Oddgems — Fetch.ai AMA Recap — March 25, 2021

Mar 25, 2021

Fetch.ai Community AMA Recap with Oddgems

  • Humayun Sheikh — Founder and CEO
  • Toby Simpson — Founder and COO
  • Jonathan Ward — CTO
  • Maria Minaricova — Director 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: So first off, a question to each of you — How are you all doing today? 🤗

Humayun: Sun is shining here, we are speaking to you guys so all is great!

Toby: I’m doing well, thank-you. I have tea, coffee, and we released a great new version of the SOEF Viewer on the Apple App Store yesterday: added the first part of a “create your own agent” feature to it, and that’ll grow into something even grander in the coming weeks. And, as Humayun pointed out, the sun *is* shining!

Q: For Humayun — What is the team 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?

Humayun: We have been very busy on Mainnet2.0 as you all know. There is the Stop Loss Agents for deFi and we will be adding new features to it for deFi. Our agent based Oracle network is getting ready and more info is coming in the following weeks. Atomix stake drop is coming on the 7th of April and Atomix Beta in May. CoLearn Token model will be released at the end of April. The list goes on…

I think the best thing we can do for the community is to keep adding value to our ecosystem and FET and we are on the case!

Oddgems: So much to come, wow!!

Humayun: there is more but I thought I will leave it for others😊

Q: For Maria — What partnerships have been announced so far and what more do you have in the pipeline? I’ve been an ardent supporter of Fetch and it’s great to see the project going in the right direction and gained a lot of eyes and momentum as well.

Maria: We have announced a couple of MAJOR partnerships — with Bosch and Festo. Both of these companies are very well established, multinational organizations and are doing fantastic innovation. So there is a lot to look forward to with both of them and the types of projects we can do together.

Oddgems: Yes, these partnerships were huge and many more to come hopefully. 😉

Maria: For example, with Festo — we are working on building DECENTRALIZED MANUFACTURING MARKETPLACE. Festo has over 300 000 customers with whom they work. We want to set up the marketplace where anyone can join in and use the Fetch infrastructure and FET token to support their agents and transactions.

There are the two that we can speak about. For those who missed our Webinar with Festo — here is the recording

https://youtu.be/-fkmiNZPPoI

and check this out — if you don’t know much about Festo, this can give you a pretty good idea. (Boston Dynamix, move over … 😉 )

https://youtu.be/_qRGIRvr06w

Toby: And these partnerships are a reflection on the increasing maturity of the technology: the range of applications that can be built to solve problems with large numbers of moving parts is increasing rapidly, as is the ease of doing it.

Humayun: there are also some very interesting partners who will be the Validators for our Mainnet V2, we will announce in due course

Oddgems: Heard a lot about Boston Dynamics — Next level AI machines are being built by those people!

Maria: Check out the video above and you will see that Festo is working on — we have this great company here in Europe, top German quality and reliability.

Q: For Jonathan — How will the FET tokenomics change once Mainnet is launched?

Jonathan: First off, there will be token interoperability between Ethereum and our main-net so no-one *has* to convert their tokens if they don’t want to. We’ll continue to run the staking program on Ethereum (10%APR with Mettalex and potentially other airdrops) for the first couple of months after main-net.

We’ll then start lowering the interest rate on the Ethereum contract and start moving staking and airdrops to main-net where the costs, speed and user experience will be far better. So, the tax fees will be in the order of a couple of cents rather than 50 dollars.

Toby: no-one *has* to convert their tokens. And this is an important point, as we get asked it a lot. Your existing FET tokens are unchanged, and work as usual, with the exchanges/wallets/services you already have.

Oddgems: That’s really cool

Yup, it’s important. You can move them in and out of mainnet v2 as you need to in order to fuel agents, AI, contracts, etc.

Q: For Jonathan — You are currently looking to onboard validators for your testnet, can you share how that is coming along and whether any well-known partners have been onboarded?

Jonathan: We have a PR announcement on that coming out soon but unfortunately, it’s embargoed for now. We have had a lot of interest from the community and from professional validators, and we have several of these lined up for main-net along with some who will join soon after it is launched.

