Fetch.ai (FET): Towards The AI Future

Since the advent of technology, life has changed for the universe as innovations continue to enter the world. One such notable entrant into the tech space is blockchain which allows for speedy, private, transparent and visible peer-to-peer transactions on the web.

Another trailblazing technology that continues to change the world as we know it is artificial intelligence (AI). Through AI, machines can simulate human problem-solving intelligent behavior to enable multitasking, reduction of human error, better productivity and much more.

Enter Fetch.ai.

As a network, Fetch.ai seeks to combine these two disruptive technologies to open up the world to a highly efficient, decentralized, autonomous economy.

How? Let’s find out. 

What is Fetch.ai?

Fetch.ai (FET) is an open and permissionless network leveraging AI to create a decentralized machine-learning system that can execute tasks on the blockchain. Fetch.ai is basically an AI network for blockchains. 

As an interchain protocol,  Fetch.ai provides an open market decentralized framework that harnesses the power of AI to implement peer-to-peer automated applications without human interference.

Launched in February 2019 through an Initial Exchange Offering (IEO) on Binance Launchpad, Fetch.ai seeks to connect devices autonomously and provide an infrastructure for the operation of Internet of Things services through the exchange of data.

By incorporating innovative technologies such as Directed Acyclic Graph (DAG) and smart contracts, Fetch.ai aims to provide a unique value proposition for a wide range of users such as developers, financial service providers and many other economic players. 

Fetch.ai’s ecosystem is powered by FET which is the network’s native cryptocurrency and also an ERC-20 token.  

How Fetch.ai Works

Since Fetch.ai is a multi-utility network, it combines a 3-pillar framework consisting of Autonomous Economic Agents, an Open Economic Framework, and Smart Ledgers.

The Fetch.ai ecosystem uses a principle of AI known as Multi-Agent Systems (MAS) which allows agents to work in harmony despite being heterogeneous. An agent is a part of the software that represents an entity, and through its autonomy, it can operate independently (without its owner’s influence) and continuously make decisions on its behalf. 

Source: Fetch.ai

Utilizing the efficient tools and resources that Fetch.ai avails, developers can build, train and deploy an agent for various purposes. But just like humans, despite their self-interest, the agents can find ways to co-exist and cooperate with each other.

What makes agents unique compared to other protocols like smart contracts, is that they can react to environmental changes and make proactive decisions to reach their goals. 

Since all agents have different capabilities, their interaction allows them to tap into the available resources to help them achieve their owner’s goals. As such, Fetch.ai provides the tools and technology needed by sectors such as decentralized finance (DeFi). 

Autonomous Economic Agents (AEAs)

Critical to the AI-based operation of Fetch.ai are Autonomous Economic Agents (AEAs). An AEA is an independent agent acting on behalf of an individual, organization or any other entity whose primary goal is to generate economic value for its owner.

The agent-based model of the AEA framework provides solutions to real-world problems. In the short term, AEAs can be deployed to get rid of repetitive tasks, facilitate micro-transactions and even simplify interactions with web3 wallets. 

However, the AEAs require support to properly execute their tasks to achieve their economic goals. That’s where the Open Economic Framework and a Smart Ledger come in.

Source: Medium

Open Economic Framework (OEF)

The Open Economic Framework (OEF) contains protocols, languages and market mechanisms that facilitate communication and exchange of information between agents. Put simply, OEF provides a decentralized virtual environment that supports APIs for AEAs.

Source: Fetch.ai

Smart Ledger

The Fetch Smart Ledger, which is the Fetch.ai mainnet, is a new form of smart contract-enabled ledger that consists of blockchain elements of Distributed Ledger Technologies (DLTs). It contains built-in AI based on notarized DAG technology that supports millions of economic agents and logs all transactions made on the blockchain. 

All of the data transactions are optimized to be faster and cheaper with a sharded ledger design that allows for cross-chain transactions to be executed in parallel through resource lanes. In its testnet, FET holders can participate as validators and operate nodes to help secure the network. 

Source: etch-docs.fetch.ai

Fetch.ai Ecosystem

The multi-agent systems on Fetch.ai are designed for multi-stakeholder environments. 

Some of the main systems that facilitate entities to achieve their goals using Fetch.ai are:

Axim

Axim helps businesses to gain quality insights that translate to better business decisions by integrating machine learning models across data sets. With enhanced edge analytics, users can identify hidden patterns, make real-time decisions and improve operations.

