Understanding Fetch.ai (FET): a complete guide with essential information

What exactly is Fetch.ai, and how does it operate? Essentially, Fetch.ai is a platform that fuses blockchain technology with artificial intelligence (AI) and machine learning. It offers versatile solutions to various industries, including automotive and healthcare.

Fetch.ai isn’t defined by a singular concept. Established in 2017, this platform serves as an AI solutions development lab, complete with its cryptocurrency economy.

Founded by CEO Humayun Sheikh, Fetch.ai’s mission is clear: democratise access to artificial intelligence through an open network available to all. The FET network facilitates secure access to datasets and harnesses AI’s capabilities for diverse applications.

Delving deeper into Fetch.ai’s practical applications reveals its versatility. Examples include enhancing DeFi trading services, facilitating data exchange in the automotive sector, and managing intelligent energy grids. In essence, Fetch.ai adeptly handles complex digital systems reliant on extensive data sets.

So, what comprises Fetch.ai, and how does it function technically? Fetch.ai is an interchain protocol developed with the Cosmos Software Development Kit (SDK) and the WASM programming language, positioning it as a next-gen Layer 1 protocol. It stands out with its native AI components, distinguishing it from similar protocols like Celestia (TIA) or Solana (SOL).

Unlike typical Layer 1 solutions focused on programmability or scalability, Fetch.ai is engineered to facilitate the creation of knowledgeable applications. Software developed on Fetch.ai leverages Autonomous Economic Agents (AEAs), capable of executing far more complex tasks than traditional smart contracts.

AEAs dynamically program themselves based on specific needs. Like AI chatbots like Chat GPT, they analyse data and context, acting coherently to achieve set objectives.

Fetch.ai transcends being a mere transaction-processing Layer 1 blockchain or a straightforward AI/machine learning program. Through its AEAs, which can be installed on various machines, Fetch.ai addresses a broad spectrum of challenges by leveraging these two technological powerhouses.

Per the development team, AEAs can be integrated into environments as diverse as research labs, vehicles, hotel rooms, and even aeroplane seats. Fetch.ai’s technology appears boundless, and its five main functionalities illustrate this:

The FET token, launched in 2019 through a Binance IEO, is central to Fetch.ai’s ecosystem. It covers transaction fees, AEA development, and access to existing services. FET holders can also stake their tokens on the Fetch.ai blockchain, participating in transaction validation via the Proof-of-Stake consensus mechanism and earning FET rewards. Governance within Fetch.ai is also accessible through FET tokens.

FET exists in two forms: native to the Fetch.ai network and as an ERC-20 standard token. Users can convert between these forms using the native bridge.

Fetch.ai’s practical applications extend to various industries. For instance:

To summarise, Fetch.ai represents one of the first blockchains to seamlessly integrate artificial intelligence and machine learning. It aims to leverage these technologies to address complex challenges across various industries.