Fetch.ai (FET) is a project to provide blockchain with an infrastructure powered by artificial intelligence. It helps to develop the digital economy with the tools and services it offers. Fetch.ai’s native cryptocurrency is FET. In this article, we will look for answers to questions such as what Fetch.ai (FET) is, what Fetch.ai (FET) does, what are the advantages of Fetch.ai (FET).
What is Fetch.ai (FET)? What Does It Do?
Fetch.ai is an open source and decentralized project that aims to build an economy that can share data and collaborate between humans and machines. It offers machine learning, artificial intelligence solutions and smart contract capabilities to address the software challenges of autonomous systems. It aims to put an end to problems and provide appropriate infrastructure services to various institutions.
Fetch.ai articulates that intelligent agents can be built, deployed and connected on the platform to automate Web3 systems and reinvent business models. It is a project that connects Internet of Things (IoT ) devices and algorithms to enable collective learning. Fetch.ai creates an environment where activities in the digital economy can take place autonomously. It enables AI and machine learning models to be shared globally, work together and create economic value. It offers technologies such as network, distributed ledger, artificial intelligence and machine learning to both individual and corporate users under a single roof to solve problems in a decentralized manner. Fetch.ai is used for purposes such as developing AI algorithms, designing smart cities, accessing DeFi services, and deploying smart contracts.
The use of Fetch.ai allows users to create and deploy their own agents on the network. Developers can also pay with FET tokens to access machine learning-based utilities to train autonomous vehicles and deploy collective intelligence on the network.
FET, Fetch.ai’s native cryptocurrency, is used to deploy artificial intelligence, cover transaction fees, validate transactions on the network, pay for services and participate in governance. With FET, users can use various AI, DeFi, decentralized economy and machine learning tools within the network. At the same time, FET holders can earn rewards by staking. Before discussing the advantages of Fetch.ai, it is worth mentioning the concept of “smart agent” on the platform. Intelligent agents are autonomous digital entities. These agents can be programmed and perform specific tasks using Fetch.ai’s artificial intelligence and machine learning technologies. Some key features of smart agents are as follows.
Autonomy
Intelligent agents are digital entities that can make decisions on their own and accomplish set goals. They can operate stand-alone, analyze data and perform certain tasks automatically.
Learning:
Intelligent agents can evolve by analyzing data and learning from experience. Using machine learning algorithms, they can improve themselves to better understand their environment and users and create more efficient solutions.
Communication:
Intelligent agents can communicate with other agents and other participants on the platform. They can also share data, make requests and collaborate. This communication capability enables agents to work together and solve complex tasks together.
Programming
Smart agents can determine their own tasks and behavior if they use smart contracts written by users.
Value creation:
Intelligent agents have some capabilities to create economic value on the platform. With these capabilities, they can provide data, offer services, respond to requests and get paid for them. This creates a system in which intelligent agents participate in economic interaction and exchange value.
What Advantages Does Fetch.ai (FET) Offer?
Fetch.ai supports the vision of a smarter, more efficient and secure future by contributing to a decentralized AI and IoT ecosystem. The advantages it offers to achieve this are as follows.
Decentralized Artificial Intelligence:
Fetch.ai provides decentralized artificial intelligence and machine learning solutions. This way, AI models can run in a distributed manner and data can be shared securely. Fetch.ai can work with intelligent agents and create economic value without the need for a central authority or intermediary.
Scalability:
High performance and efficiency of operations are maintained even as the number of intelligent agents and the complexity of Fetch.ai grows. This also strengthens Fetch.ai’s wide availability and applicability across different industries.
Low Transaction Costs:
The processing required for intelligent agents to interact with each other can be realized cost-effectively. In this respect, Fetch.ai is user-friendly and encourages wider participation.
Efficient Resource Utilization:
Fetch.ai mobilizes users through efficient resource utilization. By working on shared data and resources, intelligent agents can deliver optimized solutions. Thus, resources are better utilized in areas such as energy efficiency, logistics management and traffic optimization.
Global Cooperation:
Fetch.ai paves the way for intelligent agents to collaborate on a global network. Intelligent agents from different parts of the world and sectors can solve complex tasks together by sharing data and services. Access to a wider cognitive capacity and the emergence of innovative solutions.
Security and Data Privacy:
The data on the Fetch.ai platform is secured by blockchain technology. Cryptography is also used in communication between intelligent agents. This ensures that data sharing is secure and prevents the misuse of data without users’ control.
