What is Fetch.ai
Fetch.ai is a Cambridge-based artificial intelligence lab building AI solutions for blockchains. It's a decentralized machine learning platform designed with AI-based solutions to help people automate everyday tasks including booking a parking space, hotel rooms, flight tickets, and hailing.
Fetch.ai is built on blockchain technology and is both permissionless and open-access, granting everyone access to its AI-based solutions. The goal of Fetch.ai is to decentralize and automate everyday transactions on the Internet.
How Does Fetch.ai Work
The AI solutions of Fetch seek to provide a connection between people and real-world systems and devices. To achieve this goal, the Fetch.ai infrastructure is divided into three components:
Autonomous Economic Agents (AEA)
The AEA are the devices, services, and organizations that act on their behalf on the network. These autonomous software agents connect with other AI applications to get real-time data and act on them.
Open Economic Framework (OEF)
The OEF is the layer of the Fetch.ai network that allows connectivity and maximum capacity for interaction between AEAs. Data and information are stored and backed up in the OEF. AEAs also retrieve information from the OEF to execute tasks.
Fetch Smart Ledger
This is the blockchain layer of Fetch.ai that combines distributed ledger technology with a directed acyclic graph. All transactions on the network are processed in this layer.
On the platform, Fetch has built software agents that represent and act on behalf of their users. The Fetch.ai software agents can conduct searches, negotiate, and share results back to the user.
Why is Fetch.ai Unique
Fetch.ai is building a network of autonomous economic agents to make the internet feel more connected and organized for users. In the future, Fetch hopes to support billions of Internet of Things (IoT) devices for the platform to communicate seamlessly in an automated and secure manner.
The aim is to build a platform that optimizes web services and simplifies the process of accessing networks the world over. Smart contracts are used for automating processes on the network.
The platform has already been used to optimize several web services like travel, DeFi trading services, transportation networks, and smart energy grids.
Fetch.AI also has a unique consensus algorithm known as Useful Proof-Of-Work (UPOW). Fetch.ai created UPOW to perform similar other Proof-of-Stake protocols.
On UPOW, computing problems are sorted based on their difficulty levels and packaged into proof-of-work packages. This allows the platform to be more efficient in solving more difficult problems like AI computations.
Who Created Fetch.ai
Fetch.ai was founded by Toby Simpson, Humayun Sheikh, and Thomas Hain in 2017. Humayun Sheikh now serves as the CEO.
Toby Simpson, the co-founder of Fetch.ai who was the project’s COO now serves as a member of the Advisory Board, while Thomas Hain served as the former Chief Science Officer.
Fetch.ai Upgrade
Fetch.ai was launched via an Initial Exchange Offering (IEO) on Binance in 2019. However, the Fetch.AI mainnet went live in January 2020.
In 2022, Fetch.ai upgraded the mainnet dubbed “Capricorn,” as one of the key events of the platform. The upgrade brought significant changes to the blockchain including support for Inter-Blockchain Communication (IBC).
The FET tokens can now be used across multiple decentralized exchanges (DEX). Permissionless inter-chain contracts can now be developed on Fetch.
Fetch.ai (FET) Tokens
Fetch.ai launched its native cryptocurrency FET in 2019 to power the internal economy of the project. FET was originally an ERC-20 token before Fetch.ai launched its mainnet.
Users trade FET for services on the Fetch.ai network. FET acts as the main payment method on the network. FET is used to pay for AEA names and enable and reward node operators.
Fetch users stake the FET coins for the opportunity to participate in the governance of the Fetch.ai platform. FET stakers earn interest at a variable rate of 10% per annum.
To participate in FET staking, users need to have the Fetch Wallet app, then send the native FET coins to an address generated by the wallet. The staking option is present in the wallet app.
FET Tokenomics
Fetch crypto (FET) was created with a limited supply like most other cryptocurrencies. There will be a max supply of 1,152,997,575 FET coins. By assuming a limited supply, FET becomes a scarce asset and is protected from being devalued by inflation.
17.6% of the maximum supply was sold at launch, 20% was set aside for the founders, 10% of the total supply for advisors, 20% for the Fetch Foundation, and 15% for mining rewards. 17.4% of the max supply was locked for future releases.
How Many FET Coins Are There in Circulation
As per data from CoinMarketCap, there are currently 818,912,300 FET coins in circulation representing approximately 71% of the max supply of FET tokens that will ever be minted.
More Fetch tokens will be put into circulation as time progresses, increasing its market cap. However, as a fixed market cap project, there will never be more than 1.1 billion FET tokens.
