What problem is Fetch.ai solving? Well the project scope and ambition is so broad it can be challenging to get your head around it. The Fetch.ai network fundamentally increases market efficiency. Some of the biggest companies over the last 20 years have been created to make processes more efficient. Find information online. Connect with friends. Shop online. Order a taxi. Rent a room. Billion-dollar businesses and trillions of dollars worth of value has been created by matching supply and demand more efficiently for a host of resources, goods, and services. These solutions improved on non-digitised and manual processes, but are limited due to their centralised design. Resource allocation and coordination is best conducted as locally as possible at the ‘edge’, and current software solutions are designed for decision-making to happen at the ‘core’. This design made sense when the extent of computing was core servers and thin edge clients. But now with a plethora of sensors and devices at the edge of the network with powerful computing and learning capabilities, the network has been turned inside out. A new architecture is needed to harness this local intelligence and decision-making. The next leap forward in economic efficiency will be through decentralised networks that support autonomous software.
Fetch.ai is a system designed specifically for economic activity to be decentralized and for software agents to have high degrees of autonomy. The system has three parts: the infrastructure, the platform, and agents. The infrastructure is a ledger designed to support millions of transactions per second. The platform called the Open Economic Framework (OEF) contains APIs, directories, wallets, transaction history, and all the necessary tools for agents to search, discover and interact with each other. The agents are known as autonomous economic agents (AEAs) and use the underlying ledger and OEF to perform tasks like data provisioning, trading of excess capacity, energy, computation, or storage, or even the transfer and transportation of digital or physical assets, all without human instruction. Fetch.ai is a supercharged matchmaking service that allows agents to connect directly with their environment to solve problems and allocate resources more efficiently. Human trade became mediated by third-parties over time as economic activity scaled and there was a need for trust. With distributed ledgers and cryptography, trust can be embedded directly in the system, Fetch.ai is the first software system of its kind designed to support the next era of human and AI economic activity.