What Is Fetch.ai (FET)? All You Need To Know About Fetch.ai (FET)
Fetch.AI, a project that was added to the Binance Launchpad in February 2019, is a prime example of how technology is convergent at the start of the fourth industrial revolution. Blockchain and artificial intelligence (AI) were two modern technologies that were combined to create the project.
The desire to decentralize AI-based systems, which are now more widely used as digital assistants like Google’s Home Hub, gave rise to the concept. A decentralized artificial intelligence and machine learning platform is Fetch.ai. With the aid of multi-agent systems, it enables users to exchange or share data.
Additionally, it aims to establish an economy with digital representations for its constituent parts, including data, services, people, hardware, etc. Additionally, it aims to forecast the economy effectively using the moving parts.
By doing this, it aims to automate a number of markets that, at the moment, require a lot of manual intervention. Users on the Fetch.ai network have access to a number of autonomous economic agents that represent their owners. These agents have the ability to search, bargain, exchange information, and share predictions.
As a result, they collaborate with other economic agents to create sophisticated answers to challenging issues. These agents have the ability to conduct economic transactions on their own, creating an almost frictionless market. To enable seamless and secure communication between billions of Internet of Things (IoT) devices, Fetch.ai also aims to support them. Here then, are some of the early use cases of Fetch.ai:
- Optimising trading processes for financial services users.
- Reconstructing public transport networks to make them work more efficiently.
- Removing the middleman from multiple markets.
- Supporting smart cities to adapt to citizen behaviour.
What Is FET?
The Fetch.ai platform’s native cryptocurrency, FET, drives its internal economy. Users of Fetch.ai pay FET to use the platform’s services. Additionally, users risk their own FET in exchange for the chance to influence the management and course of the Fetch.ai platform.
Users who stake their FET are paid a 10% annual variable interest rate. To give them their proper name, Autonomous Economic Agents (AEAs), the requirement to set up FET before deploying digital twin aid to prevent spam and malicious digital twins from inundating the platform.
The fixed supply of FET tokens, which can be purchased from well-known cryptocurrency exchanges like eToro and Coinbase, is set at 1.1 billion.
How Does Fetch.ai Work?
Fetch.ai has three technological underpinnings. They are
1. Autonomous Economic Agents:
These agents are sophisticated programs that work for the owner but have independent thought. These agents want to produce financial value for their owners. The Fetch.ai platform offers a setting where agents looking for something of value are put close to the agents who already possess it.
Each agent thus perceives a world that has been altered to suit its requirements. To communicate and conduct business, these autonomous economic agents can be made to resemble real-world things, people, or assets.
2. Open Economic Framework (OEF):
Open Economics Framework is a node functionality at a high level. The layer that sits on top of the raw protocol and ledger provides the environment that allows all economic agents to function. This allows agents to communicate and find one another in a decentralized space.
3. A Smart Ledger:
Additionally, Fetch.ai has an AI-powered blockchain ledger that records all economic agents’ transactions. To eliminate informational asymmetry, the ledger and agents begin to provide public market intelligence as they amass more data.
What Is Fetch.AI Trying to Achieve?
Fetch.AI is promoted as the building block of the future decentralized digital data marketplaces. Based on this concept, most real-life tasks burdening the Fetch.AI users will be performed by the so-called autonomous software agents powered by AI technology. In addition, the agents are supposed to streamline the utilization of user-generated data.
- Fetch.AI aims to replace centralized systems tasked with taking care of tasks ranging from data delivery to the provision of everyday services such as hotel room booking. Fetch.AI is an open decentralized system that uses digital agents to make autonomous transactions and represent themselves, their devices, services, and users. They can perform various tasks, from checking flight tickets to weather models.
- Fetch.AI wants to establish an Open Economic Framework (OEF) ecosystem where agents and digital data interact while delivering top performance at a lower cost. Fetch’s Open Economic Framework should allow for the sale of user-generated data created by IoT devices through its agents, making them valuable tools for data analysts and market experts.
