Fetch.AI vision of decentralized economy one step closer as Constant opens doors to Fetch (FET) tokens
CALIFORNIA — September 5th, 2019
“We don’t fix the old economy, we present an entirely new one,” states Fetch.AI, the team connecting things, data, and artificial intelligence into meaningful insight for societies and individuals.
It’s a bold statement. One that aligns with the goals of another platform using blockchain to disrupt traditional markets: Constant, a decentralized P2P lending platform that launched in May.
So far, Constant has brought bank-less lending to over 50 different crypto communities. And now Fetch (FET) — Fetch.AI’s native token — joins the peer-to-peer lending platform, granting holders low-cost loans as well as fueling transactions on the Fetch.AI network.
“Fetch has an epic vision for data,” said Duy Huynh, Constant’s CEO. “Think of all the devices we use. Imagine them communicating, sharing data, and self-optimizing, while everything is kept decentralized and secure. Think of the value it could create. Centralization is an economic bottleneck, which is why Constant and projects like Fetch.AI are so important.”
Constant has matched over $2M in loan volume so far. In July, it launched Constant Pro, a trading hub for more sophisticated investors that includes an open order book and real-time matching engine. All Constant loans are backed by cryptocurrency collateral, which is sold if the borrower defaults or the value falls below a certain threshold. As a result, there are no credit checks, and borrowers get their tokens back when they repay.
“Constant is truly peer-to-peer,” added Huynh. “The platform just connects two people willing to do business together, and at their own rates and terms. In the future, this kind of investment might happen automatically, on your behalf, perhaps as a result of technology like Fetch.AI. Who knows, but in the meantime, we’ve opened the door to FET holders and look forward to helping them do more with their tokens.”
Fetch.AI leverages multiple technologies including smart contracts, Internet-of-Things, and machine learning to create an alternative economy founded upon the autonomous sharing of information. Fetch.AI claims this will deliver efficiency, value, and insight across a diverse range of industries, including insurance, transport, and weather reporting.
As the Fetch.AI network grows, so too does the economic importance of FET tokens, which is why Constant is so useful: it helps holders unlocks liquidity from those tokens without having to liquidate.
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Headquartered in California, Constant is an alternative financial services platform designed to strip out the inefficiencies of the traditional banking industry and help people get more out of their money. Constant was founded by a team of scientists, economists, engineers, and designers, fully devoted to the mission of building simple, elegant financial tools for an increasingly interconnected world.
Fetch.AI is a world-changing project, a “decentralized digital world” where autonomous software agents act on the behalf of their owners, or themselves, to get useful economic work done. We are building technology for both today and tomorrow — a collective super-intelligence on top of a decentralized economic internet built with highly scalable next-generation distributed ledger technology. Combined with machine learning, this delivers the predictions and infrastructure to power the future economy.
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