What is Fetch.ai? Information about FET Token

One of the standout projects in the AI sector recently is Fetch.ai. So, what is Fetch.ai? Is the FET Token a good investment? Let's explore these questions with AZCNews in this article!

Information About Fet Token Azc

What is Fetch.ai?

Fetch.AI is a pioneering blockchain project that seamlessly integrates Artificial Intelligence (AI), Machine Learning (ML), and blockchain technology. Established in 2017 and officially launched in February 2019 through an Initial Exchange Offering (IEO) on Binance Launchpad, Fetch.AI (FET) has created a digital ecosystem where data, hardware, services, people, and infrastructure can collaborate efficiently.

What is Fetch.ai?
What is Fetch.ai?

Fetch.AI is not just a protocol but a decentralized digital network where users and marketplaces can interact intelligently. The goal of Fetch.AI is to combine powerful technologies like machine learning, artificial intelligence, multi-agent systems, and distributed ledger technology to build a new digital economy on the Internet.

Related: What are AI Projects? Top 5 AI Investment Projects to Consider in 2024

How Fetch.ai Works

Fetch.ai is built upon four main layers: Agents, Agentverse, AI Engine, and Fetch Network.

Agent

Agents

Agents are independent programs designed to operate autonomously in a decentralized environment. They can connect, search, and trade to create dynamic markets and are programmed with logic to interact not just within their own environment but also with other agents across the network. Thanks to their decentralized and fragmented nature, Agents can safely execute tasks without human intervention.

Agentverse

Agentverse is a SaaS (Software as a Service) platform primarily developed to create and register Agent solutions. This platform facilitates the easy deployment and management of agents, allowing for their development and registration in a single, convenient location.

DeltaV and AI Engine

  • DeltaV: This is the conversational interface that acts as a link between users and registered agents in the Agentverse. It optimizes connections with agents and packages their functions in a user-friendly manner, allowing users to easily query and use the various functionalities of agents. DeltaV primarily serves as a development tool for interacting with the agents you’ve deployed.
  • AI Engine: The core of DeltaV’s functionalities. It analyzes, understands, and links user inputs to agents, supporting natural language interaction. The AI Engine translates user requests into actionable goals and selects the most appropriate agent in the Agentverse to perform the task.

Fetch Network

The Fetch.ai network is the foundation of the entire Fetch.ai ecosystem, supporting and enhancing the functions of Agents, Agentverse, DeltaV, and AI Engine. This is the infrastructure for the decentralized digital economy that Fetch.ai aims to create.

The network includes several key components such as the Almanac Contract, Fetch Name Service, Fetch Ledger, and FET Token. These tools are crucial for precisely developing your ideas and solutions and making them easily accessible to users.

  • Almanac Contract: A comprehensive repository that stores essential information about Agents. It serves as the main reference point for finding and interacting with all registered agents, ensuring smooth data exchange and effective operation of Agents.
  • Fetch Name Service: A decentralized naming system that simplifies the identification of resources on the network and facilitates access to and interaction with services and Agents.
  • Fetch Ledger: A secure and immutable recording system providing transparent transaction records, fostering trust and transaction integrity on the network.
  • FET Token: This token fuels the Fetch.ai system, offering value and utility, driving transactions, encouraging active participation, and supporting decentralized services within the Fetch network.

Unique Features of Fetch.ai

  • Automation: Fetch.ai leverages AI platforms to solve complex problems that users encounter. This system enables AI to streamline and simplify the process of information transfer on the blockchain.
  • Open Economic Framework (OEF): Agents use the OEF to locate and negotiate with other agents on the network.

Team

Team
Team
  • Humayun Sheikh (CEO & Founder): With extensive experience in AI and machine learning, Humayun was formerly the CEO of itzMe, a company utilizing ML and AI to enhance how people interact with digital services.
  • Thomas Hain (Chief Science Officer): A graduate of Cambridge University, Thomas has held various roles in computer science and AI.
  • Toby Simpson (Co-Founder & COO): Toby has over thirty years of experience in software development, having produced several game series and served as Head of Software Design at DeepMind.

Investors

Raise

FET has successfully raised $70 million from several major investors, including DWF Labs, GDA Capital, and others.

Fetch.ai has partnerships across various sectors, particularly with significant projects in the internet, AI, and ML industries, such as Trusted IoT Alliance, MOBI, Warwick Business School, and Binance.

What is FET Token?

After understanding Fetch.ai, let’s delve into the project’s token – FET

  • Token Name: Fetch.AI
  • Ticker: FET
  • Blockchain: Ethereum
  • Smart Contract: 0x1d287cc25dad7ccaf76a26bc660c5f7c8e2a05bd
  • Token Standard: ERC-20
  • Token Type: Utility Token
  • Total Supply: 2,630,547,141 FET
  • Circulating Supply: Updating

FET Token Allocation

Allocation
Allocation

FET Token Release Schedule

Vesting
Vesting

Uses of FET Token

  • Staking: FET Tokens are used for staking and becoming nodes that process transactions and operate the system.
  • Access: Agents use FET Tokens to access the Digital World ecosystem of Fetch.AI.
  • Transaction Fees: FET Tokens are used to pay gas fees similar to ETH on the Ethereum network.
  • Work Incentives: When two Agents exchange value, they must stake FET Tokens to motivate the process.
  • Rewards: FET Tokens are used to reward miners and nodes.

Trading FET Token

Currently, FET Tokens are mainly traded on major exchanges like Binance, Bybit, and KuCoin.

Exchange

Roadmap

The project is in the process of updating its detailed development roadmap for 2024 and the following years.

Similar Projects

Fetch.ai belongs to the AI sector, similar to projects like Worldcoin, ChainGPT, etc.

Project Information Channels

Conclusion

With the boom of AI in 2023, AI projects in crypto have received significant community attention. Fetch.ai has made a remarkable comeback with a 10x growth from its bottom following the investment news from DWF Labs. Fetch.ai continues to be a standout name in the AI trend and is one of the must-watch projects in 2024 as AI resurges.

Through this article, we have introduced you to what Fetch.ai is and information about the FET Token. If you have any questions, please leave them in the comments section for immediate assistance!

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