Fetch.ai (FET) is a decentralized, open-access machine learning network built on blockchain technology, designed to foster the growth of a digital economy without human intervention. This innovative network aims to connect devices, services, and individuals to the Internet of Things (IoT), facilitating seamless data sharing and collaboration. At the heart of Fetch.ai's digital economy are suppliers and consumers interacting within a dynamic ecosystem of agents and ecosystems tailored for various purposes and use cases. The live Fetch.ai to GBP conversion is £
0.6577.
Launched in 2017 by a team based in Cambridge, UK, Fetch.ai was co-founded by Toby Simpson, Humayun Sheikh, and Thomas Hain. The project's vision is to create an autonomous environment that seamlessly connects people, organizations, devices, and services through AI and machine learning. This unique blend of technologies enables Fetch.ai to offer solutions across a wide range of industries, including smart cities, supply chains, transport, energy, and decentralized finance, among others.
Fetch.ai operates using three core components: Autonomous Economic Agents (AEAs), the Open Economic Framework (OEF), and the Fetch Smart Ledger. AEAs act on behalf of devices, services, organizations, and individuals within the Fetch.ai ecosystem, learning from past actions to enhance system efficiency through AI. These agents are connected to data sources and hardware, utilizing the predictive capabilities of the Fetch.ai system. The OEF serves as the network layer where data and information are stored, facilitating interaction between AEAs, while the Fetch Smart Ledger, a combination of distributed ledger technology and a directed acyclic graph, processes transactions through sharding.
The network's unique proposition lies in its integration of DAG, DLT, smart contracts, AI, and machine learning, supporting a diverse range of AI-enabled use cases. Fetch.ai stands out as one of the few blockchain projects leveraging AI to improve solutions within the digital economy it represents. Users can create, deploy, and train agents for various purposes, fostering a decentralized digital economy that evolves alongside the network.
The intrinsic value of Fetch.ai is derived from its technology, technical capacity, use cases, and the execution of the project. The FET crypto token, central to the Fetch.ai ecosystem, is used for node operator incentives, as the primary payment method on the network, and to facilitate all operations within the network. Despite market volatility, the demand for FET is influenced by the network's usage rate.
Fetch.ai has a finite supply of tokens, similar to Bitcoin and other cryptocurrencies, which prevents devaluation by inflation. The total supply of FET crypto tokensis capped, making it a scarce asset. The market cap of Fetch.ai, determined by the circulating supply of FET multiplied by its current market price, ranks the cryptocurrency in comparison to its peers and indicates its market share and dominance. The current price of 1 FET in GBP is £
0.6577.
Secured through a variant of Proof of Stake based on Cosmos' Tendermint consensus mechanism, alongside AI and DAG technologies, Fetch.ai employs differential privacy and cryptography to maintain user privacy while ensuring decentralization and transparency. The network's security is further enhanced by the nodes responsible for validating transactions on the ledger.
Fetch.ai enables the creation of a decentralized digital economy where users can develop agents that represent individuals, organizations, devices, and services. These agents can transact and communicate within the network, leveraging AI to revolutionize and enhance various industries. From decentralized finance to supply chain management and beyond, Fetch.ai's technology holds the potential to significantly impact a wide array of sectors.
