Learn more about the Fetch.ai decentralized machine learning platform

Source: Chain Tea House

Fetch.ai is a decentralized machine learning platform based on the blockchain. Its open source software project is designed to be used to develop modern, decentralized and peer-to-peer (P2P) ) application infrastructure. Fetch.ai leverages artificial intelligence and automation technology to provide a variety of tools and frameworks to create and connect intelligent agents to perform complex tasks in the digital economy. An intelligent agent is an autonomous software code that can act on behalf of a human, organization, or machine. The platform’s standout feature is the democratization of access to artificial intelligence (AI) by creating a permissionless network. Anyone can connect to the network to use and contribute datasets for autonomous AI operations. This setup is particularly beneficial for various sectors, including DeFi trading services, transportation, and smart energy systems, among others.

Fetch.ai's network is a cross-chain protocol based on Cosmos-SDK, which can implement advanced cryptography and machine learning logic on the chain. Fetch.ai also has its own token, called FET, with a current circulation of 746 million and a maximum supply of 1.153 billion.

Core Technology

A key aspect of the Fetch.ai protocol is its integration of distributed ledger technology (DLT), machine learning (ML) and trust protocols Combined to create intelligence-driven agent systems. The system allows for a dynamic, automated and efficient transaction network that incentivizes disintermediation and direct exchange between economic entities. The Fetch protocol aims to reduce transaction and contract costs and shorten delivery times, opening up potential for emerging markets based on the immediacy and granularity of service delivery.

The main features include:

The Autonomous Economic Agent (AEA) architecture is a distributed intelligent agent architecture used to build an autonomous collaborative intelligent agent network. AEA stands for Autonomous Economic Agent and is a digital entity that can automatically perform tasks such as data collection, negotiation or trading based on its environment and market conditions. AEA can represent a service, person, or device. Its core idea is to combine artificial intelligence and blockchain technology to build a decentralized intelligent economy and achieve intelligent, autonomous and decentralized economic interaction.

Open Economic Framework (OEF): OEF is the abbreviation of Open Economic Framework and is A space for mutual search, search, communication, and trade between AEAs. The virtual environment defined by it provides APIs for AEAs (both free and paid, paid with FET tokens). For example, AEA code-named 001 owns certain data (data provider), so it declares on the network that it has data. AEA code-named 002 happens to need this data for machine learning, so it searches for and purchases 001's data on the network. Implement trade behavior and use it for machine learning.

Smart Ledger: Fetch.ai uses a high-speed, scalable blockchain that allows secure, decentralized coordination of large numbers of transactions and interactions between agents.

Machine Learning and Artificial Intelligence: The platform integrates artificial intelligence and machine learning technologies to support predictive analytics, decision-making and intelligent agent behavior.

FET token

The FET token is an integral part of the Fetch.ai ecosystem and is the primary medium of exchange that facilitates exchange between agents. transactions, deployment of agents, and compensation for services provided. As of the latest update, the FET token is priced at approximately $0.289 and has a market cap of approximately $243,346,673. FET’s 24-hour trading volume is approximately $30,949,090. There is a circulating supply of 840,755,479 FETs out of a total supply of 1,152,997,575 FETs, with a fully diluted market cap of $333,721,4349.

FET plays a vital role in the Fetch.ai network. Specific uses and functions include:

Transaction fees: FET is used to pay transaction fees on the Fetch.ai network. . This includes the costs of deploying and executing smart contracts, conducting transactions, and interacting with the network.

Staking: Participants on the Fetch.ai network can stake FET tokens to participate in network security and governance. Staking FETs entitles holders to receive rewards that are distributed to help secure the network, validate transactions, and maintain the overall integrity of the platform.

Access resources: FET tokens can be used to access or purchase resources within the Fetch.ai ecosystem. This includes the purchase of computing power, data and other digital assets or services provided by Autonomous Economic Agents (AEA) on the platform.

Governance: FET holders may also have governance rights, allowing them to vote on proposals that affect the development and direction of the Fetch.ai network. This includes decisions on changes to the protocol, network upgrades, and deployment of community funds.

Token release: As shown in the figure below, there are currently about 1.04 billion FETs in circulation, and the current circulating market value is about 2.46, accounting for about 90% of the total token supply. The current price is $0.236, and the current circulating market capitalization is approximately $247 million.

Token fundraising: As shown in the figure below.

Chip distribution: Currently FET tokens exist in Ethereum, BSC, and Fetch Among the chains, the Ethereum chain is the main chain. According to the block explorer, more than 25% of FET (Ethereum + BSC) is stored on the Binance exchange, and the chips on the chain are relatively dispersed.

Profit and loss ratio: According to on-chain data, currently more than 91% of currency-holding addresses / more than 98% of on-chain chips are in profit. Since more than 30% of FETs in total are stored on various exchanges rather than independent addresses on the chain, this data is for reference only.

Team / Cooperation/Financing

Most of the Fetch development team graduated from prestigious schools or came from Fortune 500 companies, and they are all in AI or algorithm-related fields The big cow.

Humayun Sheikh: CEO and co-founder, early investor in Deepmind, founded itzMe in 2014 and uVue in 2016, a blockchain network driven by machine learning and artificial intelligence, focusing on unmanned machine field. Fetch.ai was created in August 2017, and DEX Mettalex built using Fetch was created in June 2020.

Fetch has many partners, and the areas of cooperation mainly include the Internet of Things and AI. These include world-leading traditional companies such as Bosch, Festo, Telekom Innovation Laboratories, Datarella, and Yoti, star blockchain projects such as IOTA, and Conflux, as well as medical companies and institutions such as GE Healthcare, Pfizer, and the Poznan Supercomputing and Network Center in Poland. . In addition, Fetch has joined organizations such as: European Blockchain Alliance (members include Ripple, NEM, Cardano), MOBI Alliance (members include BMW, Ford, GM and other car companies and Internet companies such as Accenture and IBM), University of Warwick Business School, etc. .

In terms of financing, in March 2021, Toronto digital asset company GDA Group invested US$5 million; in March 2022, Fetch launched a US$150 million development fund to encourage developers to develop projects on its ecosystem , the fund is led by MEXC Global, with participation from Huobi and Bybit. In March 2023, it received an investment of US$40 million from DWF Labs. This round of financing will be used to deploy decentralized machine learning, autonomous agents and network infrastructure. Corporate financing on April 28, 2023, raising €91 million, led by Bitget.

Current situation and future prospects

Fetch.ai was complicated at first. Its technology is so niche that people have a hard time understanding what it does. After its first price increase in 2019, Fetch.ai experienced a downturn. However, after the bull run of 2021, the project has made a comeback in a big way. It was with an increase of more than 1,000% that the project first attracted interest from the community. Since then, Fetch.ai has experienced multiple peaks and troughs, with a recent Bitcoin price increase of 0.0% pushing its value closer to the $0.50 mark.

However, the previous increase in FET prices can also be attributed to the release of the new AI economic open platform DeltaV. Fetch.ai’s AI agents power this search-based AI chat interface that can understand written conversations and provide relevant answers. In addition to having a simple user interface and providing precise responses, DeltaV allows users to sign up for any AI service they wish to monetize.

Currently, the project’s challenges include its technical complexity. The project requires continued R&D investment and innovation to maintain its leading position. In addition, popularizing education and improving user acceptance are also major challenges; secondly, competition from other blockchain and AI projects in the market may pose a threat to Fetch.ai. Continuous innovation and differentiation are key to maintaining competitiveness; there is also the uncertainty of the global regulatory environment that may affect Fetch.ai's development, especially when it comes to cross-border transactions and digital asset regulation.