Hello. We are Fetch.ai
Mar 27, 2018
Today’s digital world is increasingly sub-optimal and feels oddly, and somewhat ironically, disconnected given how “connected” we now are. It’s full of under-utilised assets: hotel rooms lie empty, cars sit parked and un-used for over 90% of their lives, half-empty shipping containers travel the world, poorly optimized transport infrastructure eats at our sanity and power grids have peaks and troughs in usage that are shocking. Let’s face it, even the simplest thing requires a colossal effort in hunting and gathering.
In short, we live in an increasingly complex world that we must somehow find ever more ridiculous ways to adapt to rather than one that seamlessly figures out how to adapt to us, and, for that matter, itself.
Centralized systems are poorly placed to solve today’s complex problems as they can’t effectively work together to find solutions from the bottom up. We need an open, decentralised system, where large numbers of simple things can co-operate — unsupervised — to solve problems and with no prior exposure to them.
Which brings us to Fetch.ai
Fetch.ai is a decentralized digital world in which useful economic activity takes place.
This economic activity is performed by something we call Autonomous Economic Agents. These are digital entities that can transact independently of human intervention and can represent themselves or individuals such as you and me. Their world acts as the ultimate value exchange dating agency: each user sees a space optimized in real-time just for them, where the important things are right there, in front of their eyes and the less important things are simply removed. Agents can work together or alone to build solutions to life’s complex problems by joining a disparate array of potentially useful things into one, seamless experience.
This will set data and information free. It will provide dynamic pricing for goods and services to a resolution never seen before and it will bring data and services into play which would previously have been missed simply because their existence was unknown. It will release market intelligence that is currently locked up in centralized silos to everyone so that any agent that wants something is assured of the shortest possible route to find another that has it.
But such a system doesn’t happen by hope and magic alone. It can’t be built with today’s technology: potentially hundreds of millions of agents serving millions of people in a truly decentralized and open digital world? Services that can deliver instantly and in little segments? Well, that requires a bunch of innovations. It needs a new generation of smart ledger that learns in order to provide a collective super-intelligence to support agents’ individual intelligences. It needs a unique network structure that can re-organize itself to present an optimal, individually tailored view to all of its users and we need to re-purpose the network’s computing power to provide consensus and integrity but do it through genuinely useful work.
We are drowning in data that we need but can’t find and services that we can’t co-ordinate or optimize and our time is too precious to waste it being stiffed making all the effort. It’s time for the solutions to find us and surprise us with what we really need before we realized we needed it, whilst the providers of the stuff we require gain from higher, more effective utilization. Let’s all win.
And that is Fetch.ai — our decentralized digital world of the future.