- Fetch.AI and its FET token reduce the need for human or corporate intermediaries to control access to the hub of knowledge created by the digital datasphere. Machine learning technology enables data and devices on the Fetch.AI platform to be sold independently, powered by Fetch Tokens (FET) as a digital currency.
How Does Fetch.AI Hope to Achieve Scalability?
The Fetch smart ledger can restructure itself to link the OEF with the Fetch agents and is scaled to support millions of transactions per second theoretically. Combining transaction chains with some aspects of the directed acyclic graph results in scalability (DAG).
The “resource lane” approach of Fetch.AI also incorporates the components of the sharding process. The Fetch platform supports the concurrent assignment of a transaction to several different resource lanes, even though it superficially resembles the traditional sharding process found in some blockchain-based solutions.
The pre-evaluation module, which determines which lanes are associated with a specific transaction, is then used to optimize their use. Finally, resource identifier hashing is used to group transactions, and the number of available lanes directly relates to the system’s capacity.
Distribution Of AEAs On The Fetch.AI Platform
The autonomous agents of Fetch connect with potential users of the data they collect using their native platform. Since information on the weather and traffic, for example, is relevant only to users in the affected areas, it follows that the delivery of data and the provision of services require some filtering among the agents, at least in the geographical sense. Thus, the agents are divided based on several criteria:
- Geographical locations. While each AEA is physically located in one place, it is free to deploy to any other place using the nodes it is connected to without incurring any additional costs. Neither the agents nor the nodes will be restricted to a specific region by the Fetch.AI network.
- An agent’s economic location, or the proximity of the pertinent markets for their data, may be the more crucial factor to consider. Arranging agents according to these standards might be useful to make the most of agents.
- The Fetch network will also take note of the distribution of infrastructure in the area covered by agents, such as airports, railway stations etc.
- Despite the spatial filtering, each agent must have a distinctive identification number taken from their wallets. Thanks to this, they should be able to send and receive Fetch tokens. Additionally, each agent must keep track of the nodes to which they are connected.
Types Of AEAs
Notwithstanding geographical or market criteria for the distribution of Fetch.AI’s autonomous agents, the predicted use cases for them allow the developers to assign them specific roles in supporting the digital data ecosystem:
- Inhabitants. These agents are connected to real-world hardware that is in use. The same level of support is offered for platforms like vehicles or drones as it is for devices like cameras, sensors, or phones. When giving self-driving cars directions without direct control, agents may step in for human operators of these devices.
- Interfaces. The components of the traditional economy and the digital world are connected through these agents as API-based interfaces. They can be connected to sensors or data for routine financial operations, like making event reservations.
- Software agents exist only in the digital sphere and try to find the best ways to serve users’ needs.
- Digital data sales agents are attached to the data sources in data marketplaces and try to extract value from the corresponding data.
- Representative agents in the Fetch ecosystem are stand-ins for individual users and act as their “digital butlers” (as per the Fetch whitepaper).
What Is Useful Proof-Of-Work (UPOW)?
The Fetch uses a consensus mechanism. The term “AI” refers to useful proof-of-work (UPoW). It allows for the creation of new blocks akin to conventional Proof-of-Stake protocols while establishing the order of transactions based on the activity occurring between two blocks.
Even the less powerful nodes can earn their block rewards because specific computing problems are categorized by difficulty and packaged into proof-of-work packages. The platform based on distributed computing is configured in this way to tackle the more challenging problems related to artificial intelligence or scheduling.
FET Token Availability And Fetch Team
The Fetch.AI team is headquartered in Cambridge, UK, and led by its three co-founders: Humayun Sheikh (CEO), Toby Simpson (CTO) and Thomas Hain (CSO).
As of June 2019, the FET token’s market cap was valued at USD 19 million. The number of tokens to be generated is capped at 1.1 billion FET, with 81 million of them being in circulation at this time.
The tokens are available for trade on the cryptocurrency exchanges such as Binance and KuCoin.