AI and machine learning network Fetch.ai will be working with IOTA, in order to connect Autonomous Economic Agents to IOTA network’s rich data sources.
As mentioned in a blog post by Fetch.ai, dated June 10, 2021, for the first time ever, this draws “a clear, substantial path” to addressing the data discoverability problem, and to “connect those that need information to those that have it — seamlessly, autonomously, and in real-time.”
As noted in the announcement, today’s world is “drowning” in data, however, most of it is “lost” because those who produce it do not actually share it, and those who require it don’t access it — usually because they “don’t know it’s there, and don’t know where to look for it. Furthermore, much data has a limited shelf-life,” the update from Fetch.ai explained.
It exists in its “most useful” form temporarily, which is why “rapid, instantaneous discovery is essential to avoid so much useful value being uselessly lost,” the Fetch.ai team noted while adding that without appropriate or relevant data being delivered in an effective manner, there’s no opportunity for machine-learning to “build further value.” And without the right data to be delivered in a timely manner, there are “no solid ways to achieve data monetization, nor the incentive to provide data.”
The release also mentioned that with Fetch.ai and IOTA’s collaboration, they plan to address these issues by offering a bridge between IOTA’s data streams tech and Fetch’s Autonomous Economic Agents (AEA).
As noted in the announcement, Fetch.ai and IOTA are opening up streams to the agent metaverse. Agents will now have the option to access and represent IOTA network streams, and “make it possible, even when you don’t know where to find the data that matters, to spontaneously catch it.”
As explained in the update, new monetization paths using agents “increase the benefits and incentives to publishing such data: they are benefiting agent developers in the Fetch.ai ecosystem, and they are benefiting data publishers on the IOTA network.”
The scope of this collaboration is “enormous,” the announcement revealed.
As mentioned in the update:
“Imagine arriving at a new city for your holiday and receiving up-to-date information on new restaurants, or parking spots. An agent can efficiently check and book restaurants and parking at the same time without you having to search and book them separately. Imagine you’re running late for your appointment and want to learn the next fastest connection by train? An agent can efficiently check the train schedules and book one for you without you lifting a finger.”
The update further noted:
“Imagine you have to travel during the pandemic, but you’re not sure about the current health situation of the country you’re visiting. Easy! Agents can tap into IOTA data streams and retrieve the latest real-time information for you.”
According to Fetch.ai, there are an “infinite” number of amazing use-cases that are possible through this collaboration, and you can “extend it practically to any industry, businesses, or to any social activity for that matter.”
Fetch.ai’s AEAs can “subscribe to different data streams being produced and published on IOTA and guide your decision making. In order to preserve data integrity, the chronicled data points are stored on the IOTA network,” the announcement noted.
As stated in the update, in the current World Wide Web, where just a few firms have monopolized the storage and control of user data, it’s challenging to develop a bridge connecting the data producers and data consumers.
As noted in the update:
“Fetch.ai and IOTA’s collaboration instead focuses on working towards making more and more data available while enforcing more privacy and giving you — the owner — more control of your data. We are going a step further and are giving the data producers the choice to either keep their data private or monetise it for them by setting up peer to peer paid data exchanges aimed at benefiting both parties.”
The announcement also mentioned:
“Mutual discoverability of data producers and data consumers, all visible in the sprawling Fetch.ai agent metaverse, would create infinite use-cases for businesses, institutions, industries, societies without relying on the centralised data silos. This collaboration would enable the FET token and the IOTA token to play a major role in the Web 3.0 ecosystem and enable users to become customers rather than the product as they are now.”
In the future, Fetch.ai’s “blockchain-agnostic” AEA will be running on many different blockchains, in order to offer automated services for a “more fair, more efficient and faster world.”
Fetch.ai provides automated agents that can publish and retrieve data on any blockchain or distributed ledger tech (DLT) network with a “high granularity, both semantic and geographic: for instance, read the transportation information in East Berlin, the latest evolution of the futures market, or real-time supply chain transactions.”
This data discovery feature is the ideal companion to IOTA data stream publishing: “one is great at publishing useful data, the other at finding it and making use of it.” In addition to publishing data, IOTA does so in “a highly scalable, high speed and feeless environment, which in turns increases the efficiency of Fetch’s agents and metaverse,” the update noted.
Agents are also able to interact with any blockchain or DLT network now that Mainnet 2.0 has been introduced and comes with a user-friendly and developer-friendly interface and ecosystem.
As noted in the update:
“Connecting Fetch.ai’s Autonomous Agents to IOTA’s streams will allow for high efficiency, high relevance, and low price valuable data and financial exchanges between the two networks. Refined automation, collective learning, AI in IoT, and real-time data fed dApps, are now right in front of us.”
For more technical details on this announcement, check here.