Fetch.ai is a decentralized platform designed for creating, deploying, and monetizing artificial intelligence (AI) applications. Its core mission is to enable legacy systems to integrate AI capabilities using existing application programming interfaces (APIs) and infrastructure. This intuitive platform allows users to build connections and automate tasks through customizable AI agents.
In an industry many perceive as increasingly centralized, Fetch.ai aims to democratize access to AI tools and act as a catalyst for new innovations in machine learning. This guide explores the fundamentals of Fetch.ai.
Understanding Fetch.ai
Fetch.ai is an open-source machine learning platform built to execute complex, repetitive digital tasks using autonomous AI. It can power applications ranging from holiday planning assistants to real-time flight trackers. The entire decentralized network operates on its native token, FET, and is powered by blockchain technology.
Users can either utilize AI agents trained by other community members or create their own agents tailored to specific needs. Fetch.ai’s system understands the context of a user’s request, breaks it down into individual tasks, and delegates each task to one or more suitable AI agents from its library.
The Origins of Fetch.ai
Fetch.ai was co-founded by Humayun Sheikh, Toby Simpson, and Thomas Hain in 2017. The platform officially launched in 2019. Sheikh serves as the current CEO, while Simpson, formerly the COO, now acts as an advisory board member. Thomas Hain was the organization’s Chief Scientific Officer from July 2017 to October 2023.
The project originated in Cambridge, UK, with a vision to combine blockchain technology with artificial intelligence and machine learning. After a successful Initial Exchange Offering (IEO) in 2019, the FET token was first launched as an ERC-20 token on the Ethereum network. In February 2022, Fetch.ai launched its mainnet and migrated FET to become its native token. The project raised $40 million from DWF Labs in March 2023, achieving a valuation of $250 million.
How Fetch.ai Works
Fetch.ai is a Layer-1 blockchain protocol developed using the Cosmos Software Development Kit (SDK) and WebAssembly (WASM) programming language. Its architecture consists of three core components: Autonomous Agents, the Agentverse platform, and the AI Engine model.
Autonomous Agents are digital tools capable of interacting with applications and other agents. They use AI to perform specific tasks, whether working independently or collaboratively. Developers can design these agents for a narrow function or to interact with others to extend application capabilities.
Agents can be either public or private during development. This is where Agentverse comes into play — a cloud-based platform for deploying, testing, and registering agents. Running AI applications typically demands expensive hardware, but Agentverse allows users to launch agents without these high costs. It also hosts a library of public agents, enabling users to search for pre-built solutions.
Finally, the AI Engine is a large language model (LLM) that interprets user input, determines the necessary actions, and utilizes Agentverse to find the most suitable agents to execute the task. It can route a request to the best single agent or combine multiple agents for more complex tasks.
Real-World Use Cases
Fetch.ai supports a variety of applications leveraging AI on the blockchain. Some prominent examples include:
- Resonate.social: A decentralized social network using AI to identify and remove malicious content.
- AXIM: An AI-powered data processing platform. Users can input their datasets and apply machine learning algorithms to extract valuable insights and statistics.
- Healthcare Applications: During the COVID-19 pandemic, Fetch.ai models were used to detect diseases from chest X-rays with 90% accuracy. Fetch.ai also collaborates with the Poznan Supercomputing and Networking Center (PSNC) to aid in early-stage cancer cell detection.
Strategic Partnerships
Fetch.ai has established key partnerships with companies across Web3 and various traditional industries:
- Bosch: The Fetch.ai Foundation collaborates with Bosch to explore AI and Web3 applications that can streamline industrial processes, saving companies time and money.
- Deutsche Telekom: As Europe’s largest telecommunications provider, Deutsche Telekom offers extensive sector expertise. Its subsidiary, MMS, is an active network participant and currently operates as a validator on the Fetch.ai network.
- IOTA: IOTA is a decentralized Internet of Things (IoT) data platform. Fetch.ai partners with IOTA to enable granular data control and reduce reliance on centralized systems that might misuse data. Through IOTA’s data flow technology, users can anonymously monetize their IoT information. This partnership also allows Fetch.ai agents to tap into a vast source of IoT data for relevant applications. 👉 Explore decentralized data strategies
Advantages of Fetch.ai
- The project provides open access to AI applications without mandatory registration or deep technical knowledge.
- Anyone can create and deploy AI applications on the platform.
- Unlike the AI landscape dominated by a few powerful corporations, Fetch.ai offers an open, transparent, and decentralized alternative that is resistant to censorship.
- AI agents can automate and optimize complex multi-step tasks.
- Agents interact and learn from each other via the Collective Learning (CoLearn) protocol, fostering a fairer and more collaborative system.