Strongly recommend anyone who’s interested in staking and operations to look into becoming a validator for us. There are lots of interesting use-cases with agents and ML that could allow technically skilled people to make a good business from the protocols we’re developing.

We’re less interested in the “commoditized validator” offerings — you have to bring something exciting to the table like a passion for the technology, a good community, business interests, governance.

Oddgems: Thanks will do, guys take notice 🙂 👆🏼👆🏼

Jonathan: We want people who are as enthusiastic as we are!

Q: For Humayun — When is Atomix coming out?

Humayun: Atomix Beta in May and trial with real customers in the real estate market in June. But as you all know the stake drop is starting on the 7th of April, this is again a way to reward the FET holders with value. Our last stake drop MTLX went from 43cents to $10 in a couple of months!

We will look to open liquidity on ATMX pools in May.

Oddgems: Yeah MTLX was 🚀🚀🚀

Q: For Toby — What is Fetch.ai’s product roadmap for the next 3 years?

Toby: Three years is a long time in this space, and if there is one thing that I think we’ve all learnt is that human beings are generally non-optimal predictors of the future. Especially in a space like this, new applications will arise and we need to be ready to apply Fetch.ai’s unique technology to those spaces.

That having being said, key is ensuring that everything that people _need_ in order to develop, deploy and use decentralised applications in AI, ML, agent solutions to problems in hospitality, mobility, supply chains and more is where our focus is: first up, deliver Agent Framework v1.0, MainNet v2.0 and all associated technologies *next week*.

At that point, for the first time, all the amazing applications that people have been building or are building can be real-world deployed for the first time and we are *super excited* about hitting that milestone.

We’ll share roadmaps, long-term visions and shorter-term ones in more detail, but what use is technology if it doesn’t solve people’s problems and make life better; it is the users of Fetch.ai that help to guide development.

Oddgems: Thanks for the amazing answer Toby, looking forward to it 🙂

Jonathan: Wow three years! Would love to know myself.

…but seriously everything is moving so fast, I’m not sure it’s possible to make plans that far ahead. We’re big believers that bottom-up agent-based software are the answer to this as they can be reconfigured quickly, which makes them really future-proof.

Right now we have a really flexible tech stack that enables us to flexibly deploy our agents (and their token FET) to wherever they’re needed.

Toby: Jonathanathan makes the key point: if you have lots of simpler systems that can be taken apart and reconstructed in different ways, you have the *flexibility* to be able to adapt to a changing world. Nobody saw 2020 coming, that’s for sure, and the ability to adapt is vital. Our agent approach delivers this: it’s a form of economic lego.

Oddgems: Yes, nobody expected 2020 to be the way it was — But yeah people adapted to it and some still are, but these Autonomous agents will have no problem adapting to any changes in real world conditions, this is what makes them much more special.

Toby: Absolutely, because they have the agency to make decisions themselves: they can work together to solve problems, and they do not need to be conducted by a centralised entity to do this. They’re an ideal “host” to advanced AI, too, to guide them to deliver the value they have and find the value they need. Cracking for solving big problems in mobility, providing augmented reality to assist self-driving vehicles, optimise supply chains and soooooo much more.

Q: For Jonathan — What new applications can we expect built upon Mainnet2.0?

Jonathan: Good question — the main-net is designed to be fast to sync so that even low-powered IoT devices can be light clients for the chain. This makes it realy suitable for industry 2.0 use-cases along the lines of the areas Festo and Bosch are working on. On the crypto side, of course DeFI is exploding but is still a long way from reaching its potential. Combining agents with the cross-chain capabilities that come with the IBC protocol, developed at Cosmos, will allow us to do some very exciting things in DeFi.

The agents will be able to help you manage your crypto assets by making the whole process safer and simpler.

Q: For Humayun — What is the single biggest impact you would like to see from Fetch.ai over the next 5 years?

Humayun: Adoption of Multi agent System — this means less centralisation, less intermediation, less middle man and more efficient connectivity. This will apply to almost all sectors and this will be BIG! and FETCH is uniquely building this technology. This will take adoption to a different level just like the internet.

