What is cryptocurrency Fetch.ai (FET) and how does it work?

What is Fetch.ai (FET)?

Fetch.ai is an open-access decentralized machine learning blockchain-based network that was created with the idea to enable the development and growth of the digital economy without human interference. The network connects devices and services to the Internet of Things, but also facilitates the involvement of other agents, such as people.

Fetch.ai creates tools and a suitable infrastructure that can support the development of a decentralized digital economy based on artificial intelligence. The network connects people, devices and services, enabling the sharing of data and cooperation. The Fetch.ai economy is composed of suppliers and consumers, while the economy revolves around different agents and ecosystems with various purposes and use cases.

When it comes to these various use cases, the Fetch.ai dev team emphasizes that the network can revolutionize a great number of industries and sectors. Thanks to the use of AI, Fetch.ai can provide solutions for everyday problems by offering intelligent machine learning and data sharing. Some of the sectors which Fetch.ai can optimize are smart cities, supply chain, transport, smart parking, energy, thermometer agents, smart homes, and collective learning, as well as numerous other use cases.

How Does Fetch.ai Work?

To develop tools and infrastructure for a smart AI-based autonomous economy, the Fetch.ai network uses three main elements: Autonomous Economic Agents, the Open Economic Framework, and the Fetch Smart Ledger. These three components create the entire network, powered by machine learning and AI.

Autonomous Economic Agents represent devices, services, organizations, and individuals and act on their behalf on the network. AEAs are created as digital citizens within the Fetch.ai ecosystem and have the ability to learn from previous mistakes, thus providing more efficient solutions and enhancing the overall performance of systems via AI. Agents are connected to data sources and hardware environments and leverage the predictive nature of the Fetch.ai system.

The Open Economic Framework is the layer of the network that enables connectivity and maximum capacity for interaction between AEAss. The OEF is the layer where all the data and information that agents use are stored and backed by AI. Agents source information from the OEF layer and nodes receive token-based rewards for their mediation between AEAs and the OEF.

The Fetch Smart Ledger is an innovative blockchain-based structure that combines distributed ledger technology and a directed acyclic graph. This is where all transactions on the network are gathered and processed through sharding.

Who Are the Founders of Fetch.ai?

Fetch.ai was developed and created in 2017 by a team based in Cambridge, UK. The project was co-founded by Toby Simpson, Humayun Sheikh, and Thomas Hain. Sheikh is the CEO of the project, Simpson is the COO, and Hain is the Chief Science Officer.

The idea behind the project was to create an autonomous environment that can connect people, organizations, devices, and services through a single network backed by AI and machine learning. Thanks to this innovative combination of different technologies, Fetch.ai offers tools and solutions for various use cases and to improve different industries.

What Makes Fetch.ai Unique?

Fetch.ai is a unique project thanks to the innovative combination of different technologies like DAG, DLT, smart contracts, AI, and machine learning. Its uniqueness comes from the diverse AI-enabled use cases that the project supports. Fetch.ai is one of the rare blockchain-based projects that use AI to enhance solutions within the digital economy that the network represents.

Users can create, deploy, and train agents for various purposes, and develop a digital decentralized economy that grows and develops with the network. Fetch.ai is a multi-utility network thanks to the combination of technologies it uses, so it may find application in various industries and sectors, including smarty cities and smart homes, decentralized finance, supply chain, commodity exchange, autonomous AI-based travel agents, traffic congestion, train systems, and endless other options.

What Gives Fetch.ai Value?

The intrinsic value of Fetch.ai is derived from its technology, technical capacity, use cases, and the overall execution of the project through available tools and functions. The intrinsic value of Fetch.ai is also drawn from its multi-purpose native token, FET. FET is used to enable and reward node operators, as well as to unlock all operations on the network. FET also acts as the main payment method on the network.

The intrinsic value and market value of FET often don’t coincide, mostly due to the volatility in the cryptocurrency market that drives frequent trend reversals. The price of FET is susceptible to radical changes that may push the value to spike or dip within a relatively short time frame. The value of FET is also decided by the rate of use.

How Many Fetch.ai (FET) Coins Are in Circulation?

There are currently FET. Fetch.ai has a limited supply of tokens like Bitcoin and many other cryptocurrencies. The limited supply makes FET a scarce asset and prevents tokens from being devalued by inflation.

The number of FET coins in circulation multiplied by the current price of FET in the market equals the market cap of Fetch.ai. The market cap defines the rank of FET in comparison with other cryptocurrencies in the market and also determines its market share and dominance.

Other Technical Data

The third element of the Fetch.ai system, the Fetch Smart Ledger, is the layer which monitors the functions of agents on the network. The centerpiece of the system is the native token FET, used for registering on the network, as the main payment method, and as an incentive for node operators.

The FET token is the only means of value exchange on the network that powers the AI-backed machine learning platform. FET is also staked for the security of the network, and by staking FET, users can use all network tools and features. Originally, FET was issued as an ERC-20 token but was later transformed into a native token with the mainnet launch.

Fetch.ai FET

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Ethereum ETH

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How is the Fetch.ai Network Secured?

