Historical daily prices (in USD)

Token Summary

Interesting on-chain metrics that provide a rapid understanding of the state of Fetch

1. Overview

1.1 What is Fetch-ai Network

Fetch-ai Network is a Cambridge-based artificial intelligence lab building an open-access decentralized blockchain based framework with the principal goal of delivering a fully autonomous, agent-based digital economy. The Fetch-ai Network technology stack is built using principles derived from a branch of artificial intelligence known as multi-agent systems. This approach involves solving different problems from the bottom-up by creating individual autonomous software agents that perform actions in the world to accomplish their individual objectives. By combining the actions of multiple agents, it is possible to achieve outcomes that would not be possible with centralized architectures because the environments are too complex, are spatially distributed or involve multiple stakeholders. Blockchain technology involves the design of incentives to successfully coordinate the actions of multiple disinterested parties to achieve a common goal, and can already be seen as the world’s most successful implementation of multi-agent systems. Fetch-ai Network is working to generalize and extend the results from this established research field into new domains in finance, supply chain, mobility, smart cities and IoT applications.

1.2 Token Use Cases

The primary use cases of the FET token are listed below.

Ability to connect agents and nodes to the network: This is an access deposit token that acts as a form of stake to demonstrate the desire to behave appropriately. It modulates the ability for bad actors to flood the network with undesirable nodes or agents due to the escalating cost of doing so.
Value exchange between agents: The FET token is required in order to allow for two agents, regardless of where they are, to perform an exchange of value. The FET token is infinitely divisible, thereby supporting transactions that have very low monetary value, but in aggregate provide new and profound levels of insight.
Access to the digital world: FET tokens are needed to access, view, and interact with the decentralized digital world. This is a space optimized for digital entities: an abstract representation of the real world in many dimensions that allows machines to make sense of and work within. The FET token is needed to gain access to all aspects of this digital world for agents.
Ability to access and develop ledger-based AI/ML algorithms: The FET token enables development of and access to a broad range of machine learning and artificial intelligence tasks that are available on the ledger. These may be primitive services developed by Fetch-ai Network such as: trust and prediction models, or they may be large-scale independently developed services for network users.
For exchange into Fetch-ai Network’s operational fuel: operation costs in Fetch-ai Network are decoupled from the Fetch-ai Network token in a similar way to that of “gas” on the Ethereum network but with additional functionalities designed to increase the stability of such a fuel and look at addressing the issues associated with high and low-velocity economies. Fetch-ai Network’s operational fuel allows access to processor time for contract execution and services for agents.

1.3 Products, technical details, consensus mechanism

The Fetch-ai Network blockchain is an interchain protocol based on the Cosmos-SDK, and uses a high-performance WASM-based smart contract language called Cosmwasm to allow advanced cryptography and machine learning logic to be implemented on-chain. This layer is responsible for securing the network through consensus. It also provides staking, governance, and identity services that support digital twin applications. The Fetch-ai Network blockchain relies on a modified version of the Cosmos protocol’s Tendermint Proof-of-Stake (PoS) consensus mechanism to secure the network. And since the Fetch-ai Network blockchain is Cosmos-based, it can be interoperable with other blockchains in the Cosmos ecosystem via the inter-blockchain communication (IBC) protocol. In addition the Feth.ai technology stack further consists of: an agent framework, an open economic framework and an agent communication network.

The Autonomous agent framework is designed to allow for a decentralized digital economy to manifest where each individual and organization is represented by an autonomous economic entity with its own agency. Designed as an actor-like asynchronous message passing system, the framework allows for a high degree of modularity as components largely communicate via messages. Moreover, the framework can be bifurcated in two parts: the core, developed by Fetch-ai Network and external contributors and packages implementing agent-specific business logic. Figure one presents a simplified illustration of the AEA framework.

The Open Economic Framework (OEF) consists of protocols, languages and market mechanisms agents use to search and find each other, communicate with as well as trade with each other. As such the OEF defines the decentralized virtual environment that supplies and supports APIs for autonomous third-party software agents, also known as Autonomous Economic Agents (AEAs).

The agent communication network is a peer-to-peer communication network for agents. It allows AEAs to send and receive envelopes between each other. The implementation builds on the open-source libp2p library. A distributed hash table is used by all participating peers to maintain a mapping between agents' cryptographic addresses and their network addresses. Agents can receive messages from other agents if they are both connected to the ACN (see here for an example).

2. What is Fetch-ai Network?

2.1 Project overview

Fetch-ai Network is a Cambridge-based artificial intelligence lab building an open-access decentralized blockchain based framework with the principal goal of delivering a fully autonomous, agent-based digital economy. The Fetch-ai Network technology stack is built using principles derived from a branch of artificial intelligence known as multi-agent systems.

2.2 Project mission

Fetch-ai Network is working to generalize and extend the results from established research fields such as blockchain, artificial intelligence and multi agent systems into new domains in finance, supply chain, mobility, smart cities and IoT applications, by creating useful antifragile tools, decentralized apps, protocols and frameworks.

2.3 Project value proposition

By bringing data to life Fetch-ai Network solves one of the greatest problems in the data industry today: data can’t sell itself. With Fetch-ai Network, it can. Data is able to actively take advantage of any opportunity to exploit itself in any marketplace, in an environment that’s constantly reorganizing to make that task as easy as possible. Internet-of-things (IOT) devices inhabited by Fetch-ai Network autonomous agents can increase utilization by capitalizing on short-lived opportunities to sell information that they possess in existing, as well as novel, information services markets: an agent in a vehicle can provide weather and road conditions by simply relaying the activity of its windscreen wiper and washer. Through the deployment of agents in combination with machine learning technology, data and hardware can now get up on their own two feet, get out there and sell themselves entirely free of intermediaries or human intervention.

