Fetch.ai: everyting you need to know about FET

What is Fetch.AI?

Fetch.AI (FET) is an open-access, decentralized machine learning blockchain network, founded with the aim of stimulating the development and growth of the digital economy without human intervention. The network connects devices and services to the Internet of Things (IoT) and also facilitates the involvement of other agents, such as humans.

Fetch.AI creates tools and appropriate infrastructure to support the development of a decentralized digital economy based on artificial intelligence. The network connects people, devices, and services, enabling the sharing of data and collaboration to be possible.

How does Fetch.AI work?

The Fetch.AI model consists of 3 components.

1. Autonomous Economic Agents (AEA)

AEAs are fully capable digital citizens acting on behalf of individuals, devices, and organizations. AEAs connect to the Fetch ecosystem through hardware systems or data sources and extract value through data discovery and its predictive functionality.

Cars or carriers can delegate AEAs to predict how much fuel they should use based on weather or traffic conditions.

AEAs work within the parameters set by the system, identifying essential information that is inputted into deep learning algorithms to produce the best solution. The system can also analyze data from previous interactions with agents to consistently improve by learning from past mistakes.

2. Open Economic Framework (OEF)

OEFs support AEAs by creating an adaptive simulator environment that maximizes the interaction and connectivity capacity of the AEA based on their transaction and search data.

AEAs connect to OEFs via APIs and then gather information to interact with their target assets. Node operators receive token rewards for facilitating and validating the connection of these systems.

3. Haal Slimme Dagboeken op.

Fetch's ledger uses a combination of transaction chains and Direct Acyclic Graph (DAG) technology. DAG is an alternative distributed ledger technology to blockchain. It is most popular with projects such as Hedera Hashgraph, IOTA, and Byteball.

The Fetch system collects transactions in chains and assigns them to different transaction lanes simultaneously. A valid transaction under Fetch.AI is defined as a transaction that contains information about the resources it uses. If the transaction capacity of the system becomes limited, it can easily expand by chain forking, and Fetch.AI tracks the origin of the new forks by setting parameters based on the resources used.

The Fetch.AI token

The FET token will be used to finance certain network functions and to incentivize good behavior from the Agents.

Here are some of the most interesting applications of the FET token

Launching a new agent on the network: Once a developer has built an agent and wants to deploy it on the network, he must deposit a certain amount of FET; this gives the agent the right to operate on the network. This type of staking makes it economically unfeasible for malicious actors to deploy malicious agents.

Exchanging services and data between agents: Within the network, the FET token will be used as a medium of exchange for agents to obtain data and services from each other. FET supports micropayments, which is a key function in an IoT network.

Financing network maintenance operations: Just like in the Ethereum network, the FET token is not used for the network's operational costs. However, the FET token is used to stabilize the price of the network's "Gas".

The technology behind FET.

Fetch.AI distinguishes itself with its advanced AI capabilities. The platform utilizes machine learning and AI algorithms to create autonomous agents that can learn and adapt independently. This enables them to solve complex problems and generate value in various industries.

The Fetch.AI ecosystem

The ecosystem of Fetch.AI is an advanced and versatile network that focuses on improving various sectors through artificial intelligence and blockchain technology. At the center of this ecosystem is the integration of the Internet of Things (IoT) with AI, enabling seamless interaction between devices, services, and individuals. This ecosystem supports a wide range of applications, ranging from smart cities and optimized supply chains to advanced energy management systems and personal healthcare solutions.

A key component of the Fetch.AI ecosystem are the Autonomous Economic Agents (AEAs). These "representatives" act on behalf of users, businesses, or other entities to perform tasks, make decisions, and facilitate transactions, all based on AI and machine learning. These AEAs can operate, learn, and adapt independently to changing circumstances, contributing to the efficiency and effectiveness of the network.

In addition, the Fetch.AI ecosystem stimulates innovation and development by providing developers and companies with the tools and platform to create decentralized applications (dApps). These dApps can fulfill a wide range of functions, from automating complex business processes to providing new services for end users.

Benefits of Fetch.AI

• Innovative combination of AI and blockchain: Fetch.AI brings together the best of two worlds, leading to new possibilities and efficiency improvements in various industries.
• Scalability and speed: Thanks to the PoS consensus mechanism, the network is fast and scalable, which is essential for supporting a large number of autonomous agents.
• Energy efficiency: The PoS mechanism also ensures lower energy consumption compared to traditional blockchain systems.

Disadvantages of Fetch.AI

• Competition: Fetch.AI competes with other AI projects, which could hinder market share acquisition.

Who is the founder of Fetch.AI?

Fetch.AI was founded by Humayun Sheikh, Toby Simpson, and Thomas Hain, each with an impressive background in both technology and the blockchain industry. Their combined expertise in AI, machine learning, and decentralized technologies has contributed to Fetch.AI's unique position in the market.

Expectations for the near future

Experts expect a minimum price of €3.92 in 2027 and a minimum price of €12.95 in 2032.