What is Fetch.ai (FET)?
Fetch ai is an Ethereum based decentralized project that aims to provide users with AI-based machine-learning platform to automate their daily tasks. In the 21st century, as the IOT technology has widely spread in real life, data is collected using the Internet of Things in various ways. The information collected in this method is used in each field, and the addition of machine learning and artificial intelligence has had a synergistic effect.
Fetch.ai enables users to create, deploy, and link smart agents for the automation of Web3 systems and the transformation of business models. Via their technology, users may build open services utilizing both AI and automation within a variety of sectors like finance, supply chain, predictions, and travel.
The Genesis of Fetch.ai
Fetch.ai, an artificial intelligence lab developing the same name platform, was formed in 2017, but didn’t launch until two years later in March 2019 through IEO on Binance. The following year, in January 2020, its mainnet went live. The Cambridge-based AI lab then started developing AI for blockchains.
According to data available online, Fetch.ai was co-founded by a group of friends, Thomas Hain, Toby Simpson, and Humayun Sheikh. Humayun is also serving as CEO of the platform and has lots of experience in software engineering and investment. As an investor, he made a lot of profit in the steel industry and was also one of the early investors in DeepMind which later was acquired by Google.
The Vision Behind Fetch.ai
The vision of the Fetch Network has always been to reinvent how we go about our daily lives and work by allowing various agents to predict, learn, and undertake compelling tasks within the real world.
Core Technologies Behind Fetch.ai
Here, we will be looking at some of the core technologies underlying this network’s functionality, including the AEAs, the OEF, and the Fetch Smart Ledger.
Autonomous Economic Agents (AEAs)
AEAs, standing for autonomous economic agents, are intelligent agents that can act on their owners’ behalf with no or limited interference, the goal of which is to produce economic value for the owners.
The Open Economic Framework (OEF)
The OEF is an infrastructure that links the agents within the network. It offers a decentralized marketplace through which agents may discover one another, access various services, and trade data. It even comes with a search engine, allowing agents to search for relevant information or opportunities in the network.
The Fetch Smart Ledger
A ledger is used to describe a distributed or decentralized virtual book that can record every transaction throughout a network.
In such a context, the Fetch Smart Ledger constitutes the underlying structure for several decentralized contracts and applications.
How Does Fetch.ai Work?
Here, we will be looking at what exactly makes the platform work, namely the interaction of the AEAs and OEF, along with the exact role played by the smart ledger.
The Interaction of AEAs and OEF
As we alluded to earlier, the OEF is the Fetch Network’s layer where the connectivity and capacity for engagement between the AEAs take place. Information or data can be backed up or stored within the OEF. AEAs can then retrieve data from the OEF so that they can execute the tasks required.
The Role of Smart Ledger
Moreover, the ledger also uses FET, the network’s native token, which is utilized for numerous activities in the network, such as staking and transactional fees. It even facilitates features like multi-signature keys, enabling users to manage keys in several distinct configurations.
Use Cases of Fetch.ai
Within this section, we will be looking at some of the use cases that this platform may come with, within the real world, that is.
Decentralized Finance (DeFi)
As far as DeFi is concerned, Fetch.ai has already developed numerous DeFi applications that utilize its native tokens to offer users improved trading services, risk management, and liquidity provisions. Botswap.fi and Mettalex are some of the more popular examples of this.
Supply Chain and Logistics
As for the blockchain element, the platform also considers it to be a unique solution to many of the problems caused by centralization, which is why the network believes that there is potential in its ability to competently address issues currently faced by supply chains.
Smart Cities and Infrastructure
Transportation and energy are integral to the functionality or construction of what’s known as a smart city. To that end, it has already partnered up with multiple firms to enhance travel and mobility, along with reducing energy consumption through its FET tokens. Examples include Datarella, Mobix, Bosch, and EnergiMine.
The Community and Ecosystem
Within this section, we will be focusing more on the ecosystem that it has managed to foster for itself, namely the partnerships and collaborations it has made, and more.
The Fetch.ai Foundation
The Fetch.ai Foundation, located in the Netherlands, is a non-profit business governed and founded by representatives from Bosch and Fetch.ai.
Partnerships and Collaborations
Fetch.ai, as highlighted earlier, partners with several firms in its efforts to advance inventive technology and make a positive impact on the day-to-day lives of the masses. Besides the partnerships we mentioned previously, it has partnered up with the likes of ZoidPay, Cudo, Ocean Protocol, and Algbra, among various others.
Challenges and Controversies
As with anything nowadays, there will be a few challenges to consider or take note of that could potentially hamper the experience.
Scalability and Performance
Among the various challenges lurking behind all those computations and algorithms is the rapidly rising demand for more processing power. With AI models growing in complexity, the need for strong computing power is increasing as well, stretching current hardware capabilities to their limits, which can make scaling such systems even more difficult. And this is applicable here as well, since AI is such an integral aspect of this network.
Security and Privacy
This would be where we mention that just this year, the platform’s Discord server got hacked because of unauthorized access. According to its own statement in August of this year, a malicious person had gained unauthorized access via an admin account that went by the username “Atari_buzz1kLL.”
