Fetch.ai is delighted to announce Binance will be supporting Fetch.ai’s staking mechanism at its launch. Fetch.ai’s first auction debuts at 2pm BST on 10th October 2019. Binance have committed to staking the same quantity of tokens as are pledged in the auction.

A representative of Binance Staking said, “For the first Fetch.ai Staking Auction, Binance will match the amount of staked FET that is pledged by the public. The rewards from the official auction will be distributed to Binance account holders proportionately to the daily average of their FET holding.”

Toby Simpson, co-founder of Fetch.ai, added “It’s incredibly exciting to have Binance take part in our staking launch as it means that many more people will be able to benefit from the staking program as Fetch.ai heads towards its mainnet. This level of community engagement will help support the technology in the coming months and is just one of many things we’re looking forward to talking about.”

Fetch.ai’s unique Proof-of-Stake with unpermissioned Delegation (PoS-uD) consensus is an innovation that ensures fairness, inclusiveness and is a key element of Fetch’s mission to greatly improve the user experience of blockchain technology. The network’s validator slots are allocated using a Dutch auction, and the delegation mechanism enables all token holders to take part in the process. Auctions will be held every month shortly after the release of tokens staked in the previous lock-up period.

Read more information about Binance’s support of the staking program.