Many people think what future with Artificial Intelligence (AI) will look like, while both private and public sectors experiment with technology, raising more and more ethical questions.
One way is to regulate the industry and EU has taken the first steps, for example, with introducing the GDPR last year. Another approach is to democratize the technology, as stated by the CEO and co-founder of FETCH.AI Humayun Sheikh, explaining the motivation behind the company FETCH.AI creation on BloxliveTV:
“FETCH.AI is necessary for the world because we are having a paradigm shift here… There is no framework economic or legal to apply this granularity to the current economics models. On top of that, AI has got a big problem at the moment. AI is completely controlled by a few big corporations. If we don’t democratise this space, it’s the race to be the first… this is becoming a monopolised technology world…and we need to change that!”
FETCH.AI team is developing the Intelligent blockchain for complex problems that require AI and machine learning, sharing the opinion that the future of AI and blockchain are tied together and should not be viewed in isolation.
The product of the company – intelligent blockchain, and high-performance next-generation smart contacts “that will enable the autonomy of things, with Universal Integration Protocol (UIP) for friction-free integration for siloed systems”. And the stability and integrity of the system will be maintained by the Open Economic Ledger, open decentralized environment.
In this ecosystem the Autonomous Economic Agents (AEAs) will decide on things in real time for us, humans, improving efficiency in various use-cases. For example, in one of the simulations, Diarmid Campbell from the team has proved the 30% increase of efficiency of AEAs in decision-making for charging electric vehicles on the road, compared to human decision making.
More importantly, the testnet is already available online, so the community members can judge on their own. Recently, the CEO and co-founder of Fetch.AI Human Sheikh has announced the public testnet release:
With the open source code community can explore the ecosystem, and provide the feedback so the team could ensure that the main net will be “what the community wants”. The mainnet is planned to be released by the end of 2019.