3.Token sales and economics

3.1 Token sales data

Fetch-ai Network leverages its own native cryptocurrency FET as a utility token and the primary medium of exchange on the platform. FET is used to pay for network transaction fees, deploy AI, and pay for services. Users can also choose to stake FET to participate in securing the network via its Proof-of-Stake consensus mechanism and earn rewards in return for contributing to validator nodes.

There is a fixed number of divisible tokens that are used on the Fetch-ai Network network as the digital currency for all transactions, as well as for network operations such as secure communications. Tokens can also constitute an access deposit for both nodes and agents wishing to perform certain operations (as a security mechanism to discourage malicious behavior). Token allocation has been divided amongst public sale, seed investors & private sale, founders & team, advisors, ecosystem, mining rewards, and issuer.

3.2 Token Distribution

The total number of tokens generated is intended to be 1,152,997,5753. No further tokens will be created, but native Fetch-ai Network tokens can be subdivided indefinitely

4. Token Overview & Use Cases

Fetch.ai leverages its own native cryptocurrency FET as a utility token and the primary medium of exchange on the platform. FET is used to pay for network transaction fees, deploy AI, and pay for services. Users can also choose to stake FET to participate in securing the network via its Proof-of-Stake consensus mechanism and earn rewards in return for contributing to validator nodes.

There is a maximum supply of approximately one billion FET, which exists both in its native form as an ERC-20 token that can be used throughout the Ethereum ecosystem, and as a BEP-20 Token that can be used throughout the Binance Smart Chain Network. FET can be easily exchanged through a token bridge at a 1:1 ratio for either the Fetch.ai blockchain mainnet or ERC-20 version as needed. Staking on the Fetch.ai mainnet can earn users high rewards with significantly lower transaction fees for users.

There are a range of use-cases which Fetch-ai Network’s multi-agent systems can tap into and create a decentralized digital economy. From service sectors like Travel or Gig-economy to sectors relying on automation and machine learning like Mobility or Supply chain management, Multi-Agent systems can decentralize access to data and disrupt existing data monopolies.

Starfleit: Starfleit is a decentralized exchange (DEX) where transactions occur directly between crypto traders without needing a centralized market maker but instead using an Automated Market Maker (AMM) developed using Cosmwasm smart contracts. The assets available to swap range from native Fetch-ai Network assets, CW-20 assets, IBC transferable assets, and even assets from other chains outside the Cosmos ecosystem, via the Axelar bridge.

Atomix: Atomix enables stablecoin holders to supply liquidity and receive a yearly yield composed of protocol-generated returns and ATMX rewards. That yield is highly competitive compared to returns delivered by decentralized finance (DeFi) and traditional alternatives.

MOBIX: MOBIX (MOBX), is a Move 2 Earn, decentralized micro-mobility marketplace that incentivizes sustainable urban mobility.

Mettalex: A decentralized crypto and commodities derivatives trading platform, Mettalex is addressing pain points in commodities markets like front running, poor liquidity, price manipulation and loss of value in the form of margin calls.

Resonate.social: Resonate (RESO), decentralized social network for Web3 that enables users for the very first time to have a personal AI-powered, trusted social experience that is automatically sanitized from malicious, untrustworthy sources and actors. Built on the Fetch-ai Network blockchain, Resonate.social empowers users to deploy personalized AI proxies to accomplish any Web3 social economic activity on their behalf within and without the network.

Collective Learning:

The Fetch-ai collective learning module is a tool that enables distributed parties to work together to train machine learning models without sharing underlying data with any of the individual participants. Utilizing blockchain technology and AI learning capabilities, it supports and trains its network to learn from private data without having access to it.

AXIM: Axim allows businesses to safely and securely connect data silos, improve their understanding via machine learning models and gain valuable insights to help optimize their business functions, without compromising any of their data privacy.

DabbaFlow: DabbaFlow, empowers individuals and companies to take more control over their data and turn them into real business outcomes, while keeping their data private and secure. It is the first of its kind end-to-end encrypted file-sharing platform and is the first step on Fetch-ai Network’s mission to bring AI fully to Web3.

OpenColearn: Open CoLearn is a platform to give distributed app developers (Web 3.0) the tools to use AI securely while safeguarding consumers' data privacy and ownership. It bridges the gap between consumers who generate a low volume of data and care about privacy and data ownership and developers who want to provide AI predictions or monetize that data in a distributed way.

Notable use-cases for Collective Learning

COVID-19 detection : Multiple participants from the healthcare sector trained a machine learning algorithm using Fetch-ai’s Collective Learning to detect COVID-19 in chest x-rays. During these trials, the trained AI model correctly identified COVID-19 cases from a training set of over 1,434 chest X-ray images with 90% accuracy.
Cancer cell detection: In partnership with Poznan Supercomputing Networking Center (PSNC) on Collective Learning, Fetch-ai and PSNC will train algorithms for hospitals and research centers worldwide to identify and detect circulating cancer cells in patients’ blood or tissue biopsies in the future.
Bosch and Fetch-ai - Predictive Maintenance: Predictive maintenance is a process that identifies potential failures of machinery before they happen.To identify potential failures of manufacturing machinery, Bosch is utilizing Fetch-ai’s Collective Learning to predict potential failures in Bosch’s machinery while maintaining data privacy.
Colearn pAInt: This is an art creation platform that allows groups of creators to automatically generate NFTs using Machine Learning. Each piece is one of a kind and sold via auction on OpenSea. \

4.1 DeFi

Botswap.fi: This is an automated DeFi Liquidity Management App where users can manage and protect their crypto assets across multiple different chains such as Ethereum (ETH) and Binance Smart Chain (BSC) on Uniswap and PancakeSwap and automate the process of swapping coins, managing liquidity pools, and more by using the Fetch-ai Network AEAs. Just create an agent, a trigger, choose the pairs in your portfolio you want to protect against rug pulls and that’s all, your agent does the work for you through day and night.

