Fetch.ai Successfully Deploys Staking Smart Contract Ahead of Mainnet Launch
Thursday, September 26, 2019 6:00 AM
CAMBRIDGE, UK / ACCESSWIRE / September 26th / Fetch.ai is delighted to announce the deployment of its innovative staking auction contract to the Ethereum mainnet in preparation for launch. The contract address and source code can be viewed on Etherscan. To support the release both the contract's source code and audit reports are being released publicly.
This contract deployment paves the way for staking auctions that will enable community members to earn rewards in exchange for locking their ERC20 tokens. In the future, the same mechanism will be used to allocate rights to operating Fetch.ai validator nodes. The contract implements a ground-breaking consensus, known as Proof-of-Stake with unpermissioned Delegation (PoS-uD), that enables the network to be run securely and at low cost without compromising decentralization. Following the launch of the Fetch.ai mainnet, 200 validators will earn an annualized return of up to 20% for securing the network and verifying transactions.
The highly-respected smart contract auditor CertiK has verified the Fetch.ai staking contract, awarding it a score of 100% for security and implementation quality, and issued a certificate of authenticity. CertiK's report noted: "We found the smart contract to follow good practices. We conclude that the contract is structurally sound and not vulnerable to any classically known anti-patterns or security issues." With the Fetch.ai smart contract assigned a clean bill of health, the next phase of the project will involve running the staking auctions to distribute token rewards to the Fetch.ai community. The auctions will run continuously on the Ethereum network from the start of October until the mainnet launches in Q4, 2019.
Commenting on the milestone, Fetch.ai CTO Toby Simpson said: "This is a significant day for the Fetch.ai community, who've been waiting for the opportunity to earn rewards for their early support of the project. This phase will allow Fetch.ai to test the economics of our novel consensus algorithm in preparation for the launch of the main-net. We're delighted to have had our smart contract withstand CertiK's rigorous approval process. Now it's time to begin building an ecosystem that can connect devices from this and the next generation, all powered by a blockchain that's optimized for IoT and AI."
Fetch.ai, recently named in two Gartner industry reports, is creating an open economic framework for value transfer between human and autonomous agents. Its smart ledger scales to support over 30,000 transactions per second, providing a fast and flexible framework for enterprises.
Fetch.ai is at the forefront of accelerating research and deployment of emerging technologies, including blockchain and AI. Its solutions are designed for people, organizations, and IoT. The project has created an Open Economic Framework (OEF) that serves as a decentralized search and a value exchange platform for various autonomous economic agents. This is supported by a smart ledger that can support more than 30,000 transactions per second, and which is ready to meet the demands of the next generation of connected devices.
CertiK is a blockchain security company founded by Yale University and Columbia University computer science professors. It specializes in verifying the correctness of smart contracts and blockchain protocols. CertiK's proprietary formal verification technology is used to ensure that algorithms, protocols, and other code is secure and operating as intended.