The crypto winter is freezing hearts and making even the toughest hodlers shed tears of regret. In such conditions, the euphoria surrounding launchpads conducted by numerous exchange platforms looks especially suspicious.
In this article, we are going to take an in-depth look at Fetch, one of the most successful launchpads conducted on Binance.
The Emergence of Artificial Intelligence
The main idea behind Fetch is combining artificial intelligence with blockchain technologies in order to help markets work with the information in a more effective and efficient way.
There is a lot of data generated on a daily basis by numerous devices all over the world – that much is obvious. But, most of this data remains unused. It’s one of the biggest problems that the data industry has come across, as data simply can’t sell itself. Fetch steps forward to resolve this problem.
With Fetch, data is able to actively take advantage of any opportunity to exploit itself in the marketplace in the conditions of ever changing environment. Over time, artificial intelligence learns more about how different markets interact with each other. In the past, this kind of data was held by huge corporations such as Amazon and eBay. Now with Fetch, it has become available for public use – arguably making it all the more powerful.
Useful Proof-of-Work Algorithm
The Proof-of-Work algorithm that underlies Bitcoin and similar systems make it possible to use computational power in order to generate new blocks. The information about all transactions between users is kept in the public blockchain making it easy to verify.
The downside of such an approach is related to the amount of electricity needed for calculations. Also, as the difficulty of solving hash-puzzles grows over time, it becomes more profitable for miners to unite into mining pools, which then leads to system centralization and reduced security.
Fetch introduces an alternative way of generating blocks. Instead of solving puzzles with no other benefits but verifying transactions, computational power will be utilized for solving relevant problems and thus empowering the economy.
Experience in Abundance
One of the project’s huge advantages is that its co-founders have been working together for a pretty long time and they know exactly what to expect from each other. Before Fetch, Humayun Sheikh and Toby Simpson have created another AI-oriented project DeepMind. This project was later purchased by Google and has made a true revolution in the area of artificial intelligence. News emerging from the company has been mentioned by such reputable media as The Guardian and Bloomberg, which shows that Fetch at least appears reputable.
Many other team members are working at Cambridge University and have solid scientific backgrounds.
Prior to Fetch, Toby Simpson had been the head of another AI-oriented project DeepMind
Binance Support and the Industry Revival
Fetch was fully supported by Binance from the very beginning. It was the second launchpad in line after BitTorrent, so the hype around it was somehow dulled by Justin Sun – the less said about him the better.
That being said, this project is very important to Binance founder CZ. The higher profits Fetch shows, the higher will be the level of trust towards launchpads in the future, so more projects will launch their token sales on this platform, boosting BNB value in the process.
At the token sale, the price per 1 FET was equal to 0.09 USD. After the launch, it spiked up to 0.42 USD. However, by the time tokens were unlocked, it was only 0.20 USD. But still, such indices are quite good for the current downtrend. So, with this movement and an ICO that sold out in 10 seconds, one can say that CZ has managed to reach his goals and may even give second life to the ICO industry.
Concerns Regarding Fetch
Despite being supported by the exchange platform with the highest trading volume in the history of cryptocurrencies, there are still some murky elements to Fetch that are worth considering.
Development Issues
The state of a project’s account on GitHub can say a lot about how it’s being developed. The public account on GitHub contains 6 repositories. All of them had been actively renewed before the token sale that ended on February 25th. After the sale, only the “ledger” repository shows any motion.
The visibility of the project’s development leaves much to be desired since the history of commits is hidden in private repositories.
Security Concerns
Taking a look at the white paper, the team promises to release a separate paper outlining details of the network’s security and attack resistance. In the initial document, the ETA for this paper was set at Q2 2018. Now in the new version, it’s Q2 2019.
Fetch whitepaper: it’s still unclear how the blockchain is going to provide its security
Is Fetch Living up to the Hype?
The hype and euphoria around Fetch in the conditions of this long downtrend looks particularly suspicious with all these strange moments happening in the background. However, the goals set by the project don’t seem unrealistic. The whole industry of artificial intelligence may look quite complicated to the untrained eye, but for the team who stand behind Fetch, it’s just the nature of the beast.
Will they be able to get the most out of blockchain technology and combine it with their knowledge of artificial intelligence? Only time will tell…
