Fetch.ai is an innovative platform poised to revolutionize decentralized Artificial Intelligent applications. Fetch.ai harnesses the power of blockchain technology, machine learning, and cryptography to establish a secure and efficient environment for AI agents to interact both amongst themselves and with the real world.
In this article, we will discuss what Fetch.ai is, how it works, its features, Fetch.ai history and its native token “FET”. We will end the article by providing concise guidance on how to buy FET tokens.
What Is Fetch.ai and How Does It Work?
Fetch.ai is a blockchain-based artificial intelligence (AI) and machine learning (ML) platform that aims to create a decentralized digital model of the real world in which autonomous software agents conduct productive economic activities. Fetch.ai is set to redefine various industries with its multifaceted functionality.
One of Fetch.ai's primary applications lies in optimizing decentralized finance (DeFi) trading services. Through AI-powered agents, Fetch.ai automates trade execution based on real-time market data, enhancing efficiency and maximizing returns. Furthermore, the platform's agents possess the remarkable ability to streamline transportation networks by coordinating traffic flow and resource allocation. Similarly, in the realm of smart energy grids, Fetch.ai's agents adeptly manage the distribution of energy and demand, bolstering sustainability efforts.
The agents have the ability to acquire knowledge, adjust, and execute a diverse range of tasks. Their skill set encompasses engaging in contract negotiations for the purchase and sale of products and services, facilitating the trading of assets on decentralized exchanges, and even delivering crucial services such as transportation and energy management.
Fetch.ai employs Autonomous Economic Agents (AEAs), which are autonomous software programs that communicate, negotiate, and cooperate with other agents using the Agent Communication Language (ACL). Developed using the AEA Framework, a Python-based toolkit, AEAs can be deployed and managed through the user-friendly AEA Manager web interface.
Additionally, Fetch.ai simplifies travel experiences by automating flight, hotel, and transportation bookings, providing users with hassle-free journeys. Fetch.ai's revolutionary methodology revolves around a decentralized network of autonomous software agents that communicate directly via the blockchain network.
With Fetch.ai, the potential for automation, optimization, and convenience is immense. Although still in development, Fetch.ai holds promising potential for transforming the way we interact with the world. By seamlessly integrating AI and ML, the platform's capabilities span automation, process optimization, and increased efficiency.
What is FET Token?
The utility token of the Fetch.ai network, known as FET, plays a vital role as a medium of exchange. FET tokens are utilized for paying for services within the Fetch ecosystem and covering network transaction fees. Users also have the option to stake FET tokens and participate in securing the network through the Proof-of-Stake (PoS) consensus mechanism. Users earn rewards as a result of contributing to validator nodes.
During the development of the native Fetch.ai main-net, the FET utility token was initially created on an ERC-20 contract on the Ethereum network. This approach allowed developers worldwide to access FET tokens at an earlier stage and jumpstart the development of innovative solutions within the Fetch.ai ecosystem. However, the Ethereum chain's scalability limitations were not aligned with Fetch.ai's vision for its applications, and thus the native FET token was introduced with the launch of the Fetch.ai Main-net.
With the native FET token in place, users on the Fetch.ai network no longer need to hold tokens associated with other networks, such as ETH or BTC. Only the native FET tokens serve as fuel for the Fetch.ai ecosystem and its applications. Despite the ongoing circulation of ERC-20 FET tokens alongside the native FET tokens, a seamless transfer between the two types is possible within the Fetch.ai network. It is important to highlight that all ERC-20 FET tokens are slated to undergo a transition into native FET tokens, but in the foreseeable future, both types will continue to coexist. FET tokens can be purchased from various centralized or decentralized exchanges, although specific exchanges may exclusively handle one type or the other.
FET tokens have a number of utilities in Fetch.ai, including:
- Paying for network fees: FET tokens are used to pay transaction fees, which include fees required to send messages or to create and execute contracts.
- Incentivizing node operators: FET tokens are used to incentivize node operators to participate in the network. Node operators are rewarded with FET tokens for providing computing power and storage space to the network.
- Securing the network: FET tokens are used to secure the network. FET tokens are staked by node operators to help prevent malicious actors from attacking the network.
The FET token is scheduled to be fully unlocked until 2025
*Data source: The table above is real-time data from Coinmarketcap as of June 27, 2023
History of Fetch.ai (FET)
Fetch.ai, a company headquartered in Cambridge, UK, was founded in 2017 by Humayun Sheikh and Toby Simpson. Led by Sheikh as the CEO, Fetch.ai aims to create a revolutionary decentralized machine-learning network with a crypto economy. Their platform enables users to exchange and share data, as well as build and deploy autonomous software agents.
At the core of Fetch.ai's technology is the Ethereum blockchain, supporting their native token called FET. This token plays a crucial role in facilitating transactions, deploying agents, and accessing data within the Fetch.ai platform.
The Fetch.ai team comprises skilled engineers, scientists, and entrepreneurs with expertise in AI, machine learning, and blockchain technology. They are passionate about creating a decentralized AI platform that transforms how we interact with the world.
Features Of Fetch.ai
Fetch.ai offers a comprehensive set of features that enhance its capabilities:
- Autonomous Economic Agents (AEAs): Fetch.ai's AEAs are intelligent software agents capable of autonomous actions, learning, and adaptation. They communicate directly with each other within the Fetch.ai network, enabling seamless interaction and collaboration.
- Open Economic Framework: The Open Economic Framework provides a robust set of protocols and standards that facilitate AEAs' interactions with one another and the real world. AEAs can effortlessly engage in tasks such as contract negotiation, asset trading, and service provision.
- Fetch Smart Ledger: The Fetch Smart Ledger serves as a decentralized and tamper-proof ledger that securely stores data concerning AEAs and their interactions. With its immutable nature, the ledger ensures the accuracy and reliability of the recorded information.
- FET Token: As the native token of the Fetch.ai network, FET plays a vital role. It serves as a means of payment for transactions, facilitates AEA deployment, and grants access to valuable data within the platform.
- Interoperability: Fetch.ai stands out for its interoperability with other blockchains and networks. AEAs can seamlessly interact with external platforms and services, expanding the possibilities and opportunities available.
By combining these features, Fetch.ai creates a powerful ecosystem that empowers AEAs to autonomously engage in economic activities, optimizing efficiency and revolutionizing various industries.
What is Fetch.ai (FET) Token Value?
The Fetch.ai (FET) token is valued at $0.2 as of June 27th 2023. Its value is influenced by factors such as user demand, token supply, platform performance, and market conditions. While subject to volatility, the FET token shows long-term promise due to the transformative potential of the Fetch.ai platform in revolutionizing our interactions with the world.
How and Where to Buy FET Tokens?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including FET, users can now trade easily and seamlessly. To purchase FET on CoinEx, follow the steps below.
- Register or Log In: To access CoinEx's services, register for an account by clicking "Register". Existing users can log in.
- Deposit Fiat or Crypto: Fund your CoinEx account by depositing through a range of options such as credit cards, etc. You can also deposit other supported cryptocurrencies that can be traded with FET tokens.
- Exchange Paired Tokens for FET: Deposit funds into your CoinEx account, then go to the trading page and select the appropriate FET trading pair that matches your deposit. For example, choose "FET/USDT" if you deposited USDT.
- Buy/Trade FET Tokens: Purchase FET tokens by specifying the desired amount and exchanging the paired token for FET after selecting the correct trading pair.