Oddgems: thanks Humayun 🙂

Q: Just out of curiosity as I’ve been an ex IBM’er — Will Fetch, in future, in any way collaborate or work mutually with the IBM Watson team?

Humayun: Watson is the brains and our system is plug and play so short answer YES. But there are also others, for example what DeepMind is doing is very relevant for us.

Toby: Agents are gateways. They connect the outside world to the agent metaverse. What you put behind them can be anything, and then that is exposed to all the other agents to use. A common interface to everything.

Oddgems: Round 2 will start now — Live Community Q&A (20 mins)

The community gets the first 5 mins to post their questions. Channel is muted and the team responds to all or most of the questions. Then another round of questions for 5 mins, channel muted, and the team respond to the questions again.

Get your questions ready!

Q: What do you think about the boom of the NFT + DeFi association that is causing so much interest in the world? How does Your project take advantage of and exploit this reality?

Humayun: by providing the right tools for trading and exchange, mainly via AEAs and a good example is the Stop Loss Agent, the same can be done for trading.

Q: If anybody thinks your project really likes a scam project, and they can’t trust this project. How do you make them believe in your project?

Humayun: Have a look at our Github Repo, join the community and see what we are delivering

Toby: One word answer: delivery.

Longer answer: you can, and should, do your own research. But a good starting place is https://github.com/fetchai. You can see the extraordinary amount of code we have developed, documented and delivered. You can also see the applications, you can connect to the network yourself, you can see the partnerships in the crypto space and elsewhere, and you can see that we’ve been at this for quite some time now building and delivering. We continue to communicate these commercial and technological achievements.

RV: On behalf of the team and the entire Fetch.ai community — one should do their own due research and choose to trust in a project. Without naming any in particular, there are many which are overhyped, overshilled and their roadmap or applications or partnerships — there is not much to show there. Fetch.ai has constantly delivered and always put the community first. I think that speaks for itself. We do not need to convince anyone except by delivering what we promise. 🙂

Q: Government regulations have wrecked many of these crypto projects , how will FET project its users from getting affected while investigating in FET ??

Humayun: FET is a utility token and we have true utility so regulation is fine with us.

Q: Where do you See AI in the future? How can we use AI in companies and daily life?

Toby: You already use AI in your everyday life. It’s in your car, your phone, the services you use, your computers, it’s everywhere.

And it will get better: with existing and new approaches. Services like Fetch.ai make component parts of this available to all, so that you can theoretically construct new solutions out of their parts. Also, complex behaviour and skills can emerge from large populations of simple things doing their stuff, and that’s another aspect of how the bottom-up agent based approach helps.

AI will continue to take more of the pain out of our lives, delivering solutions to problems actively, in some cases before you even know you have them. As Humayun said with multi-agent adoption, the disintermediation that happens means that multiple problem spaces can be combined to produce solutions: so you need not conduct five services to get a solution, agents can solve the whole lot. And in supply chains and mobility, that’s super important.

Q: When the crypto market cake is still small but there are many Diners and new one is appearing day by day how will FET keep its position as well as its role in the whole crypto market? To do this, which is the most important thing that FET think??

Humayun: Fetch is here for longer term, the projects appearing are looking at now and we are looking at now but with clear direction for the future that will be the way we keep our share

Jonathan: We’re a very strong research project as well. We’ve designed consensus protocols, advanced cryptography and published in top AI and ML conferences. You can find all of the links here: https://fetch.ai/publications/

Q: While you build your project, do you take into account community feedback and demands??

Toby: Always.

For those who have been working with our agent framework, for example, you will already know the vital role you have played in ensuring that the framework develops in the right way. We do not develop tools and technology in isolation, nor do we develop this stuff to sit in a museum doing nothing: it’s there to be used, to solve problems, to make life easier, and we cannot refine it for this purpose without listening to those who are using it and want to use it.

Q: As we know, By the Token price many people judge a project, What do you have to Say to investors? What’s the plan to increase the Token Demand??