While the firm did warn its users to proceed with caution, it did not give any specifics about how such an attack even happened or the steps that it would be taking to improve security on its end to avoid such mishaps later on.
The FET Token
We will now be directing some of the attention to its native token itself and looking at some of the roles it plays within its ecosystem.
Roles and Utility
For instance, it is used within governance, in staking, as a means to pay for the fees or services found within the ecosystem, and as a way to incentivize growth and innovation on the platform.
The Economics Behind FET
As far as the economics go, the token maximum and total supply are over 1.1 billion tokens, with the circulating supply a bit close to that number. As for price, it is currently valued at $0.38, and its market capitalization is well over $400 million, with a fully diluted valuation of more than $440 million and a daily trading volume of over $100 million.
How to Acquire FET Tokens on Binance
If you have an interest in its native token, then we’ll explain how you can buy it on Binance.
Getting Started on Binance
To create an account on the Binance exchange, click on the link below, which will take you to the registration page, using a special Coin-Labs referral code. Once there, fill in what’s required of you, such as your email address, password, etc.
Verifying Your Binance Account
Following registration, verifying your account should come next, and that can be done on its verification page. Once there, you will need to add some personal details surrounding your identity and then prove that through documentation, like utility bills, bank statements, etc.
Setting Up Two-Factor Authentication (2FA)
To amplify your account’s security, you may set up 2FA authentication here, and that can be carried out on its security page, where you’ll have to follow the instructions that Binance will provide to complete the setup.
Depositing Funds on Binance
To fund your account, go to its deposit page, select a token you feel like depositing, and choose a network that supports that token. A deposit address will then be generated. Paste that on an external platform and wait for it to arrive after confirming the transfer from there.
Buying FET Tokens on Binance
After making that deposit, you can now buy some FET tokens through the multiple options Binance provides, including spot, futures, P2P, covert, and more. Pick a method that suits you and place your order.
Storing Your FET Tokens
After buying some FET tokens, you can withdraw or store them safely in your wallet through its withdrawal page. So head there, select the FET token, then network again, and paste your wallet’s address within the withdrawal field.
Future of Fetch.ai
What does the future hold for this platform as a whole? Let’s delve into such prospects briefly below.
As with any Fetch.ai roadmap, the one for this year or the next will cover a variety of aspects within the project, not leaving any stone unturned when it comes to improvements.
Upcoming Projects and Updates
Upcoming features or updates will therefore include various improvements for its ecosystem as a whole, including enhancements to the Fetch Station Explorer, the Fetch Wallet, and the release of even more protocol integrations, along with the launch of several distinct ecosystem features.
The Long-term Vision
One of the long-term visions of the project has always been to allow anyone to access the advantages of ML and AI without having to interact with centralized intermediaries or requiring technical expertise.
Fetch.ai is an open-access blockchain environment seeking to revolutionize various sectors or industries by blending certain aspects of ML, AI, and DLT, aka blockchain technology, together. To that end, it has continued to develop its underlying technology and launched various features in the process.
Here are some factors that investors should consider before investing in Fetch.ai.
|Publisher or Developers
|Thomas Hain, Toby Simpson, Humayun Sheikh
|Headquarters (Registration Number)
|Cambridge, United Kingdom
|Published Date (CMC Registration)
Reliability Score of Fetch.ai in 2024
These are indexes mesuring the investment reliability of Fetch.ai conducted by Coin-Labs.com.
|Investment Reliability Rating Items
|Scores and Current Status
|Company Activation Rate
|7.2 / 10.0 CAR
|8.0 / 10.0 CR
|Technology Transparency Rate
|5.5 / 10.0 TTR
|Development Participation Rate
|7.8 / 10.0 DPR
|Listing Status on the World's Top 10 Exchanges
|Listed on 10 Exchanges
|Number of Available Pairs Worldwide
|Market Cap of the Cryptocurrency
|441,605,229 USD (Rank #116)
Here are the price and recent trading volume of Fetch.ai. (Data of 2024-02-25 00:23:00)
|Price and Trading Volume of Fetch.ai
|Price Change 24h
|Price Change 7d
|Trading Volume 24h
|Trading Volume Change 24h
You can check the development status and social media information of Fetch.ai through the links in the table below.
|🌎 Official Website
|📖 White Paper
|🛰️ Source Code (GitHub)
|🎺 Message Board
Where to Buy Fetch.ai
Here are the top ten world crypto exchanges where traders can buy Fetch.ai in 2024.
Frequently Asked Questions
What is the current price of Fetch.ai?
Fetch.ai price today is 1.086 USD. Furthermore, the price of Fetch.ai has fluctuated by -2.72% from 24 hours ago, and by 54.97% from a week ago.
Where is Fetch.ai listed?
Currently, it is listed on a total of 10 among the world top 10 exchanges.
What is the market cap of Fetch.ai now?
Currently, Fetch.ai has a market cap of 441,605,229 USD, which is ranking 116 among cryptocurrencies worldwide.
How much is the trade volume of Fetch.ai?
Currently, 832,183,919 FET coins are circulating through 237 market pairs. As a result, in the last 24 hours, 236,176,176 USD of FET coins were traded in the market.