ICO News

Fetch.AI sells out in seconds

The Fetch.AI ICO sold out in 10 seconds on the Binance Launchpad, becoming the second token sale to be facilitated by Binance Launchpad. Last month, Binance Launchpad facilitated BitTorrent ICO that sold out in less than 20 minutes.

Fetch.AI specializes in artificial intelligence and digital economics. Contributors could exchange Binance’s native token, BNB, for FET during the Monday sale session with each token going for 0.0867 USD with a maximum allocation of $3,000 per contributor during the sale. Binance sold 6% of the total supply for approximately $6 million. A total of 69,179,855 FET tokens were sold during that very short time with orders pledged by nearly 20,000 people. Out of these orders, 2,758 separate contributors bought FET tokens with orders processed by Binance in roughly 10 minutes.

During the BitTorrent sale, the platform suffered a system issue that delayed the sale time. Changpeng Zhao, CEO of Binance said the sale would have taken seconds to finish if there weren't any issues.

Fetch.AI has already delivered a decentralized platform for deploying Autonomous Economic Agents. Among its’ initial innovations are its’ Smart Ledger and its’ Virtual Machine with which developers can build Synergetic Smart Contracts. These contracts are extensions of the original concept of smart contracts but enable off-chain computation to be included in agreements involving multiple parties. Examples of use cases for these smart contracts include solving optimization problems in mobility, such as package delivery, ride-hailing, and autonomous car routing.

David Kariuki

David Kariuki likes to regard himself as a freelance tech journalist who has written and writes widely about a variety of tech issues that affect our society daily, including cryptocurrencies (see cryptomorrow.com and coinpedia.org); climate change (cleanleap.com), OpenSim and virtual reality (see hypergridbusiness.com). He is currently pursuing a MSc in Environmental Management at Open University. He does write here not to offer any investment advise but with the intention of informing audience, and articles in here are of his own opinion. Anyone willing to use any opinion here as advise to invest in crypto should obviously take own responsibility and accountability of their losses (or benefits) thereof. You can reach me at [email protected] or [email protected]

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