Fetch.ai integrates Chainlink price feeds for powering its digital economy
Fetch.ai, a Cambridge-based artificial intelligence lab building an open-access decentralized machine learning network for smart infrastructure, announced yesterday that it had successfully completed a mainnet integration of Chainlink, as per a release shared with CryptoSlate.
Fetch.ai is Chainlinked
As the most widely used decentralized oracle network, Chainlink’s Price Reference Data allows users to verify the price of assets on-chain while also enhancing security against price manipulation.
AI-focused blockchain @Fetch_ai is using #Chainlink’s decentralized gold and silver price feeds live on mainnet. Chainlink’s data will settle commodities derivatives contracts on the upcoming @Mettalex DEX built on the https://t.co/oq9Bud7ofW Network.
— Chainlink – Official Channel (@chainlink) October 8, 2020
Fetch.ai’s network is based around open-source technology and gives users access to the power of AI on a world-scale secure dataset to carry out complex coordination tasks in the modern economy.
The firm has built a decentralized network to create the infrastructure required for AI-driven autonomous software agents to perform useful economic work on behalf of individuals, businesses, and organizations.
Such an “agent-based system” creates an environment where digital representatives of the economy’s moving parts, such as data, hardware, services, people, and infrastructure, can carry out complex coordination tasks within the modern economy, said Fetch.ai.
The price reference data integration marks the first step in Fetch.ai’s adoption of Chainlink’s decentralized oracle network to connect Fetch.ai with valuable access to real-world economic, currency, and commodity price data.
Upcoming developments include the enhancement, development, and deployment of real-world applications within mobility, finance, logistics, and IoT ecosystems which rely on a decentralized oracle network to connect the physical world with the digital world.
Humayun Sheikh, CEO of Fetch.ai, said on the integration:
“By integrating Chainlink into the Fetch.ai network, we are taking the necessary steps needed to further couple real-world data with autonomous software.”
He added the development would additionally “speed up the adoption of Fetch.ai autonomous software agents and provide the necessary information for them to communicate with sophistication in real-life scenarios.”
How price feeds help the market
At inception, Chainlink’s Price Reference Data will be used to provide price insights into Gold: USD and Silver: USD on Mettalex, a decentralized crypto and commodities derivatives trading platform powered by Fetch.ai.
Chainlink’s trustless, reliable data feed for stock markets, cryptocurrencies, commodities, and gas prices will also permit adjacent markets to those currently in existence to surface.
“By referencing Chainlink’s price feeds on assets and commodities such as Gold and Silver we will be able to enhance the relationship between traders on Mettalex’s first of its kind commodities exchange,” explained Sheikh in a statement.
Decentralized price feeds are important in building a truly-accessible and verifiable financial system. The use of such feeds ensures the market does not misprice any single asset across all exchanges in case of an isolated buy/sell event that may cause temporarily mispricing (such as March’s Black Thursday event showed).
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