming along? I know there was tremendous progress last year. Can we expect an update on how that partnership is going?
Maria — That was a very good prototype and we are building on top, utilizing what we have learned and new functionality that has been developed in the AEA framework in the meantime.
Q: If my travel agent buys a ticket from another agent. How do I know if I got the right ticket? I mean it has to be verified in a way, which can assure me getting the right one.
Toby — NFTs, digital identity, verifiable credentials amongst other things.
NFTs can be used to represent a specific asset, e.g., a hotel room on a day, or a seat on a plane, and you can “follow the chain” to see whether it was created by an authorized identity (e.g., the airline or hotel) and you are able to prove that you own that as a result of digital signatures.
Digital identities are a key part of this, too, because every part of the chain needs to be able to provide an identity and for those to be verified.
Verifiable credentials allow you to assert that, for example, you are more than 18, or have a valid driver’s license, or are a 5-star rated hygiene standards restaurant and for someone to be able to prove that you are not making that up.
All of this, along with the chain of events on the blockchain itself allow a huge degree of self-service trust: you need not believe someone, you can prove yourself that they are telling you the truth.
Q: Where do Y’all see Fetch.AI in the next 5 years. (Elevator pitch) 😝
Humayun — Mars! Biggest businesses today are intermediaries, I would like to replace them by Fetch tech and that is my goal!
Q: Is there a way to prevent spam from AEAs? Is this a potential concern or have I made that up? lol I’m thinking of a fetch “uber” — how can we ensure that those that say they are available to drive are actually and not cleverly fashioned bots?
Jonathan — No, it’s a good question. How do you prevent them being overloaded with messages? That’s a network security problem but essentially, it’s about validating the status of the agent you’re talking to and dropping the connection if they attack.
Toby — Read up about our DDN. And here’s a blog post.
Also, note the reply above that talks about self-service trust, digital identity and other aspects. When it comes to a Fetch “uber”, you also need to consider dispute resolution, proof-of-location, insurance (through staking type operations, for example) and more, but we have got a lot on this and ran some trials at the end of last year. Do get in contact with us if you’re thinking of doing something on this front, we can help!
Q: As invested in the AI aspect as you clearly are, are you just as invested in promoting the $FET token? From an outsider’s perspective, you seem to have lost out on the gains and visibility of other tokens. Are there any strategic news releases soon to restore faith?
Toby — We’ve had an extraordinary run of such news releases this year. I trust you’re attached to our Twitter feed, announcements channel, etc.?
Humayun — Every token has its day. We are going through evolution, CEXs to DEXs, PoW to PoS, Art to Crypto art. The next phase as crypto and decentralization evolves is the need for ML/AI and integration with the real world. This is where we sit!
Q: When you partner with global companies, do these partnerships entail the regional company or globally? — or does it depend on the company?
Maria — That really depends and varies case by case.
Jonathan — It depends. Sometimes it might be the local branch of the company. In other cases, we’ll talk to people from headquarters. In our case, and distinct from most other blockchain projects, we’re usually talking to someone at the higher levels of the company, which makes things slower but potentially greater impact.
Q: How much rewards do you get for one fet you stake in Mainnet v2?
Jonathan — This depends a bit on how many other people stake, but the current staking contract is paying roughly 12 million FET per year whereas the main-net will pay closer to 30 million, so it’s likely to be pretty good.
Q: What’s the advantage of using an ai-powered oracle for price feeds?
Jonathan — That’s a big question to answer in a paragraph. It’s not only the ai but more advanced cryptography. But practically, the agents allow our system to be cheaper, faster and more resilient than the current sota. We’re also able to do qualitatively different things with the agents like using a million of them to compute the clearing price of electricity in a peer-to-peer energy market. There are also many other use-cases like that.
Q: Will AEA developer be the next hottest career? Or did you make it too easy already?
Toby — Agent developer is an interesting position. I first worked with agent engineers in the computer games business in the late 90s and 2000s: people creating autonomous agents for virtual worlds and computer games. Now we have it again, but they are economic agents, agents that can earn FET and spend FET in order to deliver or find the value that’s important to them. It’s really exciting stuff as agents have so many tools to work with: smart contracts, NFTs, tokens, AI, a digital metaverse for search and discovery, it’s an extraordinary space to be in.
The agent-based approach is probably the only way we’ll scale the digital environment as it creates robust solutions that can be disassembled and reassembled in different ways. Reliable, secure, adaptable to a changing world, etc.
Q: I’d also like to hear more about the coin acquisition by our current partners.
Humayun — most enterprise partners are very hesitant to disclose or announce such things. I can confirm though the token is being bought in the open market by some of our partners.