Fetch.ai: The super blockchain operated by artificial intelligence

Monday, June 5, 2023

It doesn’t seem appropriate to discuss Fetch.ai as just another blockchain project. That’s because it’s much more than that. It’s a decentralised platform that uses AI and machine learning to enable autonomous transactions across a wide range of applications, with the potential to make many sectors much more efficient than they are today. Sounds exciting? Find out more about Fetch.ai here.  

What is Fetch.ai? 

The short(ish) answer: Fetch.ai is a decentralised platform that enables the secure, scalable and cost-effective use of artificial intelligence to perform tasks on behalf of individuals or organisations, using blockchain technology and artificial intelligence simultaneously. But before we start writing about what Fetch.ai can actually do, let’s say a few words on the motivation behind the project and the core technology that sets it apart.  

The main idea behind the project was to implement AI functionalities within a blockchain framework to create a platform that, thanks to AI automation, can handle complex tasks efficiently and cost-effectively in the most diverse areas and industries. To this end, the platform uses so-called smart agents.  

These smart agents are computer programs that can analyse the context of their use, reason about what is happening and take action to achieve a specific goal. They are designed to automate tasks, improve efficiency and deliver personalised experiences to users. Smart agents are "smart" because they can learn from experience, make decisions based on that learning, and adapt their behaviour to changing situations. This allows them to become more efficient and effective over time. Fetch.ai was launched in 2019 and, at the time, was at the forefront of AI-powered blockchain concepts. 

A brief (and incomplete) introduction to the basics of Fetch.ai 

Explaining Fetch.ai can quickly become very detailed and technical. So, for the sake of this introductory article, we’ll give a quick overview of how Fetch.ai works and where the platform can be used.  

The Fetch.ai platform combines blockchain technology with machine learning and artificial intelligence. It maps transactions to AI and places transaction data into blockchain data blocks. With this innovative mix of technologies, based on the efficiency of automation on the one hand and the immutable characteristics of distributed ledger technology on the other, the platform aims to optimise the efficiency of markets and the use of resources in various industries. These include transport, supply chains, energy, finance and healthcare. In fact, the use cases are almost limitless, as the Fetch.ai platform provides APIs and tools that make it easy for developers to integrate the smart agents into existing systems and applications, or to implement entirely new ideas. The platform is designed from the ground up for scalability and flexibility and uses consensus mechanisms such as Proof of Stake (PoS) to ensure the security and reliability of the network. 

FET: Fetch.ai’s native token 

FET is Fetch.ai's native token. As both a utility and a governance token, the FET token serves many purposes. One of the most important purposes is its role as an internal currency within the ecosystem. FET tokens are used to pay fees for transactions and the use of smart agents. Without the token, there would be no access to the machine learning and AI elements that make the Fetch.ai project what it is. FET token holders can also participate in the governance of the Fetch.ai network. This means that token holders can vote on major changes, updates and other decisions that affect the future, technology or direction of the network. This governance structure promotes the decentralised nature of the network and allows token holders to actively participate in the growth and development of Fetch.ai. In addition, the FET token plays an important role in network security by acting as an incentive to motivate token holders to use their tokens in stakes. The FET token is designed to be an inflationary cryptocurrency, but has a fixed cap similar to bitcoin. There is a maximum of 1,152,997,575 FET. 

If you want to be part of one of the most innovative projects in the crypto space, you can easily invest in FET with SMART VALOR using one of our available FET trading pairs.  

Just log in, fund your account and get yourself some FET (or use any of the 200+ other trading pairs currently available).