Fetch.ai is secured through a version of Proof of Stake based on Cosmos’ Tendermint consensus mechanism in combination with AI and DAG. The network also uses differential privacy to protect the privacy of users while keeping the platform decentralized and transparent. The Fetch.ai network uses cryptography and game theory for a consensus mechanism free of censorship.

The combination of the PoS protocol and other technologies secures connections and communication on the network, while the nodes are in charge of validating transactions on the ledger.

How to Use Fetch.ai?

Fetch.ai is an AI-backed blockchain environment that helps users create a decentralized digital economy within a single ledger. Users can create agents that act on the behalf of individuals, organizations, devices, and services. All these agents are connected and can make transactions and communicate with one another.

FET and Fetch.ai are used to revolutionize and enhance a multitude of diverse industries and sectors by utilizing AI and the capacity of agents to improve and learn from past mistakes. Fetch.ai’s technology is relevant for a great number of industries, which include the popular sector of decentralized finance, supply chain, transport and mobility, electric vehicle infrastructure, train systems, and other industries.

How to Choose a Fetch.ai Wallet?

There are also plenty of places you could store your FET and the type of wallet you choose will likely depend on what you want to use it for and how much you need to store.

Hardware wallets or cold wallets like Ledger or Trezor provide the most secure option for storing cryptocurrencies with offline storage and backup. However, they can require more technical knowledge and are a more expensive option. As such, they may be better suited to storing larger amounts of FET for more experienced users.

Software wallets provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider. Non-custodial wallets make use of secure elements on your device to store the private keys. While convenient, they are seen as less secure than hardware wallets and may be better suited to smaller amounts of FET or more novice users.

Online wallets or web wallets are also free and easy to use, and accessible from multiple devices using a web browser. They are, however, considered hot wallets and can be less secure than hardware or software alternatives. As you are likely trusting the platform to manage your FET, you should select a reputable service with a track record in security and custody. As such, they are most suited for holding smaller amounts of cryptocurrencies or for those making more frequent trades.

Kriptomat offers a secure storage solution, allowing you to both store and trade your FET tokens without hassle. Storing your FET with Kriptomat provides you with enterprise-grade security and user-friendly functionality.

Buying and selling FET, or trading it for any other cryptocurrency, is done in mere moments when you choose our secure platform as your storage solution.

Fetch.ai Proof of Stake

Although the Fetch.ai testnet ran on the Proof of Work consensus mechanism, the current network uses an improved version of Proof of Stake based on the Cosmos Tendermint implementation. Fetch.ai’s version is called slot Proof of Stake and places a restriction on the number of nodes that can operate on the network. sPOS also reduces the computational burden of consensus and enables smaller investors to participate by delegating their stake to validators. Block-producing nodes are selected by a Decentralized Random Beacon, providing smart contract applications with strong pseudorandomness while defending the protocol against distributed denial of service attacks. Another improvement over traditional PoS is the use of compact multi-signatures, which mean new nodes can sync to the network quicker and storage costs are lower.

A Glimpse of the Future

Fetch.ai is an innovative open-access blockchain environment that aims to revolutionize a wide range of industries and sectors by combining AI, machine learning, and DLT. The technology behind the project continues to develop at a fast pace, bringing innovation to different industries and enhancing various sectors and use cases.

Fetch.ai creates a decentralized, democratized economy where users can interact and connect with devices, organizations, services, and other users. It is a unique project that seamlessly connects AI and blockchain technology to provide a new smart digital economy.

Join the crypto revolution and start your Fetch.ai journey today!

Fetch.ai FAQ

What kind of Autonomous Economic Agents can be deployed with Fetch.ai?

The potential use cases of this technology are endless, but types of agents already in development include delivery agents, which can deliver anything across the world as part of a decentralized delivery network. Autonomous AI travel agents provide an alternative way to make travel bookings without the need for centralized aggregators or services. Also, Munich is trialing a multi-agent blockchain-based smart city system. This can optimize activities such as parking your car, thereby reducing the city’s carbon footprint.

What are the benefits of staking FET?

Staking helps secure the network by enabling validation nodes and services. Those who stake their FET are rewarded with a variable interest rate of 10% annually and have the opportunity to get involved with MTLX, ATMX, and any other Fetch.ai network tokens that become available in the future.

How to buy Fetch.ai?

Buying FET is as easy as visiting Kriptomat’s how to buy Fetch.ai page and choosing your preferred method of payment.

How to sell Fetch.ai?

If you already own FET and hold it in a Kriptomat exchange wallet, you can easily sell it by navigating the interface and choosing your desired payment option.

Fetch.ai Price

Fetch.ai price is in constant flux and is subject to radical and frequent changes in the market of cryptocurrencies. These dramatic changes are caused by volatility and other specific factors that influence the market value of Fetch.ai. You can check live FET prices on Kriptomat.

As well as traditional factors such as market sentiment, the flow of assets on exchanges, and the economy in general, the price of FET is also influenced by the amount of tokens being staked and the number of AEAs being deployed and trained on the network.

The current Fetch.ai price is EUR.

The 24-hour trading volume of FET is EUR. FET is currently ranked of all cryptocurrencies by total market capitalization, with a market cap of EUR. It has a circulating supply of FET.

Register now to begin your journey into the world of Fetch.ai and cryptocurrencies with with Kriptomat!

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