Governance and Participation:
Fetch.ai encourages FET holders to participate in the governance process of the platform. FET owners have the right to influence the future of the platform and can participate in voting on the platform. Having such a right for users helps to create a community-oriented platform.
How Fetch.ai Works
Fetch.ai is a multi-purpose network, combining a 3-pillar framework of Autonomous Economic Agents (AEA), Open Economic Framework (OEF) and Smart Ledgers (SL) .
The Fetch.ai ecosystem applies a principle of artificial intelligence known as Multi-Agent Systems (MAS), which allows agents to function in harmony despite their heterogeneity. An agent is a piece of software that represents an entity. It is autonomous in the sense that it can operate independently (without the influence of its owner) and make decisions on its behalf at all times.
Using the efficient tools and resources offered by Fetch.ai, developers can create, train and deploy an agent for different purposes. These agents are similar to humans. This is where agents can explore ways of co-existing and cooperating with each other.
What makes these agents unique compared to other protocols is their ability to react to environmental changes and make proactive decisions to achieve their goals.
Each agent has different abilities. In this way, they can help their owners achieve their goals by leveraging existing resources. From this perspective, Fetch.ai provides the tools and technology needed by sectors such as decentralized finance (DeFi). We can take a closer look at this 3-column frame.
Autonomous Economic Agents (AEA):
An independent intermediary acting on behalf of a person, organization or any other entity whose primary purpose is to create economic value for the owner. It needs support from the Open Economic Framework and the Smart Ledger to properly fulfill its mandate.
Open Economic Framework (OEF):
It contains protocols, languages and market mechanisms that facilitate communication and information exchange between agents. More precisely, it provides a decentralized virtual environment that supports APIs for Autonomous Economic Agents.
Smart Notebook (SL):
The Fetch Smart Wallet, the Fetch.ai home network, is a new form of smart contract-enabled ledger that consists of blockchain elements of Distributed Ledger Technologies (DLT). It includes built-in artificial intelligence based on notarized Directed Acyclic Graph (DAG) technology that supports millions of economic agents and logs all transactions made on the blockchain. All data transactions are optimized to be faster and more affordable thanks to a sharded ledger design that allows cross-chain transactions to be executed in parallel through resource lanes. In the test network, FET owners can participate as validators and run nodes to support the security of the network.
Who are the Founders of Fetch.ai (FET)?
Fetch.ai was founded in 2017 by Humayun Sheikh, Toby Simpson and Thomas Hain.
Humayun Sheikh is the current CEOof the project. He graduated from NED University of Engineering and Technology, Department of Electrical, Electronics and Communication Engineering. In addition to Fetch.ai, he was co-founder and CEO of itzMe , a company that facilitates people’s interaction with digital services and connected devices by applying deep personalization with machine learning and artificial intelligence. He was also co-founder and CEO of Mettalex, the world’s first DEX focused on token-based commodity trading.
Toby Simson is another co-founder. He was CTO and then COO of the project. His previous career background includes CTO at Ososim Limitedand head of software design at DeepMind.
Thomas Hain is the Chief Science Officer for the project. He holds a degree in Electrical Engineering from the Technical University of Vienna and a PhD from Cambridge University. Thomas Hain, who is notable for his academic positions, is the founder of Koemei, a company serving in the field of video artificial intelligence, and has also worked as a consultant at Meta.
What Other Things to Know About Fetch.ai (FET)?
To learn a little more about Fetch.ai (FET), it is useful to look at the answers to some of the following questions.
Is FET token? Or is it a coin?
Coin is a cryptocurrency created on its own blockchain. A token is a cryptocurrency that does not have its own blockchain and is created on an existing blockchain. FET is a token because it does not have its own blockchain.
Which blockchain is the FET token on?
The FET token was created on the Ethereum blockchain in accordance with the ERC-20 standard.
Is FET token mining taking place?
FET is not mined. However, gains can be made by running nodes in the network or delegating FET balances to nodes.
How to buy FET tokens?
To buy FET tokens, it is sufficient to create a membership at ICRYPEX. Once the membership process is complete, other cryptocurrencies, including FET tokens, can be traded quickly, easily and securely.
How to Become a Member of ICRYPEX?
After visiting www.icrypex.com from a browser, you can click on the “SUBSCRIBE” button at the top right of the page, fill in the required information and you can easily create your membership.
From mobile devices, primarily;
Android users can download our app by clicking here, Apple users by clicking here and HUAWEI users by clicking here. After logging in to the application, you can click on the menu icon at the top left, then click on “SUBSCRIBE” to fill in the required information and easily create your membership.