Fetch.ai (FET)

What is Fetch.ai (FET)?

Fetch.ai (FET) is an open-source ecosystem designed to empower peer-to-peer (P2P) applications with advanced automation and artificial intelligence (AI) capabilities.

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This project integrates AI and blockchain technologies to develop open-source tools seamlessly connecting with its interoperable decentralized network.

Users can readily tap into the potential of AI and automation to accomplish intricate tasks in the digital economy while reducing the data acquisition monopoly of large market top players.

Techopedia Explains

Fetch.ai’s primary objective involves the creation of autonomous economic agents (AEAs), which are intelligent software entities capable of making decisions, executing actions, and engaging in economic activities on behalf of users.

The platform builds these software entities and employs AI and machine language (ML) algorithms to analyze data, learn from experiences, and optimize decision-making processes.

This approach opens up opportunities for diverse applications, including supply chain optimization, decentralized finance (DeFi), the Internet of Things (IoT), and more.

Fetch.ai, headquartered in the United Kingdom, was founded in 2017 by Humayun Sheikh, Toby Simpson, and Thomas Hai. The project debuted through an Initial Exchange Offering (IEO) on Binance in February 2019.

Fetch.ai seeks to develop a marketplace where users obtain AEAs and engage in various activities, such as:

  • Optimizing supply chains to facilitate DeFi services.
  • Secure data management.
  • Transportation networks (parking and micro-mobility).
  • Exchange of goods and services.
  • Other complex digital systems that rely on large datasets.

Through the use of smart contracts and a unique consensus algorithm known as the useful proof-of-work (uPoW), the platform aims to provide a scalable and efficient infrastructure for decentralized applications (dApps).

Fetch.ai’s vision extends beyond simple, smart contracts and transactions. The platform is looking to create a decentralized digital landscape where machines, devices, and services collaborate seamlessly to improve efficiency and foster innovation.

By integrating AI and blockchain, Fetch.ai aims to be at the forefront of reshaping digital-era economic activities, ushering in an era characterized by autonomy, efficiency, and accessibility.

The project is fully powered by its native crypto, the FET token.

The FET Token

The FET token serves as the utility token for the Fetch.ai network. Operating as an ERC-20 token, the digital asset boasts a total supply of 1.15 billion tokens, with over 824 million in circulation as of December 12, 2023.

Use Cases of FET Token

The use cases of the FET token include the following:

  • Governance: FET token holders can propose and vote on changes to network structures, codebase updates, and resource allocation. This ensures that the platform aligns with the community’s preferences and needs.
  • Staking and Network Security: Users can stake the FET tokens, contributing to network security in exchange for passive income in the form of new token rewards. Staking also provides access to additional features, such as participation in collective learning (CoLearn) – a tool that allows FET holders to create and stake on AI models.
  • Transaction and Service Fee: FET tokens serve as a means to pay for various services and transaction fees within the network. For instance, users can pay fees when they use the network to generate information and run smart contracts or create and use autonomous agents.
  • Incentive Mechanism: Users receive FET tokens as incentives for contributing valuable data to the platform. Similarly, developers can earn FET by creating dApps or DeFi services that contribute to the network’s growth and utility.
  • Interactions Between Blockchains: FET tokens facilitate interactions with other blockchain networks due to Fetch.ai’s interoperability. This allows the digital asset to be seamlessly moved between networks and utilized for cross-chain services and applications.

How Does Fetch.ai Work?

Fetch.ai operates on a decentralized network that cleverly integrates blockchain and AI, resulting in the establishment of three key layers that form the foundation of the project’s objectives:

1. The first layer consists of the autonomous economic agents (AEAs), self-governing entities capable of making decisions, interacting with their environment, and autonomously executing transactions.

Each AEA is equipped with machine-learning capabilities, enabling it to adapt and learn from interactions. These AEAs facilitate real-time communication and collaboration between networks, enabling the exchange of information, services, and assets without the need for intermediaries.

2. The second layer is the Smart Ledger, which provides a distributed and tamper-proof ledger for recording transactions and interactions. This ledger is maintained across the Fetch.ai network, ensuring transparency and security.

3. The third layer is the Open Economic Framework (OEF), a decentralized search engine. The OEF plays a crucial role in enabling AEAs to discover one another, access relevant information, and negotiate transactions. It is pivotal in establishing a seamless and efficient marketplace within the Fetch.ai ecosystem.

The integration of these layers positions Fetch.ai as a decentralized hub that enables AEAs to collaborate, optimize resource allocation, negotiate contracts, and facilitate a diverse array of transactions.

History of Fetch.ai

Below, we outline the key milestones of the Fetch.ai network since its inception.

Year Key Developments
2017 Fetch.ai was co-founded by Humayun Sheikh, Toby Simpson, and Thomas Hain.
2018 Fetch.AI secured $15m in a private funding round to power technical development and the deployment of its network.
2019 Fetch.ai launched its initial exchange offering (IEO) on Binance Launchpad. All 69,204,152 FET tokens were swiftly sold within a record timeframe of 11 minutes and 14 seconds.