Data privacy is paramount and Axim guarantees state-of-the-art privacy-preserving techniques by providing full user control.

DabbaFlow

DabbaFlow is a combination of blockchain and proxy re-encryption technologies that allows users to safely share files and have complete control and visibility over their data-sharing process. It’s the go-to for advanced data security and privacy. DabbaFlow promotes the decentralization of encrypted data and the information is only made available to the intended recipients.

CoLearn

CoLearn is a collective learning system that enables stakeholders to participate in machine learning model collaborations. The building and training of these AI models do not require sharing of underlying data. And with DabbaFlow encryption, data security is guaranteed. The building of such powerful AI models helps businesses to gain valuable insights from confidential data without compromising security. 

What is FET Token?

FET is Fetch.ai’s multi-purpose native token and is used as the key medium of exchange on the platform. FET is used to pay for Fetch.ai services, deploy AI agents and network transaction fees. Users can also stake FET for a chance to participate in ecosystem security through its proof of stake (PoS) mechanism on the Fetch.ai Ledger to earn rewards. You can use the official Fetch Wallet to stake FET in the Fetch Ledger. 

While initially issued as ERC-20 tokens on the Ethereum network, the team at Fetch.ai had a bigger vision of launching a mainnet that would provide the scalability that Fetch.ai applications require. Thus came the launch of the Fetch.ai Mainnet on Mar 31, 2021.

While the ERC-20 tokens are still in circulation, with the Fetch Network set up, users can now use the native tokens to procure services from Fetch.ai. Its upgrade to Mainnet 2.0 in April 2021 also allows users to bridge FET to ETH.

Fetch.ai Crypto Price Prediction

The strategic integration of artificial intelligence with blockchain opens up Fetch.ai to limitless opportunities in many industries. As many enterprises and organizations transition into web3, Fetch.ai will provide a framework to facilitate the adoption of relevant applications.

FET token entered the market through an IEO at $0.0867 in February 2019. Upon getting listed, its price dropped sharply from $0.35 in the first week of March 2019 to find support at slightly below $0.10 in mid-May 2019. 

After a slight price correction, FET price slid further down for many months and touched a low of $0.01 in March 2020. However, 2021 was a good year for FET. The token opened the year at around $0.08 in January but by the end of March, FET had pumped by over 10X to trade at $0.82. The pump was in line with the network’s mainnet launch at the end of March 2021.

FET price corrected in the following weeks after the massive pump and found support around $0.18 in June. Shortly after, FET experienced another price rally that lasted for months and climaxed at its highest price so far of $1.17 on Sep 8, 2021. 

Since then, the token’s price has gradually declined to fall below $0.10 by September 2022. However, FET started pumping from early December 2022 following an increased trading volume with the release of the Fetch Wallet. FET price now stands at $0.24, with a market cap of $252,450,736 (as of Jan 16, 2023).

Source: CoinGecko

PricePrediction.net is bullish on FET’s price and forecasts that it could hit a maximum of $0.94 by 2026 and grow significantly to $4.26 by 2030.DigitalCoinPrice is also bullish on FET, predicting it to cross $1 by 2026 and reach $2.43 by 2030.

However,experts at Wallet Investor are a little less optimistic about the Fetch.ai price and predict a maximum price of $0.0375 by end of 2026. 

Is Fetch.ai a Good Investment?

The AI-based model of Fetch.ai is relevant to the technological revolution taking place as it combines blockchain and artificial intelligence, two emerging technologies that look set to shape our future. As more companies embrace the web3 movement, the architectural framework developed by Fetch.ai provides a good foundation for businesses to easily build relevant applications in line with consumer demands through machine learning. 

That said, it’s important to note that the crypto market is a highly volatile market. We always advise you to do your own research before investing in any crypto asset. 

Where To Buy FET Crypto Token

FET is available on leading crypto exchanges such as Bybit. You can buy FET on Bybit by creating an account on the platform and funding it with USDT. Once funded, you can trade the FETUSDT Perpetual contract on Bybit’s intuitive trading terminal.

Closing Thoughts

The automation and AI capabilities of the Fetch.ai network provide real-world solutions to all kinds of challenges as industries such as healthcare, manufacturing and financial services shift toward digitalization. 

Through the use of the MAS, Fetch.ai has created a machine-powered ecosystem operating in a decentralized virtual economy. The project is one to watch as it continues to disrupt different sectors through both AI technology and blockchain.