Following the completion of the highly-anticipated BitTorrent Token sale on January 28, Fetch.AI token (FET) is set to be the second project launched through Binance Launchpad on Monday 25 February.
The company behind the token, Fetch.AI, is a “decentralized network providing the world’s first decentralized infrastructure for digital representatives ‘Autonomous Economic Agents’ to find, communicate and trade with each other.”
FET acts as the medium of exchange, allowing Autonomous Agents to exchange tokens for data and services within the Fetch.AI network to support machine-to-machine microtransactions. Using travel as an example, Fetch.AI CEO Humayun Sheikh explained that the autonomous agent learns the behavior by accessing information in your smartphone to “build a clearer picture of your needs.” It’s then able to confirm availabilities with airlines or railway, negotiate a price and complete the transaction.
“The Fetch network is in a unique position to help overcome barriers presented by centralized systems for bringing data to life, leveraging an AI and decentralized solution,” Binance CEO Changpeng Zhou said.
The launch of BitTorrent Token didn’t go exactly as planned. The massive demand coupled with technical issues resulted in many investors being unable to place orders. Hopefully the kinks have been worked out and the launch of FET will be much smoother.