Earlier today, the Binance Launchpad will start the Fetch.AI (FET) token sale. They sold out in a matter of about 10 seconds according to CEO CZ.
It was over in a about 10 seconds. The queue was totally packed within seconds. The processing is just draining the queue slowly. Congrats to @fetch_ai !
— CZ Binance (@cz_binance) February 25, 2019
This is only the 2nd sale on the Binance Launchpad with the first being BitTorrent's BTT token. It sold out in less than 20 minutes due to a few technical issues. At the time CZ had commented that it would have taken seconds had everything gone smoothly. I guess they proved that right with their second launch.
About Fetch AI
Fetch.AI is an aggregation of artificial intelligence, machine learning, multi-agent systems and blockchain technology to create an economic internet. Essentially, this is a platform that has digital composites of data, hardware, services, infrastructure, and users working to find solutions to various challenges.
The Fetch.AI ecosystem uses a distinctive smart ledger technology to provide high-quality solutions at affordable costs. The ledger relies on a proof-of-work mechanism that leverages AI to build its knowledge over time.
Key Features Of Fetch.AI
- Digital infrastructure for the implementation of multi-agent systems
- A ledger with an effective scaling mechanism to allow high transaction volumes
- Synergetic computing – the smart contracts will leverage AI technology to ensure the system is fully autonomous
- An economic framework for regulating dynamic markets
- Problem-solving is aided by geographic, semantic and decision-based navigation
FET Token Sale And Economics
There will be two phases of the FET token sale, the public sale, and the private sale. FET is an ERC20 token based on the Ethereum blockchain. As mentioned earlier, it can only be exchanged for BNB tokens.
Token Sale Parameters
- Token Sale start: 25th February 2019
- Token sale end: 2nd March 2019 or upon attainment of the hard cap
- Token supply: 1,152,997,575 FET
- Public Token sale allocation: 69,204,152 FET
- Token price: 0.008584 BNB per unit (approximately $0.0867)
- Hard Cap: $600,000
- Minimum purchase amount: $20
- Maximum purchase amount $3,000
The tokens will be distributed 15 days after the end of the token sale.
The 1,152,997,575 FET will be distributed as outlined below:
- 6% – Launchpad token sale
- 10% – advisors
- 11.6% – private token sale
- 17.4% – future release
- 15% – mining rewards
- 20% – foundation
- 20% – team