RV: Easy. By continuing to deliver projects and partnerships that build upon the Fetch.ai technology. Once we deliver more projects, token demand will go up itself. We just want to focus on building cool applications which can be commercialized and applied wherever possible.

Jonathan: The faster and more secure blockchain is all built using advanced in-house cryptography: https://eprint.iacr.org/2020/096

(We’ve also been around for a long time so most of our tokens are in circulation — we’re getting to the stage of the development when we’re going to start handing control of these amazing tools to our community of token-holders).

Q: What’s the assurance that this won’t be one of those projects that come out, do a lot of marketing, sell their tokens and just disappear or underperform? How secure is your smart contract from vulnerabilities and bugs that even the developers can’t exploit it?

RV: We were audited by CertiK and you can find the audit report if you google CertiK and Fetch.ai. Plus we are not shilled so hard on YouTube and there is a reason for that — there is no point in building up a narrative only to not deliver later. That is not how the team works.

Trust that when we say we will release a project once a week like we have for example, we will follow up on that. If we fail to deliver, you can always let us know and we take our community feedback very seriously 🙂

Q: As Personal Data is very important, How will You provide total security?

Toby: Each person you share a secret with is a loss of privacy and security.

And nobody can ever guarantee total security, just in the same way that no programmer would ever guarantee that software is 100% bug free, and no car manufacturer would say that their vehicle would work perfectly for 5 years with no faults. All we can do is converge on perfection, and put in place the tools and technologies to protect.

In the case of the decentralised agent based world, privacy and security is enhanced by allowing solutions where your agent knows your private stuff and nobody else does. If your agent is on your device, and nowhere else, you get extensive privacy and security from that. Your agent can represent you to solve problems, and need not disclose things to find solutions for you. Indeed, with verifiable credentials, you can assert things are true without leaking more data than you need. E.g., that you are older than 21 without giving away DOB. The trick, I guess, is to avoid sharing secrets, and we’ve built technology where you can get useful things done without having to do that.

Security wise, we live in a world where encryption is strong, and agents can converse securely as a result.

Q: DeFi project is very popular and there are many DeFi projects right now, what are your plans for now? what makes FET unique??

RV: Check out the Stop-Loss agents we released last week. That is just a start and there is more to come.

Q: DeFi projects are very popular and there are many DeFi projects right now, what are your plans for now? What makes FET unique??

Jonathan: Our uniqueness is the focus on cutting edge research and multi-agent systems — no-one else is doing that, and it gives us an edge in new areas like DeFi.

Q: Will FET be collaborating with big Gaming Studios and their NFTs? If not currently, will FET do it in future or are there any talks currently?

Humayun: Not currently but may be in the future

Q: Is FET exploring anything related to civilian drone tech for deliveries. i.e. collabs with Walmart, Amazon and like to decrease transportation costs of the said companies?

Humayun: Agent based systems are really well suited for this and yes we are working in this sector

Q: What are the projects related to the car sector?

Humayun: tools for autonomous driving communication

A) Making tech related to helping retail consumers in parking.

Humayun: we are actively working in this sector and have previously done a pilot in Munich, details are on our website

B) Self driving cars.

Humayun: as per previous answer

C) Best route at the said time for fastest transportation after checking out the traffic.

Humayun: yes and this is part of the tools we are working on for Autonomous driving

D) Collabs with Govt in management of Traffic Signals and Cameras. (Which can also be collaborated with Police, fire-stations and all for better urban efficiency)

Humayun: not yet but it is on our roadmap

Q: Is Fet exploring the Healthcare sector for assisting doctors for more efficiency?

Humayun: Not yet but we have done a collective learning pilot in healthcare

Q: Fetch.ai collabed with Bosch on 18th Feb. Bosch announced their project with Microsoft on the same day. Was that a coincidence?

Humayun: possibly, but does say about the calibre of the project

Q. Will FET be involved in AI robotics for Industrial sector where there is a dangerous environment for the people who work For eg. nuclear energy, chemicals etc?

Humayun: Currently no, but can’t say about the future

Q: For the success of a project, investors, community and developers play a major role. What is FET strategy to get them involved??