4.2 Mobility

Deep Parking: The smart parking application of the future. This prototype was demonstrated at the world’s largest automotive conference in Munich, Germany. Tested on a Tesla, Jaguar, and BMW, along with partners - Bosch, Ocean Protocol and Datarella, Deep Parking is an application built upon AI and blockchain technology that finds parking spaces for automobile drivers that were previously unused. Rather than driving into a parking lot hoping to find a space, a Fetch-ai Network digital twin representing your car will search and autonomously communicate with all the local parking spot digital twins to find the nearest available space to your destination and book it for you, before directing you to it. The digital twins negotiate and agree the terms for the parking booking. Once the user has left the parking space, the payment transactions are sent automatically.

DDN (Decentralized Delivery Network): Forget Uber, Lyft, Deliveroo and any other centralized service providers you know of. That’s what DDN or decentralized delivery network is about - where you can interact with a service provider, negotiate your price and travel/have items delivered and have this done autonomously on your behalf. The advantages are plenty - you return value to local economies, you have unparalleled level of privacy and everything is decentralized - which means you keep control of your data

4.3 Travel

The FET powered Travel marketplace delivers an alternative method by which bookings can be taken: one where the customer and hotels deal with each other directly and as a result offer significant cost savings for both hotels and consumers. It aims to provide an unparalleled level of privacy for all its users by moving the private data away from centralized entities by keeping it safe in each user’s smartphone and a personalized booking experience.

4.4 Supply Chain

The partnership between Fetch-ai Network and LiquidChefs aims to utilize Fetch-ai Network’s Autonomous Economic Agents integrated with its Search and Discovery Framework to build local and transparent supply chains, allowing LiquidChefs to search and connect with any sustainable supplier in its immediate vicinity. By digitizing and automating the LiquidChefs supply chain, Fetch-ai Network infrastructure will create a decentralized supply chain marketplace. This marketplace connects buyers and suppliers agents, in real time, to support dynamic, scalable, multi-agent supply chains.

This will allow individuals, organizations and assets to be represented as autonomous agents which work autonomously based on the users’ needs and preferences, such as finding local and sustainable suppliers. The decentralized supply chain marketplace was showcased at the Davos World Economic Forum in 2022.

5. Roadmap & Updates

5.1 Completed Milestones

Completion Date	Milestone	Commentary
2020: Q3	Launch of Atomix	Medium Announcement
2021: Q1	First stable release of the Agent (AEA) framework v1.0 released	Link
2021: Q1	Fetch-ai Network Mainnet v2.0 launched	Link
2021: Q2	FET listed on Coinbase	Link
2021: Q2	DeFi Agents (recently renamed to BotSwap) released	Link
2021: Q2	Multi-modal transport demo at IAA	Medium Announcement
2021: Q4	App demo for ethical and sustainable supply chains showcased at WEF Davos 2022	Medium Announcement
2021: Q4	FET listed on Bitstamp	Link
2021: Q4	FET listed on Gemini	Tweet
2022: Q1	$150M Development fund launched	Link
2022: Q1	Resonate.social launched	Link
2022: Q1	FET listed on etoro	Link
2022: Q1	FET listed on Voyager	Link
2022: Q1	Fetch-ai Network joins IBC and FET/OSMO listed on Osmosis DEX	Link
2022: Q2	FET listed on Kraken, Bitpanda,	Link
2022: Q2	DabbaFlow (CoLearn) launched	Link
2022: Q3	Native FET token listed on Binance US	Tweet
2022: Q3	40000 new users onboarded to Fetch-ai Network	Link

5.2 Current Roadmap

2022 Q3-Q4

Fetch-ai Network
- Maintenance upgrade of the Fetch-ai Network for any security patches from the upstream Cosmos SDK releases
- Eridanus release which will bring support for Group Module, BLS signatures, and cross chain composability using interchain accounts. This will also include patches from the upstream Cosmos SDK releases
External Protocol Integrations
- Integrate with the Axelar bridge to support bi-directional transfer of Axelar supported EVM assets (including popular stablecoins) between the EVM ecosystem and the Fetch Ecosystem
- Integrate with the SubQuery Indexer protocol to bring fast querying capabilities to the other Fetch-ai Network products such as the Fetch Wallet, and the Fetch Explorer. Additionally, make it available for the Fetch-ai Network Ecosystem projects by providing a Fetch-ai Network hosted indexing service.
Products and Tools
- Fetch Wallet features
  - Integrating wallet to wallet messaging and notification service, including group messaging and group notification support
  - Swap support with integration of the Fetch-ai Network Ecosystem DEX - Starfleit
  - Other Features (non-exhaustive list)
- Fetch Station Explorer Features
  - Improved UI/UX for general areas such as accounts and governance proposal
  - Ability to query and interact with contracts
  - NFT support
- AEA - Autonomous Economic Agent framework and ACN - Agent Communication Network
  - Increasing community engagement to gather feedback for future feature development
  - Release improved documentation and education content on AEAs
  - Initial set of Agent component examples and crowdsourced examples for the AEA registry
- Jenesis shell tool
  - Initial beta release of Jenesis shell tool to provide scaffolding for bootstrapping DApp development on the Fetch-ai Network
Ecosystem and Community (non-exhaustive list)
- Launch Fetch Improvement Proposal (FIP) process
- Launch of Fetch’s Digital Twin platform applications
- Launch of Atomix Real-World Asset (RWA) lending protocol on the Testnet
  - Launch of RWA backed stable coin on the Testnet
- Launch of Fetch-ai Network ecosystem DEX - Starfleit
- Launch of GetMySlice GDPR compliant data sharing service

