What Is Fetch.ai (FET)?

September 10, 2024
9 min read

We can live in a world where machines communicate, transact, and learn from each other with minimal human intervention. A world where artificial intelligence (AI) enables seamless interactions across a decentralized network, unlocking new potentials in finance, transportation, and beyond. Fetch.ai (FET) is an innovative project that combines the power of blockchain with AI, aiming to create a decentralized digital economy. It’s not just another cryptocurrency; it’s a platform that supports autonomous agents—digital entities capable of performing tasks, learning, and evolving. As technology evolves, platforms like Fetch.ai are leading the charge in bridging AI with blockchain, creating new possibilities for both industries.

In this article, Argoox wants to investigate Fetch.ai, its unique features, and how it’s positioned to transform various sectors. Whether you’re new to cryptocurrency or an experienced trader, understanding Fetch.ai could open doors to new opportunities in the fast-evolving digital landscape.

What is The Definition of Fetch.ai (FET)?

Fetch.ai (FET) is a decentralized, open-source platform that uses the combination of AI and blockchain technology to enable autonomous “agents” to perform tasks on behalf of users. These tasks range from data processing and resource sharing to transactions and complex decision-making. Also, the main goal is to make a decentralized digital economy where these agents interact and trade services or data without the need for intermediaries, making processes more efficient and cost-effective.

Launched in 2019, Fetch.ai aims to provide a framework for the development of applications that require automation and machine learning, making it particularly useful in sectors like supply chain management, transportation, and finance. The native cryptocurrency, FET, is used to power transactions and incentivize network participants.

Read More: What is Fetch.ai Trading Bot?

Who Are the Founders of Fetch.ai?

Fetch.ai was founded by a team of experienced experts in AI, machine learning, and blockchain technology. The key figures behind the project include Humayun Sheikh, Toby Simpson, and Thomas Hain.

Humayun Sheikh, the CEO, has a background in investment and entrepreneurship and was an early investor in the AI company DeepMind, which was later acquired by Google. Toby Simpson, the Chief Technology Officer, was the lead designer of the AI-based game “Creatures” and has extensive experience in developing complex software systems. Thomas Hain, the Chief Science Officer, is an academic and AI researcher with a focus on machine learning and speech processing.

Together, they envisioned a platform that could leverage AI to create a decentralized network of autonomous agents capable of revolutionizing various industries.

What is Fetch.ai Used For?

Fetch.ai is designed to be a versatile platform, and its use cases span multiple industries. Some of the most notable applications include:

Supply Chain Management: Autonomous agents can optimize logistics, reduce costs, and improve efficiency by making real-time decisions based on available data.
Finance: Fetch.ai can be used to automate trading strategies, manage assets, and execute transactions with minimal human intervention.
Transportation: Agents can manage transportation networks, optimize routes, and reduce congestion through real-time data analysis and decision-making.
Smart Cities: The platform can help manage energy consumption, optimize traffic flow, and provide personalized services to residents.

In essence, Fetch.ai’s technology can be applied anywhere there is a need for intelligent automation and decentralized decision-making.

Is FET an ERC-20 Token?

Yes, FET was initially launched as an ERC-20 token on the Ethereum blockchain, which allowed it to be easily traded and integrated with various decentralized finance (DeFi) applications. However, Fetch.ai has since launched its mainnet, where FET now exists as a native token on its own blockchain. The transition to the Fetch.ai blockchain was aimed at enhancing the efficiency and scalability of the network, because of enabling more complex transactions and interactions between autonomous agents.

What Makes Fetch.ai Unique?

Fetch.ai stands out in the crowded cryptocurrency market due to its unique combination of AI and blockchain technology. Here are some of the features that make it unique:

Autonomous Agents: Fetch.ai’s network supports the creation of autonomous agents that can perform tasks independently, learning and adapting over time.
Scalability: The platform is designed and developed to handle high transaction volumes, making it suitable for complex, large-scale applications.
Interoperability: Fetch.ai is built to interact with other blockchains, enabling cross-chain transactions and data sharing.
Decentralized AI Marketplace: Fetch.ai allows users to share and monetize their data or AI models in a decentralized marketplace, opening up new revenue streams and collaboration opportunities.

These features make Fetch.ai a pioneering project in the intersection of AI and blockchain, with the potential to disrupt multiple industries.