Jonathan: We’re launching some developer bounties, grants and quests on Gitcoin. We’ve also been running incentivized test-nets and will be hosting more of these in the future.

Q: On other platforms, users are constantly clamoring forimprovements without being heard. How does FET deliver power to the players over the project and development within it??

RV: Check out our github repo and docs.fetch.ai. We work very closely with a community of developers who get to test our applications, give us feedback and we have also just joined Gitcoin to take developer engagement to the next level. So you will see more interactivity from our side, more engagement with our community and developing our applications further.

Q: On other platforms, users are constantly clamoring for improvements without being heard. How does FET deliver power to the players over the project and development within it??

Toby: See my previous answer on this one: it’s vital to listen to the community, and to deliver the improvements and refinements that allow them to get things done with the tools and technology we’ve provided.

Q: Can you give us an overview of FET token economics? Is the token designed to rise and fall with the success of the platform, and does it include any scarcity paths such as stake, store, or burn??

RV: https://fetch.ai/wp-content/uploads/2019/10/Fetch.AI-Token-Overview.pdf

It is on our website under publications. Hope that helps.

Q: Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project??

Toby: Yes. And we have been expanding our approach on that a lot in the last year: working with local experts to help ensure that people can communicate in their own language. Do ask in our main Telegram channel, as we do have an increasingly large community of local expertise who can help with all things Fetch.ai.

Q: How do we invest in the project? Do we have a locking period or a minimum requirement to be eligible??

RV: You can stake for starters. The gas fees are exorbitantly high but with Mainnet 2.0 launch, like Jonathan said above, we want to increase staking and reduce the fees to just a few cents instead of 50 dollar. You can also actively follow us and ask us questions, spread the word on us — every bit helps and is an investment into this project. 🙂

Q: What do you think about AI in Crypto at all? Are there any other AI Crypto projects that you like?

Jonathan: We really believe that crypto and AI work well together. The blockchain allows the training process to be done in a way that can be externally audited and also allows multiple parties to work together to solve problems. This can unlock greater economic efficiency and make the world a fairer and safer place.

Q: Stake, Farm, and Swap. Which products are FET most focused to develop and what are the reasons? Also, can you tell us the advantages of these FET products compared to the other projects??

RV: There is no one fixed answer to this. Right now we are focusing on launching our Mainnet and then like Humayun, Toby, and Jonathan have said, Atomix, DeFi, Collective Learning — all of them will be important going forward.

The advantages are that we are interoperable which means we can easily work with other chains out there. Stay tuned on that, a blog on interoperability of Fetch.ai is coming out later today or tomorrow. Plus the partnerships with real use-cases to show — these would be some to begin with.

Q: What do you think about the boom of the NFT + DeFi association that is causing so much interest in the world? How does Your project take advantage of and exploit this reality?

Humayun: by providing the right tools for trading and exchange, mainly via AEAs and a good example is the Stop Loss Agent, the same can be done for trading.

Q: Government regulations have wrecked many of these crypto projects , how will FET project its users from getting affected while investigating in FET ??

Toby: Regulation is important, it’s there to protect everyone: the innovators, the users, etc. And the approach we’ve taken, as have many others (particularly recently) is to engage. We’re a founding member of Blockchain for Europe, for example, and have spent a lot of time talking to people in governments about how best to work with these exciting new technologies.

Regulators want to talk to developers and users, and developers and users want to (and are) talking to regulators. We’re seeing so many incredible opportunities emerge for optimising global technology deployments as a result of blockchain, multi-agent systems, AI/ML and combinations of all those things, it’s incredibly important to communicate.

So the short answer is: engage!

Q: Assets have great potential risks of centralization, including wBTC which are managed by centralized institutions. How to form a decentralized asset cross-chain is a concern of the industry. How does FET realize decentralized asset cross-chain? How to prevent evil in the cross-chain process and sufficient assets??

Jonathan: This is a technical and social problem but it is quite possible to have non-custodial cross-chain asset transfers and these are exactly the technologies we are planning on using so no-one has to rely on a single party (like with wBTC).

Q: Where do you See AI in the future? How can we use AI in companies and daily life?