2023 Q1-Q2

Fetch-ai Network
- Formax release supporting Cosmos SDK Lambda upgrade (v9)
- Gemini release supporting Cosmos SDK Epilson upgrade (v10)
External Protocol Integrations
- Add support for generic message passing from the Axelar bridge to support cross chain and cross ecosystem composability
- Support upstream changes for the Axelar Bridge integration
- Support upstream changes for the SubQuery Indexer integration
Products and Tools
- Fetch Wallet features
  - Native mobile wallet
  - Bi-directional Open Banking integration
  - Support for EVM chains
  - Swap support for EVM assets using the Axelar Bridge
  - Off-chain decentralized peer-to-peer communication support
  - Wallet based analytics
- Fetch Station Explorer Features
  - Launch of the Fetch Name Service
- AEA - Autonomous Economic Agent framework and ACN - Agent Communication Network
  - Improved AEA registry
  - Improved Agent graphical UI
- Jenesis shell tool
  - Add contract IDE and testing capabilities
Ecosystem and Community (non-exhaustive list)
- Launch of Atomix Real-World Asset (RWA) lending protocol on the Mainnet
- Launch of RWA backed stable coin on the Mainnet

5.3 Commercial and Business Development Progress

Bosch
- Bosch is working with Fetch-ai Network as part of the launch of a fully functional blockchain network (v2.0 main-net), testing key features on the test-net. Sharing a common vision, the strategic advance engineering project “Economy of Things” (EoT) at Bosch Research and Fetch-ai Network aim to transform existing digital ecosystems using distributed ledger technologies (DLT) like blockchain.
Catena X
- Catena-X is the first integrated, collaborative, open data ecosystem for the automotive industry of the future.
- Together with other partners, Fetch-ai Network is supporting the Catena-X group in building a digital ecosystem that provides equal collaboration of all the stakeholders by setting up new standards in the automotive value chain along with building greater manufacturing and supply chain efficiency.
moveID
- moveID is part of the Gaia-X 4 Future Mobility project family consisting of five consortia and aims to develop a decentralized digital identity infrastructure for mobility in Europe
- Together with partners within moveID, Over the next three years, the GAIA-X 4 moveID project is set to develop the necessary standards and technological concepts to enable the secure exchange of information between providers of mobility applications and their customers. The goal is to create decentralized digital vehicle identities. This is an important prerequisite for the mass use of electric vehicles, automated driving, and the establishment of connected cities. GAIA-X 4 moveID is supported to the tune of 14 million euros by the German Federal Ministry for Economic Affairs and Climate Action – covering half of the project costs.
IOTA
- IOTA is an open-source distributed ledger and cryptocurrency designed for the Internet of things.
- Fetch-ai Network and IOTA’s collaboration enables granular control over data and to reduce the reliance on centralized systems that take advantage of data.
LiquidChefs
- LiquidChefs specialise in the supply of portable bar hire, events bars and mobile cocktails bars, as well as, slick and stylish bartenders and baristas for any private or corporate event
- This partnership paves the way for increased transparency within supply chains using autonomous economic agents and was showcased at WEF Davos 2022
IAA Mobility 2021
- The IAA (Passenger Cars) event & brand is known as Germany's leading international automotive trade fair.
- Fetch-ai Network along with its partners — Bosch, Datarella, and Ocean Protocol showcased our exciting collaboration demonstrating the technology involved in Deep Parking. Deep Parking is an application built upon AI and blockchain technology that finds parking spaces for automobile drivers that were previously unused.

6. Team Overview

Humayun Sheikh

Founder and CEO

Entrepreneur, Investor and Visionary | Founding Investor in DeepMind | Founder, CEO of uVue and itzMe | Passionate about Future of Distributed Economy | Key Focus on AI, Machine Learning, Blockchain and Token-based economies

Jonathan Ward

CTO

Senior Algorithm Engineer at DNA Electronics, Research Scientist at EMBL, Led development of novel minimal agency consensus protocol that solves node-as-intermediaries problem and makes blockchain viable for financial applications.

Kamal Ved

CPO - Fetch-ai Network

Venture Partner at Lunar Ventures, Executive director at brainbot technologies AG, Independent Technology and Business Strategy Consultant at Bosch.

Devon Bleibtrey

CPO - Fetch-ai app

Director of Technology at ESG Automotive USA, Director of Product development at Auklet, Co-Funder at Push Display. Advocate of effective team communication and collaboration.