How Many Fetch.ai (FET) Coins Are There in Circulation?

As of now, the total supply of FET tokens is capped at 1,152,997,575, with approximately 746 million tokens currently in circulation. The distribution of tokens is designed to incentivize network participants, including node operators, developers, and users who contribute to the network’s growth and stability. In fact, the tokens are used to facilitate transactions on the network, pay for services, and reward participants who provide valuable data or AI models.

How Is the Fetch.ai Network Secured?

Fetch.ai employs a combination of proof-of-stake (PoS) and multi-party cryptography to secure its network. In fact, validators are chosen based on the number of FET tokens they hold and are willing to “stake” as collateral. This is because to ensures that those who have a vested interest in the network’s success are responsible for maintaining its security.

In addition, Fetch.ai uses advanced cryptographic techniques to ensure data privacy and integrity. The platform also plans to implement sharding to further enhance scalability and security as the network grows.

Where Can You Buy Fetch.ai (FET)?

Fetch.ai (FET) can be purchased on a variety of cryptocurrency exchanges, including major platforms like Binance, Coinbase, and Kraken. It is available for trading against several fiat currencies, as well as other cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

For those interested in acquiring FET, it’s recommended to use a secure, reputable exchange and to store the tokens in a wallet that supports Fetch.ai’s native blockchain.

Fetch.ai Mainnet Upgrade — Capricorn

In 2022, Fetch.ai underwent a significant upgrade with the launch of its Capricorn mainnet. In fact, this upgrade brought several improvements to the platform, including enhanced scalability, faster transaction processing, and better support for autonomous agents. The Capricorn mainnet is a critical milestone in Fetch.ai’s roadmap, positioning the platform for broader adoption and more complex use cases.

The upgrade also introduced new features that enable developers to create more sophisticated applications on the Fetch.ai network, further expanding its potential across various industries.

How to Use Fetch.ai for Beginners?

For beginners looking to explore Fetch.ai, the first step is to acquire FET tokens through a cryptocurrency exchange. Once you have FET tokens, you can use them to interact with the Fetch.ai network by creating or utilizing autonomous agents. The platform provides a user-friendly UI for setting up these agents, allowing you to start exploring its capabilities without needing extensive technical knowledge.

Fetch.ai also provides tutorials and resources to help beginners understand how to use the platform effectively, making it accessible even for those new to blockchain or AI.

One of the exciting developments on the Fetch.ai platform is the launch of Resonate Social, the first-ever social NFT platform. In fact currently in public beta, Resonate Social allows users to create, share, and trade NFTs in a social media-like environment. Also, this platform leverages Fetch.ai’s technology to offer a unique, interactive experience for NFT enthusiasts, blending social interaction with digital ownership.

The introduction of Resonate Social highlights Fetch.ai’s versatility and its potential to influence new markets, such as social media and digital art.

Key Events for Fetch.ai

Fetch.ai has been involved in several key events and partnerships that have significantly impacted its development and adoption. Some of the notable milestones include:

Partnership with Bosch: Fetch.ai partnered with Bosch to explore the use of autonomous agents in industrial applications, particularly in the automotive sector.
Integration with IOTA: Fetch.ai integrated with IOTA’s Tangle technology to enhance data sharing and interoperability between networks.
Launch of Fetch.ai Staking: The platform introduced staking options for FET holders, allowing them to earn rewards by supporting the network’s security and operations.

These events underscore Fetch.ai’s commitment to innovation and its growing influence in the blockchain and AI communities.

Conclusion

Fetch.ai is more than just a cryptocurrency; it’s a groundbreaking platform that combines the strength of AI and blockchain to build a decentralized digital economy. From autonomous agents to social NFT platforms, Fetch.ai is at the vanguard of technological invention, because of offering solutions that could transform industries and improve efficiency across various sectors.

As the platform continues to evolve, so do the opportunities for users, developers, and investors. Whether you’re just a neophyte and beginner or a seasoned crypto enthusiast, exploring Fetch.ai could provide valuable insights into the future of decentralized, intelligent networks.

So, if you’re interested in learning more or getting involved, visit the Argoox website and discover how their AI trading bots and other innovative tools can help you navigate the ever-evolving financial and cryptocurrency markets.