Fetch.ai offers infrastructure in the form of open-source software tools to develop decentralized applications (dApps) that can operate in an interoperable environment across multiple blockchain networks. In addition to interoperability and decentralization, the Fetch.ai offerings let developers harness the power of AI and automation for applications in the digital economy.
The Fetch.AI network interchain protocol is built using the Cosmos SDK and CosmWasm smart contract language. Its design also lets the Fetch Network function as a Layer-1 network for Ethereum while doubling up as an interchain bridge for other blockchain ecosystems.
Its autonomous agent technology lets developers design and launch peer-to-peer, decentralized apps powered by automation and AI, which can be used with or without direct access to an underlying blockchain infrastructure. Fetch.ai’s agents offer modular and reusable code for P2P interactions, while its Decentralized Machine Learning drives a higher level of innovation among the agents.
FET is the native cryptocurrency of the Fetch.AI ecosystem. It functions as the primary medium of exchange within the network, letting users and developers pay for services provided by Fetch.ai. It can also be staked to generate passive income while contributing to securing the Fetch Network.
Fetch.AI consists of several tools and frameworks developers can use to design, deploy, and monetize their dApps and platforms. Fetch.ai offers an autonomous machine-to-machine ecosystem of agents that form a network of independent parties communicating over the blockchain network.
Fetch.ai’s economic agents find, connect, negotiate, and interact with each other in an automated manner with no external user input. This level of automation makes Fetch.ai’s decentralized infrastructure extremely cost-efficient and trustworthy.
Any agreements reached between agents then get recorded into the Fetch.ai blockchain, using the FET token as the native currency to power it. Agents receive payments in $FET digital currency for the services they provide.
Unlike traditional federated learning, Fetch.ai incentivizes a contributory model of operations. This works by breaking down silos, creating new revenue streams, and incentivizing stakeholders to innovate and offer new products and services constantly.
The Fetch.AI platform was founded in 2017 and developed by the artificial intelligence lab Fetch.ai. The decentralized machine learning platform launched via an IEO on Binance in March 2019.
The Fetch.AI network’s mainnet launch took place in January 2020, offering a decentralized, open-source machine learning platform based on distributed ledger technology. Users can leverage the Fetch.AI platform’s secure datasets to access its AI and automation-powered offerings.
Fetch.AI’s mainnet v2.0 launched in March 2021, which included a random beacon integrated with Tendermint for a faster and more secure consensus mechanism. The first version of the Agent Framework was launched shortly after that.
Through 2022, the platform launched several dApps, including decentralized social networks, travel apps, delivery networks, and more. A governance proposal to enable IBC (Inter-Blockchain Communication) on the Fetch.AI mainnet was also considered in the year, along with other vital upgrades.
Fetch.AI could be a good crypto asset, especially if you wish to include projects with real-world applications in your portfolio. With the increased interest in artificial intelligence (AI) and automation among the mainstream sectors, an AI-based cryptocurrency like Fetch.AI could enjoy considerable attention from investors.
The Fetch.AI price could climb higher amid rising investor interest in digital assets with potential for mainstream use, especially in a trending area like AI. The token could become even more valuable as more investors flock to buy and hold FET.
The FET price statistics could also receive a boost as more developers use the Fetch.AI platform to launch their dApps. Increased interoperability among the Fetch.AI ecosystem and other platforms could also power gains in the $FET price in the market.
While it is impossible to offer an accurate Fetch.AI price prediction over any duration and offer any certainty about a new all-time high, the critical level of $100 for the FET price looks unfeasible, given its high circulating supply.
As of February 2023, out of the max supply of just over 3.4 billion, the FET total supply stands at more than 1.1 billion tokens. The circulating supply of Fetch.AI tokens is over 810 million.
If the FET price touches $100 at the current token total supply levels, it would mean the market cap of the Fetch.AI crypto exceeds $100 billion. This is a highly unrealistic valuation for a crypto project at present.
If the Fetch.AI developers implement a token-burning mechanism that can significantly bring down the FET supply, the price of Fetch.AI crypto may reach $100. But at current levels, this seems highly impossible.
FET is the native crypto asset of the Fetch.AI ecosystem and has the following applications:
FET is the native currency to pay for services provided by agents within the Fetch.ai ecosystem. Users can pay agents using $FET crypto to access, view, and interact with the network and its various services.
Fetch.AI supports staking FET via delegators. You can stake your $FET holdings to one of more validators within the Fetch.AI network and earn passive income while contributing to its security.
Trade Fetch.AI token against other cryptocurrencies to profit from changing market conditions and volatility. You can buy or sell FET against other crypto assets or hold it long-term if you believe in the future potential of the Fetch.AI project. Review the live price of Fetch.AI coin, FET market cap, circulating supply, 24-hour trading volume, and the latest crypto news before trading FET in the crypto market.
Staking FET is a convenient way to grow your crypto holdings. You can do this by delegating your tokens to active validators who participate in the Fetch blockchain’s consensus mechanism and help secure the network, earning rewards. Here’s how to stake $FET on Fetch.AI:
1. Download the Fetch Wallet browser extension and set up a new account. Fund your wallet with native FET by buying Fetch.AI on KuCoin or other supported platforms and withdrawing the tokens to your Fetch Wallet.
2. Click on the Stake button in your wallet interface to open Fetch’s ledger browser. Connect your Fetch Wallet to the interface.
3. Review the list of validators available and the commission they offer. Select a validator to which you wish to stake your FET tokens and click on Stake.
4. Enter the number of $FET coins you wish to delegate to the validator of your choice in the next popup window.
5. Review the transaction summary, pick your transaction fees, and click on Approve to confirm the staking transaction.
6. Sit back, earn rewards, and grow your crypto holdings by staking FET on Fetch.AI Network.
Developers can use the Fetch.AI suite of tools to build complex dApps powered by artificial intelligence (AI). Fetch’s Autonomous Economic Agents (AEAs) can help developers design dApps with high interdependencies with other dApps in the ecosystem.
To make advanced AI technology more accessible in a decentralized manner, Fetch.AI’s autonomous agents run their software and interact with each other on the blockchain independently and without any user intervention.
As a result, Fetch.AI’s technology can be used primarily to implement a high level of automation across a wide range of real-world applications. Use cases can vary across customer service, fintech, predicting upcoming issues in systems, and more.
Some of the existing applications on Fetch.AI illustrate the use of its platform better, such as CoLearn - a blockchain-mediated collective learning system that allows multiple stakeholders to collaborate on building a shared machine learning (ML) model; Axim - a dApp that leverages ML to deliver insights that can help improve business functions; DeFi dApp Atomix; Mobix - a solution working to provide sustainable urban mobility; and more.