7. Community

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February 17, 2025

The Dawn of DeFi: The Hidden War for a Decentralized Future

👉 DON'T FADE THIS ARTICLE~ Crypto Michael AKA "The Dinarian"

The below article is NOT financial advice, it is being broadcast for entertainment purposes only. You should DO YOUR OWN RESEARCH and NEVER invest any more than you are willing to lose. On that note, THIS ARTICLE AND THE UNDERLYING ASSET DISCUSSED COULD CHANGE YOUR LIFE FOR THE BETTER FOREVER! You SHOULD pay close attention as this MAY BE THE MOST IMPORTANT article you could ever have read, unless you were fortunate enough to read the Bitcoin whitepaper and had invested in it back in 2008. The asset I am about to present to you, COULD EASILY FLIP BITCOIN! ESPECIALLY WITH TODAYS ADMINISTRATION IN PLACE!
~ Namasté 🙏 Crypto Michael AKA "The Dinarian"

Attempted Theft of the World's Most Valuable Property, SEC Lawfare & The ETHgate Scandal

It is widely accepted that the media often spreads misinformation and hides any truth that challenge the establishments narratives. Well, this is one of those hidden truths...

Loans without Banks, Trades without Exchanges, Contracts without Lawyers. Peer to Peer Capital Markets disrupts traditional finance by removing middlemen and counter-party risk, enabling you to become your own bank by holding the keys to it all in your own privately held digital wallet.

To what lengths do you think the establishment would go to defend their control of the financial system? A system seemingly ripe with market manipulation, naked shorts, money laundering and regulatory capture.

The Myth of Open Source

For context, in the realm of open source, major corporations can engage in Intellectual Property theft by using open source projects to gain insights, technology, or legal protections without fully reciprocating to the community. Companies might contribute code to an open source project, only to later use that same code in commercial products, extending it with enhancements, essentially using open source as a low-cost R&D resource. Patents are crucial here, serving as a defense mechanism. Although open-source licenses cover copyrights, they don't extend to patents, meaning that companies holding patents can enforce legal protections against unauthorized commercial use, ensuring that any commercial application of their patented technology within open-source software requires proper licensing or recognition. This protection has historically led to the hyper-growth of industries like mobile phones and the internet, where patented technologies could be safely shared and built upon, promoting innovation and market expansion.

Validating Inventorship

In fields such as technology, pharmaceuticals, and manufacturing, patents are vital for safeguarding new inventions, with Nikola Tesla's extensive patent portfolio serving as a testament to his contributions to science.

However, Tesla's revolutionary inventions, like the Wardenclyffe Tower which aimed at providing free wireless energy, faced fierce opposition due to their potential to disrupt established control over energy markets. Financially sabotaged by investors like J.P. Morgan, legally challenged through "the war of currents" by Thomas Edison's promotion of the less efficient Direct Current system, and undermined by media smear campaigns, Tesla's work was systematically suppressed. After his death, the FBI's seizure of his documents further suggests efforts to control or conceal his ideas that could disrupt centralized energy distribution, illustrating how innovation can be stifled to maintain existing power structures.

Could this type of suppression still be happening today?

The Genesis of Decentralized Finance

Reggie Middleton first introduced Distributed Finance what would later become known as Decentralized Finance (DeFi), in 2013 when he invented and patented technologies under the title "Devices, systems, and methods for facilitating low trust and zero trust value transfers." This included groundbreaking concepts like programmable Smart Contracts, Swaps, Tokenized Assets, NFTs, Stable Coins, Digital Wallets, and even underpin Central Bank Digital Currencies (CBDCs).

https://patents.google.com/patent/US11196566B2/en?oq=US11196566+

Called by many as "The Most Valuable Property in the World", his patents US11196566B2, US11895246B2, JP6813477B2, JP7204231B2, JP7533974B2, & JP7533983B2 have been cited over 138 times by major financial institutions, underscoring their foundational role in the blockchain industry.

His patents cover:

Trustless Peer-to-Peer Value Transfers: Systems for enabling decentralized and secure value transfers between parties without the need for intermediaries. Applicable to cryptocurrency transactions, DeFi platforms, and digital payment systems.
Decentralized Financial Systems (DeFi): Methods and devices that facilitate decentralized trading, lending, borrowing, and yield generation. Impacting decentralized exchanges (DEXs) like Uniswap, SushiSwap, and similar platforms.
Smart Contracts: Implementation of self-executing contracts on blockchain networks, used to automate agreements and enforce conditions without intermediaries. Essential for platforms such as Ethereum, Cardano, and other Layer-1 and Layer-2 blockchain protocols.
Tokenized Asset Trading: Methods for creating, transferring, and trading tokenized assets, including cryptocurrencies, non-fungible tokens (NFTs), and digital securities. Platforms like OpenSea, Rarible, and asset tokenization platforms may fall within the scope.
Cryptographic Security and Wallet Systems: Systems for securing digital assets using cryptographic methods, including cold storage, multi-signature wallets, and multi-party computation (MPC). Potential overlaps with services offered by companies like Coinbase, Kraken, Gemini, and institutional custody providers.
Decentralized Identity and Verification Systems: Technologies for managing and verifying digital identities on decentralized networks, including for KYC (Know Your Customer) purposes. Likely touching on identity solutions like Civic, BrightID, and Blockstack.
Blockchain-Based Voting and Governance: Systems for implementing decentralized voting, governance, and consensus mechanisms, foundational to DAO (Decentralized Autonomous Organizations). Relevant to governance platforms like Aragon, Snapshot, and MakerDAO.
AI Economic Agentic Computing: First introduced by the VeADIR Platform refers to the application of autonomous agents in economic systems, where software entities can make decisions, negotiate, and execute transactions independently. These agents use artificial intelligence to analyze market data, predict trends, and optimize economic activities like trading, resource allocation, and supply chain management. Used by OpenAi, Claude Sonnet, Meta and xAI.

