Fetch.AI

What is Fetch.ai (FET)?

Fetch.ai is an interchain protocol based on the Cosmos SDK aiming to build the infrastructure required for modern, decentralized, peer-to-peer applications free from centralized rent-seeking.

Providing open-source software tools and a highly interoperable network, Fetch.ai allows users to harness the power of AI and automation and carry out complex tasks in the digital economy.

A layer 1 blockchain that uses a high-performance WASM-based smart contract language called CosmWasm, Fetch.ai lets anyone build and deploy AI services at scale, anytime, and anywhere.

When was Fetch.ai Launched?

Fetch was founded in 2017 and launched via an Initial Exchange Offering on the Binance Launchpad platform in March 2019.

Who are the Founders of Fetch.ai?

Fetch was founded by Humayun Sheikh, Toby Simpson, and Thomas Hain. Sheikh is the CEO of the project and founded projects like Mettalex, uVue, and itzMe.

Simpson was formerly CTO at Ososim Limited and Head of Software Design at DeepMind before founding Fetch.ai and becoming its COO. Meanwhile, Hain co-founded Koemei before becoming Chief Science Officer at Fetch.ai.

How Does Fetch.ai Work?

Fetch.ai is an autonomous machine-to-machine ecosystem. Within it, Fetch.ai agents work as a network of independent parties and interact with each other directly via the blockchain network.

To perform their tasks, agents connect and negotiate with one another autonomously. This requires no user input, removing the reliance on intermediaries and reducing costs.

Any resulting agreements between agents are then recorded on the Fetch.ai blockchain using the FET token. Any services provided by agents are paid for with FET as a medium of exchange.

This near-autonomous system integrates the multiple facets of a dynamic network and integrates and uses machine learning and AI in decision-making. It attempts to develop an institutional internet that can digitally represent an economy’s moving parts.

Fetch aims to break down silos within organizations by creating new revenue streams for vendors, customers, partner divisions, and partner organizations. Its reward system remunerates stakeholders to contribute to an organization’s models, helping enterprises improve their products and service offerings.

What makes Fetch.ai Unique?

Built using the Cosmos SDK, Fetch.ai takes advantage of IBC to integrate itself into one of the industry’s widest ecosystems of blockchain projects. This brings interoperability to the fore, and FET tokens can be used throughout Cosmos, including on DEX platforms like Osmosis.

Fetch.ai also offers a fast, secure blockchain platform supporting Cosmwasm smart contracts. In addition, its decentralized layer based on IPFS enables the sharing of machine learning weights between all involved learners.

How is the Fetch.ai Network Secured?

Fetch.ai establishes consensus and security using a mix of proof-of-stake (PoS) and a protocol called the Open Economic Framework (OEF).

PoS creates new blocks for the Fetch.ai blockchain, directed by a directed acyclic graph. The blockchain notarizes the DAG, eliminating the requirement for a coordinator. Instead, a leader is elected each block epoch, and processing nodes are incentivized with rewards.

OEF, meanwhile, delivers services to agents at the second layer. These agents use OEF to locate and communicate with other agents on the network.

What is the Use of FET?

The FET token is a digital currency that serves as the primary medium of exchange within the Fetch.ai network and ecosystem. To use and pay for Fetch.ai services, you need to use the FET cryptocurrency.

FET can also be used for staking, with token holders able to delegate FET to validators in order to earn a share of their rewards and help secure the network.

How Much FET is In Circulation?

The FET token has a circulating supply of over 815 million, while its maximum supply is just over 1.1 billion FET.

The FET token was initially issued as an ERC-20 token on the Ethereum blockchain as part of a token generation event. This saw over 1.1 billion FET tokens being used by Fetch.AI Foundation Pte Ltd, a Singapore-incorporated firm. These tokens were then converted to native FET tokens following the mainnet launch.

If you want to convert ERC-20 FET to native FET tokens or vice versa, the Fetch.ai website has a detailed tutorial on how to do so.

How Do You Buy FET?

You can buy FET on a variety of centralized and decentralized exchanges. For example, ERC-20 FET is available on Ethereum-based DEX platforms like Uniswap, while Cosmos DEXs like Osmosis offers native FET tokens.

How Do You Store FET?

The best place to store FET tokens is with the official Fetch wallet, which supports other Cosmos-based networks in addition to the Fetch.ai blockchain.

The Fetch wallet includes encrypted messaging, token transfers via the IBC protocol, staking on the Fetch ledger and other chains, and recovery of native accounts migrated with the previous Ethereum accounts used to stake ERC-20 FET tokens.

Is FET a Good Investment?

Fetch.ai attempts to automate an infinite number of marketplaces that currently require manual interaction. This shift from manual to automated at scale is what Fetch.ai envisions, alongside a society wherein everyone owns a slew of economic agents.

While the benefits and potential opportunities offered by AI are still not fully understood, Fetch.ai leads a raft of discovery into this unknown, attempting to deploy machines toward answering today’s most pressing questions.

The scope of AI is broad, perhaps just the tip of the iceberg, and the field remains in its infancy. While the current fad of applying AI to tasks it is unsuitable for may pass, such as creativity-oriented fields like art and text, Fetch.ai is leading the push of AI into areas it may truly have value in.