Fetch.ai is a blockchain ecosystem that leverages artificial intelligence (AI) and automation to provide open-source software tools and decentralized networks. Established in 2017 and officially launched through an Initial Exchange Offering (IEO) on Binance in 2019, Fetch.ai is dedicated to democratizing AI technology. By fostering an open and permissionless network, it enables the use of AI autonomous agents for secure data access and task execution, revolutionizing fields such as decentralized finance (DeFi), healthcare, and transportation.
Fetch.ai’s Vision
Fetch.ai envisions a decentralized world driven by AI, breaking the data monopoly held by major market participants. At the core of the network are Autonomous Economic Agents (AEAs), digital entities capable of autonomously executing transactions on behalf of themselves, devices, or services. These agents are adept at making proactive decisions, utilizing AI to engage in the decision-making process on behalf of Fetch.ai users, which include individuals, companies, and government agencies. AEAs can handle tasks ranging from improving travel arrangements and developing weather models to enhancing supply chain efficiency.
Origins of Fetch.ai
Fetch.ai is a UK-based company headquartered in Cambridge, founded in 2017 by Humayun Sheikh and Toby Simpson. Under the leadership of CEO Sheikh, Fetch.ai aims to create a revolutionary decentralized machine learning network with a cryptoeconomic foundation. Their platform enables users to exchange and share data, as well as build and deploy autonomous software agent programs.
Fetch.ai’s Team
The Fetch.ai development team consists of experts who have graduated from top universities or come from Fortune 500 companies, specializing in AI and algorithm-related fields.
Humayun Sheikh: CEO and co-founder, early investor in DeepMind, founded itzMe in 2014, uVue in 2016, and Fetch.ai in August 2017. In June 2020, he created DEX Mettalex, built using Fetch.ai.
Fetch.ai’s Investment Partners
Fetch.ai collaborates with numerous partners across IoT and AI sectors, including global leading enterprises such as Bosch, Festo, Telekom Innovation Laboratories, Datarella, and Yoti, as well as blockchain projects like IOTA and Conflux. Additionally, they work with healthcare entities like GE Healthcare, Pfizer, and the Poznań Supercomputing and Networking Center. Fetch.ai is also part of several organizations, such as the European Blockchain Alliance (members include Ripple, NEM, Cardano), MOBI (members include BMW, Ford, GM, Accenture, IBM), and Warwick Business School.
Core Technology of Fetch.ai
A key aspect of the Fetch.ai protocol is its combination of Distributed Ledger Technology (DLT), Machine Learning (ML), and trust protocols to create an intelligent-driven agent system. This system enables dynamic, automated, and efficient transaction networks, promoting disintermediation and direct exchanges between economic agents. The Fetch protocol aims to reduce transaction and contract costs and shorten delivery times, opening up potential for emerging markets based on the immediacy and granularity of service delivery.
Key features include:
Autonomous Economic Agent (AEA) Architecture: This distributed intelligent agent architecture is used to build networks of autonomous, collaborative intelligent agents. AEAs are digital entities capable of performing tasks automatically, such as data collection, negotiation, or trading based on their environment and market conditions. AEAs can represent services, individuals, or devices. The core idea is to combine AI and blockchain technology to create a decentralized intelligent economy, achieving intelligent, autonomous, and decentralized economic interactions.
Open Economic Framework (OEF): OEF is a virtual environment where AEAs can search, find, communicate, and trade with each other, providing APIs (both free and paid, using FET tokens) for interaction. For example, AEA code-named 001 has certain data (data provider) and declares it on the network. AEA 002 needs this data for machine learning, finds and purchases it on the network, facilitating trade and subsequent machine learning.
Smart Ledger: Fetch.ai uses a high-speed, scalable blockchain that allows secure, decentralized coordination of numerous transactions and interactions between agents.
Machine Learning and Artificial Intelligence: The platform integrates AI and machine learning technologies to support predictive analytics, decision-making, and intelligent agent behavior.
Fetch.ai Ecosystem Token
The FET token is an integral part of the Fetch.ai ecosystem, serving as the primary medium of exchange to facilitate transactions between agents, agent deployment, and compensation for services provided. As of the latest update, the FET token price is approximately $0.289, with a market cap of around $243,346,673. The 24-hour trading volume is about $30,949,090. Out of a total supply of 1,152,997,575 FET, 840,755,479 FET are in circulation, with a fully diluted market cap of $333,721,434.
The FET token plays a crucial role in the Fetch.ai network, with specific uses and functions including:
Transaction Fees: FET is used to pay transaction fees on the Fetch.ai network, including deploying and executing smart contracts, conducting transactions, and interacting with the network.
Staking: Participants in the Fetch.ai network can stake FET tokens to partake in network security and governance. Staking FET qualifies holders for rewards distributed for helping secure the network, validate transactions, and maintain overall platform integrity.
Access to Resources: FET tokens can be used to access or purchase resources within the Fetch.ai ecosystem, including computational power, data, and other digital assets or services provided by Autonomous Economic Agents (AEAs).
Governance: FET holders may also have governance rights, allowing them to vote on proposals affecting the development and direction of the Fetch.ai network, including protocol changes, network upgrades, and community fund allocations.
Artificial Superintelligence Alliance by Fetch.ai, Ocean Protocol, and SingularityNET
SingularityNET (SNET), the world’s first decentralized AI network, Fetch.ai, a Web3 platform for AI-based economy, and Ocean Protocol, a decentralized data exchange platform for protecting data, have formed the Artificial Superintelligence Alliance.
This alliance is the brainchild of three leaders in decentralized AI. Dr. Ben Goertzel, known as the "Father of AGI," founded SNET, a blockchain-based AI services marketplace and framework. Humayun Sheikh, an early investor in DeepMind, established Fetch.ai, a decentralized multi-agent platform for deploying and commercializing AI applications. Trent McConaghy, an architect of AI software that drives Moore’s Law, founded Ocean Protocol, which offers a seamless platform for data exchange and tokenized data assets trading.
In this alliance, the tokens used by the three networks—$FET, $OCEAN, and $AGIX—will merge into a single $ASI token. This token will be used in the merged decentralized AI network, providing unprecedented scale and capability.
Leadership and Governance
Upon completion of the token merger, the Artificial Superintelligence Alliance Governing Council will be established to oversee and guide the operations of the newly merged token economic network. The alliance will be led by Ben Goertzel, Humayun Sheikh, Bruce Pon, and Trent McConaghy. The development and guidance institutions of the three merging networks—Fetch.ai, Ocean Protocol Foundation, and SNET Foundation—will continue to operate as independent entities but will closely collaborate within the shared $ASI token economic ecosystem and the alliance’s operations.
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