The societal value of these patents to disrupt traditional financial models and fintech business practises, by essentially removing the banks as middlemen, create significant economic incentives to suppress his work.

True Decentralization

Current Decentralized Exchanges (DEXs) often fall short of being truly decentralized due to various practical and structural limitations. Although DEXs leverage blockchain technology and smart contracts to enable trading without a central authority, aspects like governance, liquidity, and user interface can introduce centralization. Governance tokens might be concentrated in the hands of a few, influencing decision-making unevenly. The frontend, controlled by developers, represents a centralized point of control or potential failure. Liquidity pools can be dominated by a handful of large providers, leading to centralized liquidity dynamics. Some DEXs implement regulatory compliance like KYC/AML, which inherently involves centralized oversight. The use of layer-2 solutions for scalability might also undermine decentralization if not fully autonomous.

However, patents like US11196566B2 and US11895246B2 could pave the way for true decentralization by introducing innovations in blockchain interoperability and decentralized governance mechanisms. These patents potentially offer solutions for more evenly distributed control over exchange operations, enhancing the autonomy and distribution of decision-making, thus moving closer to genuine decentralization in the DEX ecosystem, which can be expanded to other industries like Healthcare, Supply Chain, or any other industry that trades value.

Who is Reggie Middleton?

Reggie Middleton, through his BoomBustBlog, became a notable figure in financial analysis, particularly for his early and accurate predictions regarding the collapses of Lehman Brothers and Bear Stearns during the 2008 financial crisis. His blog was renowned for providing in-depth, contrarian insights into economic trends, investment opportunities, and corporate vulnerabilities. Reggie won the CNBC's stock draft consecutively for two years, and appeared on major financial news networks like CNBC, BBC and Bloomberg where he discussed market trends, his forecasts, and the implications of financial strategies adopted by major firms. His track record has undeniably positioned him as a significant voice in the financial commentary space.

Reggie's work gained public attention when he appeared on the Keiser Report and CNBC in 2014, premiering his innovations built on the Bitcoin blockchain called "Ultracoin", two years before Ethereum captured the crypto limelight.

His vision was to create sound markets for a financial ecosystem where loans could be issued without banks, trades executed without exchanges, and contracts enforced without lawyers, aiming to disintermediate traditional finance by removing the middleman that doesn't add value.

In 2014, Reggie pioneered a simple Apple trade using a Pure Bitcoin Wallet: The Ultracoin Client.

Ultracoin later renamed VERI short for “Veritaseum” meaning "of truth", was the

first to market in tokenizing precious metals, offering VeGold, VeSilver and even tokenized fiat currencies or so called "Stablecoins". Veritaseum also introduced VeRent creating yield through P2P lending, and the revolutionary VeADIR platform, an autonomous, blockchain-powered research platform that independently evaluates and acts on dynamic research in real-time, communicates in machine language, and operates by purchasing, analyzing, and distributing insights on various assets while allowing VERI token holders to access and trade this research.

In 2018 he created the worlds first Gold Denominated Blockchain Mortgage

with traditional written note, mortgage as well as a smart contract on a public blockchain, both of whom incorporate each other by reference. The transaction had traditional title insurance and the note was recorded with the county clerk. The mortgage was denominated in Veritaseum's VeGold product, a digital form of gold in bearer form, fully transferable and redeemable upon demand.

Merely a few examples of groundbreaking products offered by Veritaseum.

Coinbase's Challenge: The Patent Infringement Suit

Coinbase, a dominant force in the cryptocurrency exchange market, enlisted the services of Perkins Coie, one of the largest patent law firms, to contest the validity of Reggie Middleton's patents.

They launched an Inter Partes Review (IPR) at the Patent Trials and Appeals Board (PTAB), arguing that Middleton's patents lacked novelty. An overwhelming 85% of patents are invalidated through this process. However, Coinbase's challenge was denied along with the appeal, thereby upholding and strengthening the validity of Reggie's patents.

This IPR challenge came after Veritaseum sued both Coinbase and Circle USDC for $350 million each over patent infringement. Unfortunately, Reggie's patent attorney and close friend passed away during this suit, so the cases has been dismissed without prejudice, meaning they can be negotiated or the cases reopened at any time. This leaves Coinbase in a precarious position, especially if shareholders have not been properly informed of this risk.

This lawsuit details how Coinbase's infrastructure, specifically its Ethereum and Solana validator nodes, engage with client devices to facilitate transactions. Exhibit #3 meticulously outlines the patent's claims, detailing the roles of computing devices, the use of memory for key pair storage, network interfaces for transaction terms, and the generation and dissemination of transaction data records. It provides concrete examples such as the processing of NFT transactions on Ethereum and the management of transaction fees on Solana, supported by in-depth references to code and API interactions. Furthermore, the exhibit explains the verification of transactions through an external state, illustrating how Coinbase's technology aligns with the patent's principles for decentralized transaction processing without a central authority.

SEC's Intervention: A Turning Point

In 2019, with promising negotiations on the horizon with both the Jamaican and the Nigerian Stock Exchanges for digital asset platforms, Reggie's world was turned upside down.

