What Is Fetch.ai (FET)?

Fetch.ai is a blockchain-based artificial intelligence (AI) and machine learning (ML) platform. Fetch.ai seeks to provide AI platforms and services that allow anybody to build and deploy AI at scale, at any time, and from any location. The platform aims to be a decentralized digital model of the actual world in which autonomous software agents conduct productive economic activities. This implies that users can utilize the Fetch.ai platform to accomplish tasks such as distributing data or offering services and be compensated with digital currency in Fetch tokens (FET) for their efforts. In simpler words, Fetch.ai is a platform that aims to connect devices and enable the creation of markets to add value to the data.

According to the website, Fetch.ai aims to make truly autonomous decisions. This autonomy is achieved with a decentralized network that supports an ecosystem of various “agents” that seek, negotiate, and trade in an economic internet. The platform defines an autonomous economic agent (AEAs) as an intelligent agent (a Python-based development suite) functioning on behalf of its owner, with minimal or no intervention, to generate economic value for its owner.

In addition, Fetch.ai aims to link agents with value and users who need that value. These agents are digital entities representing data, service, hardware, individuals, or infrastructure elements. They make the decision for themselves as well as individuals, enterprises, governments, and many other stakeholders. Accordingly, the platform states that users can digitize themselves or their businesses by claiming a “digital twin,” as Fetch.ai refers to them. The digital twin is a personal agent who tries to improve users’ lives. To automate decision-making and regular chores, the agent learns from the user and their close connections.

Further, Fetch.ai aims to solve one of the major problems existing in the data industry at present: data can’t sell itself. Using Fetch.ai, it is possible. In an environment that is continually reorganizing to make tasks as easy as possible, data is able to aggressively take advantage of every opportunity to exploit itself in any marketplace. Internet of Things (IoT) utilized by Fetch.ai enables utilization of available short-term opportunities to sell the information they possess in existing as well as novel information services markets. For instance, by simply relaying the activity of a windshield wiper and the washer activity, an agent in a vehicle is able to provide road and weather conditions. 

The Fetch token, denoted as FET, is an ERC20 token. This token is a primary source of value exchange on the Fetch.ai network. The FET token aims to function as an essential element for all network exchanges. FET can be utilized for staking and as a mechanism for returning value to network participants.

History of Fetch.ai (FET)

Fetch.ai was cofounded by Humayun Sheik, Toby Simpson, and Thomas Hain in 2018. This privately owned company is headquartered in the United Kingdom and is backed by various venture capitalists. Sheik is the CEO and one of the board members. Simpson is the COO, and Ward is the CTO. Fetch.ai published its ledger code in the late summer of 2018 and deployed a private test network with several hundred nodes in the fourth quarter that year. The platform launched the mainnet on March 31, 2021.

How Are FET Tokens Created?

To achieve consensus, Fetch.ai aims to employ a hybrid of proof-of-stake (PoS) and proof-of-work (PoW) mechanisms. Further, new blocks are created using a standard PoS protocol, with the transaction order defined by the work done between two blocks. Each new block created generates FET tokens and then divides them among the node that optimized the block and the leader who approved it. The miners and the leaders also earn fees from transactions.

Mining rewards of 15% are distributed to those who perform practical on-ledger computing and calculations for consensus in order to optimize performance and generate trust for the network users. As the network’s collective intelligence increases, nodes seek to derive the majority of their value from delivering services to agents and vice versa. This demand and the node wealth created by fulfilling it have a direct impact on mining rewards. Furthermore, users may also stakeFET tokens and receive incentives from across the Fetch.ai ecosystem for assisting in the functioning of a broad and active collection of validators. 

How Many FET Tokens Are Available in the Market?

The Fetch.ai platform reports a maximum total supply of 1,152,997,575 FET tokens.

How to Buy the FET Tokens

There are many options to buy FET tokens, including on Coinbase's centralized exchange.