Limitations of Fetch.ai
- Although the platform aims to simplify AI, using it still requires a learning curve. Deploying custom AI agents demands programming skills.
- Despite being established for several years, the range of practical use cases remains somewhat limited.
- Like most crypto projects, Fetch.ai is subject to evolving regulatory landscapes, requiring constant adaptation to new compliance requirements.
FET Tokenomics and Distribution
FET is the native utility token of the Fetch.ai network, used for accessing AI services and powering the ecosystem. The project raised $7.05 million through a private token sale in September 2018, followed by an additional $6 million via an IEO in March 2019.
The total supply of the ERC-20 FET token is 1.15 billion. As of April 2024, the circulating supply was approximately 848 million tokens. Initially, 40% of the circulating tokens were allocated to the Fetch.ai Foundation and the project's founders. Another 17.6% was sold through sales, 22.2% was reserved for future releases and mining incentives, and 10% was distributed among advisors.
FET serves as the primary medium of exchange on the Fetch.ai blockchain. It is used to pay network fees, deploy AI models, and access broader AI services. Furthermore, Fetch.ai operates on a Proof-of-Stake (PoS) consensus mechanism. Users can stake FET tokens to help secure the network and earn rewards. Validators who stake tokens can also participate in the governance of the protocol.
How to Buy FET
Due to its utility and growing adoption, FET is listed on most major cryptocurrency exchanges. Here’s a general overview of how to acquire it.
Purchasing FET on a Cryptocurrency Exchange
Step 1: Create an account on a reputable exchange that lists FET/USDT trading pairs.
Step 2: After completing verification and logging in, ensure you have USDT (Tether) in your account to trade for FET. You can deposit USDT from an external wallet or purchase it directly on the exchange using your preferred payment method.
Step 3: Navigate to the "Trade" section, select "Spot Trading," and search for the FET/USDT trading pair.
Step 4: Analyze the current buy and sell prices for FET. You can place a limit order (specifying your desired price) or a market order (executed immediately at the current market price). Once your order is filled, the FET tokens will be credited to your exchange wallet.
Using a Mobile Exchange Application
The process is very similar when using a mobile app, offering convenience for trading on the go.
Step 1: Download your exchange’s official mobile application for iOS or Android.
Step 2: Log in to your account or register for a new one if needed.
Step 3: Fund your account with USDT, either via deposit or an in-app purchase.
Step 4: Locate the trading function, search for FET, and select the FET/USDT spot market.
Step 5: Choose between a limit or market order to execute your trade. Your FET tokens will be available in your app's wallet after the order is completed. 👉 Get advanced trading methods
Frequently Asked Questions
What is the main purpose of the FET token?
The FET token is the native cryptocurrency of the Fetch.ai network. It is used to pay for transaction fees, deploy and use AI agents, and participate in network security through staking. It essentially fuels all economic activity within the Fetch.ai ecosystem.
How does Fetch.ai differ from traditional AI services?
Unlike traditional AI services from major tech companies, which are centralized and often opaque, Fetch.ai is decentralized and open-source. It allows anyone to build, use, and monetize AI agents without relying on a single controlling entity, promoting fairness and resistance to censorship.
Do I need to be a programmer to use Fetch.ai?
While using pre-built agents on the platform requires minimal technical skill, creating and deploying your own custom AI agents does require programming knowledge. The platform aims to be accessible, but advanced customization demands development expertise.
What is the Agentverse?
The Agentverse is Fetch.ai's development environment and marketplace for autonomous AI agents. It provides the tools for developers to build, test, and deploy agents, and for users to discover and utilize existing agents for their tasks.
Is Fetch.ai a good investment?
This article does not provide financial advice. Like any cryptocurrency, FET's value is volatile and influenced by market conditions, project development, and overall adoption of AI and blockchain technology. Always conduct your own thorough research before making any investment decisions.
Can I earn passive income with FET?
Yes, Fetch.ai operates on a Proof-of-Stake model. Users can stake their FET tokens to help secure the network and, in return, earn staking rewards, which is a form of passive income generated from holding and locking up your tokens.
Conclusion
As artificial intelligence paves the way for advancements across countless industries, the technology is becoming more sophisticated and useful. However, the development and upkeep of powerful AI models require significant resources, leading to a concerning centralization of power among a few large corporations. This creates an uneven playing field for smaller companies and individuals with innovative AI ideas.
Decentralized AI networks like Fetch.ai aim to correct this imbalance by lowering the barriers to entry for developers and providing the essential tools needed for creation and innovation. Other projects, such as Bittensor, also offer decentralized platforms for machine learning. Fetch.ai takes a unique step further with its network of autonomous agents—AI helpers that work together to learn and perform real-world tasks collaboratively.