The SEC accused Reggie of fraud, alleging he misled investors about the functionality of Veritaseum's VeADIR platform, which the SEC ordered to be shut down following a live demonstration. The SEC also made claims on the validity of Reggie's patent applications, which have since been approved by both the USPTO and the Japan Patent Office. Oddly enough, the SEC may actually infringe on these very patents through the disgorgement and storage of seized crypto tokens.

Despite Veritaseum's cooperation with the SEC over a two-year period, along with a detailed response addressing the SEC's allegations, and not one token holder claiming to be defrauded, these allegations still led to a Temporary Restraining Order (TRO) that froze millions in assets, destroying the company's operations, and forcing a consent judgment "neither confirming or denying the allegations". The SEC would top it all off with a gag order that barred Reggie from publicly discussing the matter.

Keep in mind, the SEC is claiming jurisdiction by calling Utility Tokens "Digital Asset Securities" but recently SEC Commissioner @HesterPeirce stated:

"...by using imprecise language we've been able to suggest the token itself is a security, apart from that investment contract, which has implications for Secondary Sales, it has implications for who can list it...

We've fallen down on our duty as a regulator not to be precise. So, tucking into a footnote that yes we admit that now that the TOKEN ITSELF IS NOT A SECURITY, that is something we should have admitted long ago and then started wrestling with the difficult questions."

This calls into question if the SEC even had jurisdiction to bring forth this case to begin with. The Veri Community would later challenge the SEC's unproven allegations against Reggie with

a Dossier supporting the Vacating or Setting Aside of this case, and suggesting possible misconduct by the SEC.

Allegations of SEC Misconduct:

Misrepresentation of Facts: Assertions that the SEC deliberately mischaracterized the
functionality of the VeADIR platform, along with the patents and their value, by labeling them as lacking novelty and part of fraudulent activities.
Misleading Evidence: The SEC's use of declarations from Patrick Doody and Roseann Daniello, which contained misleading information about the personal ownership of a Kraken account used to misappropriate funds. Doody would later correct his statement, but the SEC did not update the court with this new information, potentially misleading the judicial process.
Conflict of Interest: Doody's undisclosed financial interests in the digital asset space through Lily Pad Capital LLC could suggest a bias in his testimony, which was pivotal in obtaining the TRO.
Coercion and Intimidation: Witnesses like Lloyd Cupp and John Doe provided affidavits claiming coercion by SEC attorneys to alter their testimonies, pointing towards witness tampering and intimidation.

FOIA Responses: The SEC's FOIA department initially denied any communications with Kraken, only later admitting to subpoena issuance, suggesting an attempt to obscure facts.
RICO Allegations: A 95 page RICO Dossier, supported by extensive evidence, alleges that the SEC's actions could resemble an organized crime syndicate, with systemic coercion, misrepresentation, and procedural misconduct aimed at Reggie Middleton.
Bar Complaint: The Veri community lodged a Bar Complaint against the SEC's Lead Attorney
over the use of misleading evidence, coercion and intimidation of witnesses.

Summary Articles of the B ar Complaint and RICO Dossier

Comparisons with the SEC Misconduct in the DEBT Box Case

The DEBT Box case shares a troubling parallel with the Veritaseum case. In both cases a Temporary Restraining Order (TRO) freezing funds was issued using dubious evidence which suppressed the ability to defend themselves. This behavior was already admonished by five US Senators

in a letter to Commissioner Gary Gensler in which the SEC presented misleading claims in this now high-profile cryptocurrency case.

"Regardless of whether Commission staff deliberately misrepresented evidence or unknowingly presented false information, this case suggests other enforcement cases brought by the Commission may be deserving of scrutiny. It is difficult to maintain confidence that other cases are not predicated upon dubious evidence, obfuscations, or outright misrepresentations."

Given the similarities in alleged procedural misconduct between the cases, it raises systemic questions about the SEC’s litigation approach in cryptocurrency matters.

This parallel underscores a potential agency-wide issue that could involve either implicit biases against crypto companies or an explicit strategy to pursue aggressive, potentially misleading tactics in court.

Is The Fox Guarding the Hen House?

In a significant development, the Attorney Grievance Committee (AGC) has decided to forward a complaint against SEC attorney Jorge Tenreiro to the SEC's Office of General Counsel (OGC) for investigation. This controversial move suggests a potential conflict of interest, given that the OGC is part of the SEC, the very agency where Tenreiro was recently promoted to Chief Litigation Counsel. The complaint, filed by the Veri community, accuses Tenreiro of misconduct including alleged coercion, witness tampering, and misrepresentation during SEC investigations. The Veri Community argues that this decision undermines the integrity of the legal process, as the OGC's role is to provide legal advice and defend the SEC, not to independently investigate its own employees. This raises questions about the impartiality and transparency of the disciplinary process for attorneys, especially when it involves high-profile figures like Tenreiro.

"As noted in re Rowe, 80 N.Y.2d 336 (1992), the public’s confidence in the legal profession depends on transparent and impartial disciplinary processes. Delegating oversight to the SEC, where Mr. Tenreiro remains a senior official and where the OGC has a clear institutional stake, jeopardizes this confidence and risks the appearance of protectionism.”

The VeriDAO has submitted a response letter to the AGC along with creating a PDF generator
to help the estimated 100 complainants and anyone else interested in requesting the AGC to reconsider this action.

