peaq, the Web3 network powering the Economy of Things, unveils an integration with Fetch.ai, an innovative platform that powers peer-to-peer applications with automation and AI capabilities. With the integration, entrepreneurs and developers building on peaq can now build and deploy Fetch.ai’s Microagents to automate and optimize various business processes. Through peaq and its canary network krest, the integration between the two projects working closely together as part of the Gaia-X 4FM moveID consortium unlocks Fetch.ai’s advanced and versatile framework for the wider Polkadot and Kusama ecosystem.
With Open AI’s ChatGPT setting off an AI race between tech giants, artificial intelligence has stepped into the spotlight as one of the defining technologies of 2023. But while applications like ChatGPT are bound to the limitations of their Web interfaces, Fetch.ai leverages machine learning and blockchain to produce real-world outcomes. Its Microagents can work as artificially intelligent digital representatives of a specific device, user, or business, making data-driven decisions on their behalf. For example, a Microagent can find and book the optimal charging station for an electric vehicle owner in advance, without the driver having to lift a finger.
The integration brings Fetch.ai’s Microagents to peaq, enabling entrepreneurs and developers to leverage the framework to build AI-powered decentralized applications for the Economy of Things.
At the initial stage, the integration is live on peaq’s testnet. Once krest, peaq’s sister chain, goes live on Kusama in the coming weeks, the integration will be live there and available for the Kusama ecosystem. It will also be live on peaq’s mainnet on Polkadot once launched. peaq mainnet is currently at its crowdloan stage. peaq and krest are built on Substrate, which means they are designed to seamlessly connect to Polkadot and Kusama respectively, enabling secure cross-chain transfers, and access to an expanding support network.
Fetch.ai’s agents can power a vast array of use cases within the peaq ecosystem. For example, Microagents can connect drivers of any kind of vehicle with the optimal parking spot fit according to the driver’s criteria. With a Microagent also representing the parking spot, they can take care of the payment, using peaq as the settlement layer. Other use cases can include machine learning algorithms leveraging networks of edge devices, with token rewards for all participants, or selling data from connected sensors.
“We are thrilled to be bringing our AI and automation framework into the Polkadot and Kusama space with peaq,” says Maria Minaricova, Business Development Director at Fetch.ai. “peaq’s vision for a Web3 Economy of Things presents an opportunity to deploy artificial intelligence and decentralized automation to solve real world problems.”
“Democratizing abundance in the age of AI-powered automation is at the heart of peaq’s reason for existing in the first place,” says Leonard Dorlöchter, co-founder of peaq. “We expect AI to power more and more machines in the Economy of Things. With Fetch, we’re seeing the first example of the power of AI within the scope of the Economy of Things. Fetch is the go-to example right now of what’s possible at the intersection between Web3 and AI. This integration is a crucial step toward bringing AI-powered machines to the peaq ecosystem.”
Omar Elassar, Head of Ecosystem Growth & Business Development at Parity Technologies, a leading contributor to the Polkadot network, added, "peaq presents a fantastic example of a project implementing AI technology in a way that meaningfully improves our everyday lives. More than 75% of organizations plan to deploy AI by 2024, but projects like peaq are already moving the needle at the intersection of Web3, IoT, and AI, bringing a fresh dynamic to the Polkadot ecosystem."
The integration expands the existing collaboration between peaq and Fetch.ai within the framework of the Gaia-X 4FM moveID project. Led by Bosch, the project brings some of the leading industry names such as Continental, Airbus, and Denso together with an array of top Web3 projects. Its mission is to build a new decentralized digital infrastructure for the future of connected mobility.
