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What is Fetch.ai?
Fetch.ai, founded by Humayun Sheikh, Thomas Hain, and Toby Simpson, started its journey in 2017, intending to facilitate the growth of a decentralized digital economy. To achieve its objective, Fetch.ai focussed on building open access, tokenized, decentralized machine learning networks that would enable smart infrastructure as the foundation of the economy. Fetch collaborates with some of the leading global businesses, including Bosch, Festo, Telekom Innovation Laboratories, Blockchain For Europe, Datarella, and Yoti.
Fetch leverages machine learning as it believes that blockchain can decentralize federated learning algorithms. Through decentralization, Fetch distributes the benefits of these collective machine learning models across multiple data owners. Fetch stresses the development of agents who would be autonomous and fulfill economic goals through strategy, communication, search, and value exchange. Fetch also focuses on using cryptography more efficiently to enhance the speed and security of the blockchain. It leverages the next-generation multi-party computation protocols for random beacons and aggregated signatures.
To date, Fetch has raised $26 million from three investors, including the GDA group, the Blockwall Management, and the Outlier Ventures.
What Problem Does Fetch.ai Attempt to Fix?
Fetch.ai attempts to fix a host of real-life issues.
#1. With the V1.0 release of the Fetch.ai mobility framework, Fetch enables building multi-agent-based mobility services. Since the product suite is open source, anyone can leverage it. It offers real-time information and intelligence to help make transportation systems more resilient and efficient.
#2. With its Autonomous AI Travel Agents, Fetch reduces the role of centralized aggregators and services. Enabling direct provider-to-consumer interaction, these travel agents result in significant cost savings for the hotels as well as consumers.
#3. Fetch’s smart city mobility solutions help solve issues like that of parking. When in a smart city, Fetch autonomous agents can search and communicate with parking agents to find the nearest available space to your destination and book it for you before directing you to it.
#4. Fetch has also been empowering the operations involved in the trading of commodities, such as steel, base metals, and more. It is helping traders to overcome the existing barriers of entry by offering simplified digitized trading through the use of tokens. It allows market players to gain access to risk management tools without compromising on the efficiency and security features of the market.
#5. With its collective learning module, Fetch solves challenges that might disturb the scope of distributed parties working together. Using Fetch’s collective learning services, doctors can optimize diagnoses and help patients receive care faster by sharing patient information in their network without giving away patient’s access to their private personal data.
#6. Fetch signs agents work as traffic signs that can communicate with vehicles and add additional insights for their journey.
#7. The supply chain solutions of Fetch help businesses become contingency ready by allowing them to analyze future patterns and steer through disruptions months in advance. It also safeguards businesses from unforeseen losses by preempting changes in customer buying patterns.
Similar solutions of Fetch.ai help smoothen operations in transport and mobility, railways, smart parking, electric vehicle infrastructure, energy, and smart housing.
The Product Development Process at Fetch.ai
The ultimate goal of the Fetch.ai ecosystem is to get ready for an entirely autonomous, agent-based digital economy. In developing its products and solutions for this economy, the Fetch technology stack operates through four distinct elements. These elements are the agent framework, open economic framework, agent metropolis, and the Fetch.ai blockchain.
The agent framework offers the modular and reusable components necessary for building multi-agent systems. The open economic framework equips agents with search and discovery functions. It enables agents to locate each other and communicate through peer-to-peer messaging. The Agent Metropolis functions as a collection of smart contracts. It runs on a WebAssembly VM to maintain an immutable record of agreements between agents. Overall, the agent metropolis provides a variety of services supporting agent applications.
Finally, the Fetch blockchain, combining multi-party cryptography with game theory, provides a secure, censorship-resistant consensus. It also helps agent applications by offering features such as rapid chain-syncing and more.
SOEF – Simple Open Economic Framework: It works as the latest version of Fetch.ai’s search and discovery system for agents. Here, agents can describe what they look like, what they do and find. These agents can search semantically or geographically and specify things that are important to them.