Fetch.ai collaborated with Bosch Center for Artificial Intelligence to research, develop, and commercialize Web3-technologies.

2020 Fetch.ai introduced the Autonomous Economic Agent (AEA) registry to enable users to build faster and participate in the digital economy.

The project integrated Chainlink Oracles into its mainnet.

2021 Fetch.ai introduced its mainnet 2.0, allowing users to engage with the decentralized AI platform.
2022 Continuous efforts to expand the Fetch.ai ecosystem and increase adoption.
2023 Fetch.ai and Bosch launched the “Park and Charge Demo” to discover and reserve EV (Electric Vehicle) charging and parking.

The project introduced DeltaV, the first AI-powered E-commerce platform, and participated in the AI Summit New York conference to present DeltaV to the world. 

Key Features of Fetch.ai

Like Ethereum and other prominent blockchains and platforms, Fetch.ai incorporates various innovative features that enable users to actively participate in the digital economy.

Multi-Agent System (MAS)

Fetch.ai embraces multi-agent systems, a collection of software programs collaborating to achieve predefined goals. This approach creates a collaborative and adaptive environment, enabling autonomous agents to learn from and respond to dynamic conditions. The primary benefits of MAS are decentralization, scalability, and heterogeneity.

Decentralized Oracles

The blockchain project integrates decentralized oracles to securely link real-world data with smart contracts. This feature enhances the reliability of information utilized by AEAs, allowing them to make informed decisions based on accurate and up-to-date data.

Interoperability

Fetch.ai is designed to be interoperable with other blockchain networks and traditional systems. This interoperability ensures seamless integration with various platforms, fostering a broader and more interconnected ecosystem.

Machine Learning Integration

The project incorporates machine learning techniques to augment the capabilities of autonomous economic agents. AEAs can learn from past interactions, adapt to user preferences, and continually enhance their decision-making processes.

Some Top Projects on the Fetch.ai Ecosystem

Due to its versatile AI and blockchain capabilities, Fetch.ai is a hub for leading projects, including Axim, CoLearn, and Mobix.

1. Axim

Axim is a revolutionary service tool specifically designed to assist businesses in managing and analyzing large datasets. At its core, this innovative project bridges data silos and creates a simplified pathway for businesses to use their data without compromising privacy.

Data has become a crucial asset in the digital age but often requires refinement from its raw form. While machine learning models extract patterns and insights from them, privacy concerns arise.

Axim tackles this issue with its privacy-inclined structures, empowering businesses to seamlessly identify hidden patterns, measure and enhance performance, and navigate diverse datasets without sacrificing privacy.

2. CoLearn

CoLearn is another integral project within the Fetch.ai ecosystem, providing users with the capability to generate, stake, and reap significant benefits from AI models while ensuring data privacy through DabbaFlow’s encryption.

This tool empowers users to create AI models, propose algorithms or configurations, and collect votes on these proposals. When the community recognizes the potential of a proposal, it gets adopted. Additionally, users can explore financial opportunities with CoLearn by staking on AI models, earning rewards from their adoptions, and achieving success milestones.

3. Mobix

Mobix is an exciting pioneering project that drives a paradigm shift in travel. Its intuitive concept centers on ‘micro-mobility,’ focusing on eco-friendly transportation systems like electric scooters, bikes, and walks.

Beyond just promoting the adoption of green transportation alternatives, the platform provides incentives for users to make eco-friendly commuting choices. Users earn ‘Mobix Miles’ for every environmentally conscious commute. These miles can be converted to Mobix tokens, a digital asset that holds value and can be exchanged on various platforms or used as a payment option in e-commerce.

The Bottom Line

Fetch.ai distinguishes itself by combining blockchain and AI, particularly through AEAs.

The platform’s three-tiered architecture and the diverse array of utility-focused projects within its ecosystem reflect a strong commitment to revolutionizing industries through AI.

With more technological advancements and AI-driven concepts, Fetch.ai is poised to reshape the digital landscape, emerging as a distinctive player in the blockchain and AI landscape.

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Jimmy Aki

A graduate of the University of Virginia and now based in the UK, Jimmy has been following the development of blockchain for several years, optimistic about its potential to democratize the financial system. Jimmy's previously published work can be found on BeInCrypto, Bitcoin Magazine, Decrypt, EconomyWatch, Forkast.news, Investing.com, Learnbonds.com, MoneyCheck.com, Buyshares.co.uk and a range of other leading media publications. Jimmy has been investing in Bitcoin himself since 2018 and more recently in non-fungible tokens (NFTs) since their boom in 2021, with expertise in trading, crypto mining and personal finance. Alongside writing for Techopedia, Jimmy is also a trained economist, accountant and blockchain…