What is Fetch.ai (FET)?

Exploring the Revolutionary Potential of Fetch.ai (FET): A Decentralized Platform for AI Solutions

Fetch.ai (FET)
Rank: 92
$ 0.570978
Price (BTC)
$ 596.15 M
$ 111.73 M
24h Change
Total Supply
1.15 B FET

Fetch.ai is a decentralized platform that provides artificial intelligence (AI) solutions to individuals, businesses, and other organizations.

It utilizes blockchain technology to enable the creation and deployment of autonomous agents that can interact with each other and the real world in a decentralized and trustless manner. Fetch.ai aims to provide a more efficient and cost-effective way of conducting business by automating various processes and eliminating intermediaries.

Fetch.ai was founded in 2017 by Humayun Sheikh and Toby Simpson, who have a background in AI and distributed systems.

The team is based in Cambridge, UK, and has partnerships with various companies, academic institutions, and government agencies. The platform is built on top of the Fetch.ai ledger, which uses a proof-of-stake consensus mechanism to secure the network and validate transactions.

The Fetch.ai platform enables the creation of autonomous agents, which are AI-based software programs that can perform tasks on behalf of their owners. These agents can interact with each other, with other devices, and with the real world, making it possible to create complex systems that can operate autonomously. For example, an agent could be programmed to book a hotel room, arrange for transportation, and provide recommendations for activities to do during a vacation.

Autonomous agents on the Fetch.ai platform are built using a combination of machine learning, natural language processing, and other AI technologies.

They are designed to be highly flexible and adaptable, making it possible to use them in a wide variety of applications. Fetch.ai also provides a marketplace where users can buy and sell autonomous agents, as well as a development platform that makes it easy to create new agents from scratch.

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One of the key benefits of the Fetch.ai platform is that it enables the creation of decentralized marketplaces. These marketplaces can be used to buy and sell goods and services without the need for intermediaries. For example, an autonomous agent could be programmed to buy and sell electricity on a decentralized energy marketplace. The agent could automatically adjust its buying and selling prices based on market conditions, making it possible to create a more efficient and cost-effective energy market.

Another application of the Fetch.ai platform is in the field of transportation. Autonomous agents can be used to optimize traffic flow, reduce congestion, and improve overall transportation efficiency. For example, an agent could be programmed to manage traffic lights in a busy intersection, adjusting the timing of the lights based on real-time traffic data to reduce congestion and improve traffic flow.

The Fetch.ai platform also has potential applications in the field of finance. Autonomous agents can be used to automate various financial processes, such as loan origination, credit scoring, and investment management. For example, an agent could be programmed to analyze credit scores and other financial data to determine whether a loan application should be approved or denied.

Fetch.ai has also partnered with various academic institutions and government agencies to explore the use of autonomous agents in areas such as healthcare, logistics, and supply chain management. For example, an autonomous agent could be used to track the movement of goods throughout a supply chain, automatically adjusting shipping routes and delivery schedules based on real-time data.

What is FET?

FET: The Native Token of Fetch.ai Ecosystem for Transactions and Staking

FET, the primary medium of exchange within Fetch.ai ecosystem, was initially developed as an ERC-20 token on Ethereum. After the launch of Fetch.ai’s mainnet, a native version of FET was created. FET is used to pay for services, network transaction fees, staking, and block rewards. With a maximum supply of about 3.4 billion tokens, over 818.9 million FET tokens were in circulation as of January 11, 2023, representing 24% of the max supply. Binance Research notes that 17.4% of FET’s max supply is reserved for future releases, while 67% is allocated for founders, foundation, advisors, and token sale.

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Fetch.ai (FET) Price History: From IEO to All-Time High and Market Correction

In March 2019, Fetch.ai launched through an initial exchange offering (IEO) that sold out in a record 10 seconds, raising $6 million. Along with this IEO funding, the project also secured investments from notable venture capital firms in England. Initially priced below $0.01, the token’s value surged to an all-time high of $1.19 in September 2021, propelling its market cap to approximately $700 million. However, the price has since retreated to around $0.25 with a market cap of roughly $225 million.

Fetch.ai’s Competition: Ocean Protocol vs. Tech Giants, While Fetch.ai Focuses on AI Solutions

Although Fetch.ai competes with some of the largest technology and data-collection firms like Google and IBM, the project isn’t directly competing with them yet. Instead, it faces competition from other AI and data-collection projects such as Ocean Protocol, which treats data as a distinct asset class. Ocean Protocol enables users to purchase and sell data through unique ERC-20 tokens, creating a new data market for sought-after or hard-to-find data. Researchers and scientists may also benefit from the immutable data stored on the blockchain, increasing reliability for use in research.

While Ocean Protocol is focused on data marketplaces, Fetch.ai prioritizes AI solutions for real-world use cases. As for their token prices, OCEAN is currently trading at approximately $0.40 with a market cap of roughly $240 million, slightly larger than FET. OCEAN’s all-time high was on April 10, 2021, reaching $1.94 with a market cap of $775 million.

Final Words

Fetch.ai is a decentralized platform that provides AI solutions to individuals, businesses, and other organizations. Its autonomous agent technology enables the creation of complex systems that can operate autonomously, eliminating the need for intermediaries and improving efficiency and cost-effectiveness. With potential applications in transportation, finance, healthcare, logistics, and more, Fetch.ai has the potential to revolutionize the way we conduct business and interact with the world around us.

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