Binance, the world’s leading cryptocurrency exchange, is seeing the fruits of its highly-publicized initial exchange offering: Fetch.AI. The Binance ecosystem has built its Launchpad into a springboard for top tech talent, hosting the IEO for Fetch.AI in March. Now the Cambridge-based tech startup is partnering with German telecom giant Deutsche Telekom to build an advanced decentralized network for IoT devices.
Fetch.AI will work with Deutsche Telekom’s T-Labs to create an “economic internet of the future” run by autonomous agents that allow Internet of Things (IoT) devices to complete transactions without human intervention. The machine-to-machine economy aims to establish a high-performance network moving data and facilitating communications by allowing digital agents to represent themselves, devices, services or individuals.
According to the announcement, T-Labs and Fetch.AI are members of the Trusted IoT Alliance (TIoTA), along Bosch, Siemens and other high-profile engineering companies. TIoTA is a new open-source software foundation to support a trusted IoT ecosystem that is scalable and interoperable.
“T-Labs and Fetch.AI believe that autonomous economic agents, and an environment that connects them, are key foundation technologies in achieving this vision. They also recognize the importance of decentralized computing in providing scalable solutions to the network optimization and artificial intelligence that are needed to power such a system.”
Says senior vice president and head of T-Labs, John Calian,
“It’s really exciting to be able to actually get things done: put agents into things and see how collective knowledge and self-organizing systems can deliver value where no value existed before. Agent-based systems are a powerful concept for optimizing, and being optimized by, a modern data network and we’re greatly looking forward to continuing to build and deploy things that really make a difference now.”
Headquartered in Bonn, Germany, Deutsche Telekom is the leading telecom operator in Europe by revenue, generating $84.9 billion (75.9 billion euro) in 2018. It employs 216,000 people worldwide with reps in over 50 countries, and owns several telecom subsidiaries including T-Mobile, the third largest wireless provider in the US.
The collaboration marks Fetch.AI’s first move after its successful IEO on Binance Launchpad. The IEO, which concluded on March 2nd, secured $6 million in funding.