What is the market cap of Fetch.ai (FET)
FET has a market capitalization of $302 million, having a circulating supply on a circulating supply of 818,912,300 FET and a current price of $0.37 per FET token.
What is the all-time high of FET
FET price reached its highest price of $1.1898 per token on September 8th, 2021. At the time it also reached its all-time high for a market cap at $710 million. The current market cap of Fetch.ai FET is $302 million.
What is the all-time low Fetch.ai price
The lowest price ever paid for the Fetch.ai FET crypto was $0.00827 per coin in March 2020. The performance of FET since this low places it as one of the best-performing cryptocurrencies.
Where to Buy Fetch.ai FET
Fetch.ai FET is one of the most popular AI-focused projects and is available for purchase on many crypto exchanges.
The top crypto exchanges to purchase FET crypto are Binance, Coinbase, KuCoin, Kraken, BitStamp, Uniswap, Bitfinex, Gemini, Pancakeswap, Huobi, Gate.io, Poloneix, and more.
The Growth of Fetch.ai
Since the debut of Open AI’s ChatGPT, artificial intelligence (AI) has become one of the most talked-about developments, attracting interest from the major players in the tech industry.
As an AI-focused crypto project, Fetch.ai has benefited from the growing interest in AI, receiving funds from tech giants to develop monetization tools and other products for AI-generated information.
Fetch.ai has also partnered with the electronics giant Bosch to form a foundation that will focus on researching and developing real-world use cases for blockchain technology.
The foundation will focus on AI-backed blockchain solutions in transportation, hospitality, and commerce.
Resonate, a blockchain-based social platform has also been built and launched on Fetch.ai. Resonate is designed for NFT trust-centric social sharing and connections.
Fetch looks to add more features to increase the use of the platform in the crypto economy. As AI becomes more prevalent, platforms like Fetch.ai is bound to see more usage, leading to an increase in its circulating supply.
What is the current trading activity of FET
Fetch has seen increased trading volumes which coincides with the rising interest in AI-focused platforms.
In March 2023, the trading volume of FET crossed $1.2 billion, signaling increased interest in the platform. The highest single-day trading volume of $307 million was recorded on March 14.
As Fetch.ai deploys more services, the FET trading volume and FET price are expected to see positive improvements.
What is the market sentiment of Fetch.ai FET
FET has been a solid performer, gaining more than 300% in the quarter of 2023. Despite that, the market sentiment remains very positive for FET.
Fetch.ai will roll out more services, possibly increasing the value and use of Fetch.ai FET. In addition, the growing use of AI platforms could increase the use FET and market sentiment for the FET crypto.
Fetch.ai FET Wallet
Fetch.ai FET is available on the Atomic Wallet, one of the safest crypto wallets in the world. The FET Wallet offered by Atomic allows users to send, receive, hold, and trade FET with other supported assets.
You can also trade and stake your FET on the Atomic Wallet and get returns of up to 11%. The FET Atomic wallet can be accessed on Android, iOS, and desktop. FET can also be stored on the native Fetch Wallet.
Resources
Fetch.ai Website: https://fetch.ai/
Fetch.ai whitepaper: https://docs.fetch.ai/
Fetch.ai Twitter: https://twitter.com/Fetch_ai
Fetch Foundation: https://fetchai.foundation/
Fetch.ai Discord: https://discord.com/invite/btedfjPJTj
Fetch.ai Reddit: https://www.reddit.com/r/FetchAI_Community/
Fetch.ai Github: https://github.com/fetchai
FAQs
What Kinds of AEAs are deployed on Fetch.ai?
Fetch supports the development of any kind of Autonomous Economic Agents, allowing its infrastructure to be used in different industries. AEAs have been deployed and used in transportation, smart cities, and travel industries.
How does an AEA use blockchain?
The AEA framework of Fetch.ai allows users to interact with blockchains to settle transactions. For now, the framework has native support for three different networks: Fetch.ai, Ethereum, and Cosmos.
Where Can I Stake FET Coins?
You can stake Fetch.ai FET coins using the Atomic wallet. Using the native wallet, you can stake using the mobile wallet, a browser extension, a Ledger Device, or on supported crypto exchanges.
How Is the Fetch.ai Network Secured?
Fetch.ai is secured by cryptography and integrates differential privacy to avoid exposing users’ private data sets when generating updates.
The Fetch.ai platform also supports a combination of multi-party cryptography and game theory.
What is Fetch.ai Used for?
Fetch.ai provides solutions for developers and entrepreneurs to build and to build and deploy peer-to-peer applications with automation and AI capabilities.
It uses artificial and machine intelligence to handle things such as booking hotel rooms, hailing rides, and finding parking spaces in the most efficient manner possible.