RV: I think @HumayunSheikh should answer this. Given his experience with DeepMind, no one is better placed than him to expand on this.

Humayun: AI needs to be a commodity which everyone has the right to, what we are doing at Fetch is to build a framework where anyone can deploy and use ML/AI without being a technical expert in it.

Q: Projects that are not traded on major exchanges remain unnoticed. What do you think about listing the token on the leading exchanges??

Jonathan: We’re currently listed on several major exchanges; Binance, Kucoin, Bitfinex, Crypto.com and I’m sure the token will soon be listed on several more…

Q: What kind of use-cases does the FET token have? What kind of value does it play and bring to the FET ecosystem??

RV: There are too many to list here but we hope these will help — https://fetch.ai/applications/ and https://fetch.ai/use-cases/

Q: On other platforms, users are constantly clamoring for improvements without being heard. How does FET deliver power to the players over the project and development within it??

Jonathan: Our community mostly seems happy — we’re open to criticism from them, and also looking forward to involving them more in the future development of the project.

Q: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises??

RV: Hey good question, so we just bagged a round of investment and it got featured on Coindesk.

https://www.coindesk.com/fetch-ai-institutional-funding-investment-fireblocks

Q: Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some advice on why they should buy and hold this token/coin in the long term??

Jonathan: I tweeted about this today: https://twitter.com/Jonathanathan6620/status/1375054869388664833

My advice is to pick good projects — timing the market is very difficult, perhaps impossible!

Q: As lots of partnerships are announced, will regular reports on the concrete progress be made public?

Toby: We’re doing our utmost to do this through our social channels. You can talk to us on Twitter, Discord, here on Telegram and elsewhere. We’re proud of what we’ve achieved, and we’re certainly not wanting to keep our progress a secret from the community!

Oddgems: Agreed 10000%

Q: When the crypto market cake is still small but there are many Diners and new one is appearing day by day how will FET keep its position as well as its role in the whole crypto market? To do this, which is the most important thing that FET think??

Humayun: Fetch is here for longer term, the projects appearing are looking at now and we are looking at now but with clear direction for the future that will be the way we keep our share.

Q: While you build your project, do you take into account community feedback and demands??

Toby: Always.

For those who have been working with our agent framework, for example, you will already know the vital role you have played in ensuring that the framework develops in the right way. We do not develop tools and technology in isolation, nor do we develop this stuff to sit in a museum doing nothing: it’s there to be used, to solve problems, to make life easier, and we cannot refine it for this purpose without listening to those who are using it and want to use it.

Q: What is your strategy for building a strong community? Do you agree that the power of the community will lead your project to develop globally? What services do you provide to the community??

RV: We have an active ambassador program and we have a really lovely group of community who support us non stop. I am happy to list out their names for added authenticity as well so you know we are not bluffing — Moonshot Josh, Hugo, Joe Hurst, Ro Mojo,…so many who support us. So feel free to join us and DM me for the ambassador program — we will see what we can do!

Q: How does FET empower investors, companies, developers, and its users to deliver impactful solutions and bring value to global people??

RV: Short answer — we find synergies for cooperation and build further upon it. Examples — Bosch, Festo. For developers, we have plans to engage more — we will be more active on Gitcoin in the coming months and that is the biggest community of web3.0 developers!

Oddgems: And with that my friends, we conclude this AMA.

Very sorry and apologies if any question was unanswered.

Thanks a lot Humayun, Toby, Jonathan and Maria for answering our questions. I’ve enjoyed it and I’m now looking forward to the upcoming mainnet and everything that’s to come in 2021.

And thanks for patiently answering all the community questions as well.

Humayun: Great pleasure guys and I hope most of the questions were answered. Thank you @oddgems for hosting and for all your support. Onwards and upwards!

Toby: Thanks so much for having us, it has been a pleasure!

Jonathan: Thanks for the questions everyone!

RV: Thanks everyone! We enjoyed the AMA very much. I will stick around and answer a few more questions but in general, do not hesitate to join Fetch.ai telegram channel if you want to stay updated on Fetch.ai

Oddgems: Thank You for taking time out and coming here answering the questions.