Legal and Judicial Trials

The legal battles would only continue for Reggie. The case of Hall v. Middleton, in which Hall, a 1% shareholder sued Reggie, raises concerns of judicial bias and procedural mishandling. In this case, Reggie was denied Due Process and barred from presenting crucial evidence or calling witnesses due to his former attorneys' "Office Failures" that missed deadlines to submit evidence without the knowledge of Reggie or the firm Brundidge & Stanger that outsourced his counsel as detailed in their affirmations.

"In my many years of practice it is a rare instance where I have witnessed an attorney intentionally not file critical documents as required by Court Order without the permission or knowledge of his client, who had an established and fully developed attorney client-relationship with said attorney, and then misrepresent that the requirements of the Court Order were being satisfied. This is one of those instances and I hope not to see another."
~ Carl Brundidge

The judge ruled that Reggie must:

Pay a $1M fine to his company Veritaseum Inc., in which he owns 99%
The plaintiff was awarded costs of $495k against Veritaseum Inc.
The Judge ordered Patents (filed before the creation of Veritaseum Inc.) to be assigned to the company without compensation.

Attorney's "Office Failures":

Sheridan England missed critical deadlines, resulting in the striking of exculpatory evidence. England’s inaction or inadequate defense exacerbated Middleton’s legal vulnerability, directly leading to adverse outcomes.

Judge Schecter’s Conduct:

Ignoring Exculpatory Evidence: Despite knowledge of its existence, Schecter struck Middleton’s post-trial memorandum.
Procedural Bias: The judge’s decisions systematically favored Hall, including allowing him to collect attorney fees from Middleton personally, contrary to the principles of derivative law.
Forced Patent Transfers: Schecter’s order to transfer patents to an underfunded entity (Veritaseum) which were court restrained by the same judge, rendering them defenseless against attacks and IP theft.

This ordeal was compounded when Reggie was held in Contempt for using personal funds (while Veritaseum’s funds were court-restrained) to successfully defend his patents against an IPR challenge by Coinbase in the PTAB of the USPTO in an attempt to invalidate these patents. The Forced Patent Expropriation to Veritaseum without compensation or the ability to defend them could be seen as coordinated as it benefited very large competitors seeking to avoid licensing fees or infringement claims, or possibly even IP Theft.

Judicial Complaint: A formal complaint has been filed with the NYS Commission on Judicial Conduct by the Veri Community.

ETHgate: The Broader Conspiracy Allegations

Parallel to Middleton's struggles, "ETHgate" emerged, involving allegations by Ethereum co-creator @StevenNerayoff. Nerayoff claimed a government conspiracy aimed at controlling or monopolizing cryptocurrency development by targeting key figures. This narrative suggested that by attacking innovators (like Reggie Middleton as the Veri Community contends), the SEC might have indirectly cleared a path for Ethereum, which, despite its decentralized claim, benefited from a regulatory environment less scrutinized than its competition.

The term "ETHgate" encapsulates the belief that Ethereum's "Free Pass" from regulatory scrutiny might not just be due to its technological merits but also due to strategic regulatory maneuvers, where attacking smaller or less established DeFi projects could safeguard larger, more influential platforms like Ethereum.

Back in 2021, @JohnEDeaton1 from @CryptoLawUS explained XRP's side of Ethereum's "Free Pass". More recently, further SEC RICO Claims are insinuated in "RIGGED from the start" a documentary by @Fruition_News , along with posts by @KuwlShow and the XRParmy involving the SEC, Ethereum, a16z, and Consensys surrounding the Bill Hinman speech. Active FOIA requests by @EleanorTerrett seek to shed light on meetings between Hinman and Ethereum members.

Given the SEC protection of ETH and the high probability of Ethereum infringing on Reggie Middleton's patents as meticulously detailed in Exhibit #3 of the Coinbase case, is it ridiculous to believe Reggie Middleton could have been targeted?

Community Support: The Backbone of Resilience

Despite the SEC's narrative labeling them as "The Defrauded," the Veritaseum community rallied around Reggie.

SmartMetal with embedded NFT avalaible through VeriDAO.io

Financially devastated and with his funds frozen, Reggie faced foreclosure and was threatened with jail time after contempt charges for defending his patents using personal funds. In a remarkable show of support, the Veri Community rallied, raising an impressive $149,000 in less than two weeks to cover the fine while the case is under appeal.

They funded legal battles largely through donations and more recently with innovative means like NFT silver rounds called SmartMetal using Reggie's patented technologies, underscoring their belief in his vision. The first minted round was auctioned off for an astonishing $14,000 won by "M S"

"There is no better witness to the veracity of any defense than the alleged defrauded defending the alleged fraud at their own expense"
~ The Veri Community

This community support was not just financial but also moral, with efforts such as an Amicus Brief in the case against XRP, a No Action Letter (NAL) seeking clarity on secondary market sales of tokens, a Bar Complaint against the SEC's newly promoted Chief Litigation Counsel, and the @dao_veri's

#ProjectSunlight The SEC RICO Revelation.

A Call for a New Regulatory Paradigm

Reggie Middleton's saga is emblematic of the challenges faced by pioneers in the blockchain and DeFi arenas. His patents, now granted, underscore their foundational nature, yet the path to their recognition was marred by legal battles, suggesting a systemic issue where the regulatory framework might not fully comprehend or support emerging tech. His resilience, supported by an unwavering community and the validation of his intellectual property, underscores the need for a regulatory environment that fosters rather than stifles innovation. As blockchain technology continues to evolve, Reggie's story serves as a critical reference for balancing innovation with legal and ethical governance, ensuring that the future of finance remains open to all, not just those with the resources to navigate the legal maze.

For more information visit https://veridao.io/

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