What is Fetch AI (FET) and What Does It Aim to Achieve?
Fetch AI, founded in 2017, strives to establish a decentralized network of autonomous agents using AI and ML. These agents can perform various tasks across industries, forming a collective intelligence. The FET token, launched in 2019, facilitates this by allowing users to create, deploy, and train digital agents without needing technical expertise or centralized intermediaries.
Use Cases of Fetch AI
Fetch AI targets various domains:
- DeFi: Optimizing trading opportunities and risk management in DeFi protocols.
- Transportation: Enhancing mobility with optimal routes and parking space management.
- Energy: Reducing energy consumption and facilitating peer-to-peer energy trading.
- Travel: Assisting in travel planning with best deals on flights, hotels, and activities.
Roadmap and Future Plans
Fetch AI’s roadmap includes enhancements to the Fetch wallet and Station Explorer, new ecosystem features, and integration of Axim, a collaborative learning platform. It also focuses on NFT and faucet support in the wallet.
Technical Aspects of Fetch AI
How Does Fetch AI Work?
Fetch AI uses blockchain technology for deploying autonomous agents. These agents, using AI and ML, add value across various use cases. The ecosystem comprises several components working in tandem.
Autonomous Economic Agents (AEAs)
AEAs are software programs acting autonomously on behalf of users. They communicate using Agent Communication Language and can be created and managed through the AEA Framework and AEA Manager.
Open Economic Framework (OEF)
The OEF connects agents, providing a decentralized marketplace for data exchange and service access. It is based on the Fetch.ai Ledger, which facilitates value transfer and coordinates agent activities.
CoLearn and Cross-Chain Protocol
Fetch AI employs CoLearn, a decentralized machine learning protocol for data and model sharing. Additionally, it connects with other blockchains via a cross-chain protocol based on the Cosmos SDK, enabling access to external data and services.
Leadership and Partnerships
Fetch AI is led by experts from institutions like Cambridge University and companies like DeepMind. Key members include CEO Humayun Sheikh, CTO Toby Simpson, and CSO Thomas Hain.
Strategic Partners and Investors
Key investors include DWF Labs, Binance, and Blockwall. Collaborative partnerships, notably with Bosch, have been established for developing smart mobility and city solutions.
Tokenomics and Utility
FET: The Governance and Utility Token
FET serves as both a governance and utility token. It allows holders to participate in platform governance, stake tokens, and pay for services. It also incentivizes contributions to the platform’s growth.
The token distribution includes allocations for the foundation, founders, token sales, future releases, mining, and advisors. The token is scheduled to be fully unlocked by 2025.
Use Cases in Various Sectors
Fetch AI’s DeFi applications, transportation partnerships, and energy sector initiatives exemplify the token’s practical utility in diverse fields.
Frequently Asked Questions
Basic Understanding and AI Integration
Fetch.AI integrates AI in its platform through an AI Engine using large language models. The FET token is crucial for transactions and network security within the Fetch.AI ecosystem.
The Fetch Wallet ensures asset security by encrypting private keys and storing them locally, preventing external access.