Fetch.ai backs Unicred with Strategic Partnership
The collaboration will entail deploying Unicred on Fetch.ai to scale its operations
Cambridge — Fetch.ai (https://fetch.ai/) a Cambridge-based artificial intelligence lab building an open-access decentralized machine learning network for smart infrastructure, announced today a partnership with Unicred, a DeFi and NFT Monetization Protocol.
Unicred’s core objective as a multi blockchain money market and NFT monetization protocol is to build DeFi solutions adhering to the principles of web 3.0. Unicred’s strengths also lie in its plans to integrate NFTs into lending. The huge popularity of NFT combined with the growing ecosystem of uncollateralized lending enable Unicred to utilize NFT-based blockchain identities as the foundation for its uncollateralized lending and attract users with less liquidity.
This strategic partnership will enable Unicred to utilize the scalability, interoperability and advanced cryptography afforded by fetch.ai’s autonomous economic agents.
Fetch.ai’s Autonomous Economic Agents can be natively integrated with Web 3.0 technologies for access to a financial settlement and commitment layer. The framework is Open Source and allows for extension to incorporate different blockchain and AI technologies.
Supported by Launchpool Labs incubator program, Unicred has its roadmap set out until mid-2023, when it’s expected to reach full functionality. As the first step towards making DeFi decisions that are more data oriented using Fetch.ai’s Autonomous Economic Agents, Unicred will deploy V1 of the stock Compound Fork on fetch.ai chain followed by deploying AI models focusing on better risk analysis and user centeredness later this year.
“Fetch.ai instantly resonated with Unicred’s vision of merging blockchain technology and artificial intelligence in the specific area of risk modelling and its technology capabilities enables us to build better solutions for the DeFi market”, said Rakesh Lavi, CEO of Unicred.
“Unicred is an amalgamation of DeFi and AI which we believe is the inevitable evolution, and our capabilities instantly enables Unicred to deploy sophisticated models while retaining the ethos of crypto”, said Humayun Sheikh, CEO and Founder of Fetch.ai
Unicred is an NFT monetization protocol and a money market protocol powered by data science, founded by a senior team with backgrounds at Goldman Sachs and Wells Fargo. As a DeFi instrument, it enables user-centric borrowing & lending against crypto to earn higher yields, by making the interest rate and LTV calculation dynamic. Top NFTs are used in collateralized borrowing against it, with NFTs remaining in the custody of the user.
Fetch.ai is delivering AI to the crypto economy. Autonomous Economic Agents, powered by artificial intelligence, can provide automation to decentralized systems that can serve the needs of a single user or aggregate millions of data points to provide timely and efficient information about the outside world. These agent-based systems provide greater flexibility, speed, and crypto-economic security than existing centralized solutions and represent the future of the industry. This technology enables the creation of personalized digital assistants that respond to a user’s needs to increase the efficiency, privacy, security, and convenience of their interactions with blockchain networks.
The Fetch.ai blockchain is an interchain protocol, based on the Cosmos-SDK, and uses a high-performance WASM-based smart contract language (Cosmwasm) to allow advanced cryptography and machine learning logic to be implemented on-chain. This also allows the Fetch.ai network to also serve as a layer-2 network for legacy blockchain networks and as an interchain bridge to the outside world.