Autonomous AI Travel Agents: Fetch.ai offers a decentralized, multi-agent-based system that can bring a new, personalized, privacy-focused travel solution. There are Fetch applications that enable hotel operators to deploy Autonomous AI Travel Agents to market. By enrolling in the Fetch.ai market, one can build Autonomous AI Travel Agents that would work on behalf of people and hotels to make direct bookings, negotiate and trade inventory on the Fetch network, and receive payments in fiat or crypto.
Decentralized Delivery Agents: These are open-source protocols that act as a part of Fetch’s overall mobility framework. It helps deliver people, pizzas, and packages, or a combination of all. The platform does not require any license. Anyone can download and build their agents. All types of mobility providers and services can use it for free.
Autonomous Economic Agent Registry: This registry allows building agents and participation in the digital economy more conveniently. The objective of this agent registry and marketplace is to effectively prepare an app store, allowing developers to access and build agents.
The Fetch.ai token is known as FET. Through this utility token, users can find, create, deploy, and train autonomous economic agents. It is also a crucial component of the smart contracts and oracles on the platform. Leveraging FET tokens, you can build and deploy your agents on the network. Developers, on the other hand, pay with FET tokens to access machine-learning-based utilities to train autonomous agents and deploy collective intelligence on the network. Validators also require FET tokens as nodes are enabled by staking them. FET tokens have a total supply of 1.2 billion. The circulating supply is a little more than 688.1 million.
How to Buy Fetch.ai (FET)
Fetch.ai (FET) is currently available for purchase on the following exchanges.
Bitstamp – Founded in 2011, Bitstamp is one of the oldest & most trusted exchanges in the world. They currently accept Canada, UK & USA residents excluding the states of Alabama, Hawaii, Idaho, Louisiana, Nevada, & New Jersey.
Binance – Best for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from buying FET. Use Discount Code: EE59L0QP for 10% cashback off all trading fees.
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. This exchange currently accepts International & United States residents.
WazirX – This exchange is part of the Binance Group, which ensures a high standard of quality. It is the best exchange for residents of India.
How to Store Fetch.ai (FET)
If you seek to make a major investment in AVAX or if you are planning on HODLing this crypto for long periods of time, a hardware wallet is the best option. Hardware wallets keep your crypto stored offline in “cold storage.” This strategy makes it impossible for online threats to access your holdings. The Ledger Nano S or the more advanced Ledger Nano X both support Avalanche (FET).
Fetch.ai – High Growth Potential
The USP of Fetch.ai is that it offers a host of real-life solutions in hospitality, healthcare, and transport by deploying machine learning and artificial intelligence solutions for decentralized problem-solving. Since its tools are open-source, they help users create infrastructure and deploy solution models at a commercial scale. To add to its integrity as a platform, Fetch leverages high-throughput shared ledger and smart contracts, permitting coordination and governance in a secure and auditable way.
Industry stalwarts like Bosch have collaborated with Fetch.ai to launch a fully functional blockchain network. Through this collaboration, Bosch and Fetch are aiming at transforming existing digital ecosystems using Decentralized Ledger Technologies or DLTs. Fetch has also collaborated with Festo, a leading international manufacturer of pneumatic and electrochemical systems, to launch a decentralized manufacturing marketplace. Looking at the kind of work Fetch is doing and the solutions it has been providing, the GDA group and affiliates have planned to invest $5 million into the Fetch ecosystem. The growth of Fetch, as a network, is also evident from the growth in its token price. Looking at Fetch’s innovative applications and new collaborations, one can reasonably expect the network to continue with steady growth in the days to come.
Gaurav started trading cryptocurrencies in 2017 and has fallen in love with the crypto space ever since. His interest in everything crypto turned him into a writer specializing in cryptocurrencies and blockchain. Soon he found himself working with crypto companies and media outlets. He is also a big-time Batman fan.
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