Fetch.ai is a project focused on creating a decentralized network for autonomous economic agents, also known as AEA. These agents can perform various tasks, such as data coordination, transactions, and more, in a decentralized manner. Fetch.ai aims to build a platform that enables the creation of intelligent agents that can autonomously find, communicate, and transact with each other to deliver services.
Fetch.ai has its native cryptocurrency called FET, which is used for various purposes within the Fetch.ai ecosystem, such as paying for services, incentivizing participation, and facilitating transactions between agents.
Fetch.ai was founded by Humayun Sheikh and Thomas Hain. Humayun Sheikh serves as the CEO of Fetch.ai, bringing extensive experience in entrepreneurship and technology. Thomas Hain, on the other hand, is the Chief Science Officer, bringing his expertise in machine learning and artificial intelligence.
The project was officially launched in 2017 with the vision of creating a decentralized infrastructure for autonomous agents to facilitate various economic activities. The team has since been working on developing the technology and expanding the ecosystem.
Fetch.ai has garnered attention for its innovative approach to decentralized AI and machine learning, attracting partnerships and collaborations across various industries.
Fetch.ai is centered around the concept of AEAs, which are autonomous entities capable of interacting with each other and the environment to perform tasks autonomously. These AEAs can represent individuals, businesses, or even IoT devices, enabling a wide range of use cases across different industries.
Fetch.ai is pioneering the integration of AI and machine learning techniques into decentralized networks. This allows for intelligent decision-making and adaptation in real time without the need for centralized control.
Fetch.ai provides a marketplace where AEAs can buy and sell various AI and machine learning services. This creates a dynamic ecosystem where different entities can leverage each other's capabilities to accomplish complex tasks more efficiently.
The Fetch.ai network is designed to be highly scalable and efficient, capable of handling a large number of transactions and interactions between AEAs. This scalability is essential for supporting a wide range of applications and use cases.
Digital twins on the Fetch.ai network represent physical entities such as IoT devices, machines, infrastructure, or even abstract concepts like services or processes.
Digital twins can collect and aggregate data from sensors, IoT devices, or other sources associated with the physical entity they represent. This data can include environmental conditions, operational parameters, performance metrics, and more.
Digital twins leverage AI and machine learning algorithms to analyze the data they collect and make autonomous decisions or take actions in response to changing conditions or predefined criteria. This could involve optimizing operations, predicting maintenance needs, or coordinating with other digital twins to achieve specific goals.
Digital twins can interact with other digital twins, as well as with human users or external systems, to exchange data, negotiate transactions, or collaborate on tasks. This enables dynamic and decentralized coordination between various entities within the Fetch.ai ecosystem.
Digital twins can engage in transactions and exchanges of value, facilitated by smart contracts and blockchain technology. These transactions are recorded on the Fetch.ai blockchain, providing transparency, security, and immutability.
Fetch.ai pursues a hybrid approach to achieve consensus, blending proof-of-stake (PoS) and proof-of-work (PoW) mechanisms. Under this framework, new blocks are generated utilizing a standard PoS protocol, while the transaction sequence is determined by the computational effort expended between consecutive blocks. Each newly minted block yields FET tokens, which are distributed among the node responsible for optimizing the block and the leader who validates it. Additionally, miners and leaders earn transaction fees for their participation.
A portion of the mining rewards, amounting to 15%, is allocated to entities conducting practical on-ledger computations and calculations essential for consensus. This allocation serves to enhance network performance and instill trust among users. As the network's collective intelligence evolves, nodes increasingly derive value from delivering services to agents, and vice versa. This dynamic demand, coupled with the node wealth generated from fulfilling it, directly influences mining rewards.
Furthermore, users have the option to stake FET tokens, receiving incentives from various corners of the Fetch.ai ecosystem for contributing to the robust operation of a diverse and engaged group of validators.
The FET token is the native cryptocurrency of the Fetch.ai platform. It plays a crucial role in enabling the functionality of the platform. The FET token serves as a means of value transfer, enabling transactions between participants in the network. Users can use FET tokens to pay for services, access resources, and participate in various activities within the platform.
Originally, the token debuted on the Ethereum blockchain as an ERC-20 token. Nevertheless, with the launch of the Fetch.ai mainnet, users were granted the option to transition the token to the platform's native network. Consequently, tokens now exist on both Ethereum and Fetch.ai chains, facilitating seamless transfers between the two networks.
FET tokens can be staked by network participants to participate in the consensus mechanism and secure the Fetch.ai blockchain. Validators stake FET tokens as collateral to validate transactions, propose new blocks, and secure the network. In return, they may receive rewards in the form of additional FET tokens.
FET has a total supply of 1,152,997,575 tokens and as of February 19, 2024, the circulating supply is 831,974,710 FET.
The Fetch.ai Mainnet Upgrade, dubbed "Capricorn," introduces significant enhancements to the chain, notably enabling Inter-Blockchain Communication (IBC). This pivotal feature empowers the FET token to be accessible across all IBC-enabled chains that utilize relayers, paving the way for broader adoption and interoperability. In the future, this enhancement opens doors for the FET token to be traded on numerous decentralized exchanges (DEXs) within the Cosmos Ecosystem, with Osmosis Lab emerging as the inaugural platform.
Moreover, with the integration of v1.0.0 CosmWasm VM smart contracts, developers gain the ability to deploy permissionless inter-chain contracts on the Fetch.ai network. This democratizes the development landscape, allowing any developer to create innovative solutions leveraging Fetch.ai's capabilities.
Additionally, the Capricorn upgrade includes a reconciliation process for native FET tokens. This ensures that individuals who failed to withdraw their tokens from the old Ethereum-based staking contract before its deactivation will receive their rightful tokens on the updated network. This measure ensures fairness and continuity for participants in the ecosystem.
Fetch.ai partnered with Binance, one of the world's largest cryptocurrency exchanges, to explore the integration of Fetch.ai's technology into Binance's ecosystem. This partnership aims to leverage Fetch.ai's decentralized AI capabilities for optimizing various aspects of Binance's operations, such as enhancing trading strategies and improving user experience.
Fetch.ai also collaborated with Ocean Protocol, a decentralized data exchange protocol, to explore synergies between their respective platforms. The partnership aims to enable secure and efficient data sharing and monetization, leveraging Fetch.ai's autonomous agents for data discovery, negotiation, and exchange on the Ocean Protocol network.
Fetch.ai is a member of MOBI, a consortium of automotive manufacturers, technology companies, and mobility industry leaders exploring the use of blockchain technology in transportation. Through this collaboration, Fetch.ai aims to contribute its expertise in decentralized AI to develop innovative solutions for mobility-related challenges, such as autonomous vehicle coordination and smart transportation systems.
Fetch.ai collaborates with UCL, a leading research institution, on various research projects related to decentralized AI, blockchain, and autonomous systems. These collaborations involve joint research efforts, academic publications, and knowledge exchange to advance the state-of-the-art in decentralized technologies.
The Average Fees on the Fetch.ai network
Every transaction recorded on the chain incurs a transaction fee, payable in FET tokens. Whether it's a basic transfer, a deployment of a smart contract, a contract invocation, governance actions, or any other type of transaction, all entail this fee. Moreover, the consumption of state and computational resources within the network also carries a fee, proportionate to the extent of resources utilized.
The FET token wallets
FET tokens can be held in many of the popular crypto wallets, such as Meta Mask, Ledger, Exodus, iToken Wallet, iTocken Wallet, Torus, Trust Wallet, etc.
