What is Fetch.ai and how does it work? Everything you need to know

Fetch.ai stands as a groundbreaking platform set to transform decentralized Artificial Intelligence applications. It leverages blockchain technology, machine learning, and cryptography to create a secure and effective environment for AI agents to interact with each other and the real world.

This piece will explore Fetch.ai's purpose, functionality, characteristics, historical background, and its native token "FET". Additionally, it will offer succinct instructions on purchasing FET tokens.

What is Fetch.ai and how does it work?

Fetch.ai is a blockchain-driven platform integrating artificial intelligence (AI) and machine learning (ML) to establish a decentralized digital representation of the physical world. Here, autonomous software agents engage in productive economic activities. With its diverse capabilities, Fetch.ai is poised to reshape numerous industries.

Fetch.ai revolutionizes decentralized finance (DeFi) trading by employing AI-driven agents for automated trade execution, optimizing returns with real-time market data. Additionally, these agents enhance transportation networks by coordinating traffic flow and energy grids by managing energy distribution and demand, fostering sustainability. They excel in various tasks like contract negotiations, asset trading on decentralized exchanges, and service delivery. Utilizing Autonomous Economic Agents (AEAs) developed with the AEA Framework, Fetch.ai streamlines deployment and management through a user-friendly web interface. Moreover, Fetch.ai simplifies travel bookings, offering hassle-free experiences. Operating on a decentralized network, Fetch.ai facilitates direct communication among autonomous software agents via blockchain, promising extensive automation, optimization, and convenience potential. While still evolving, Fetch.ai shows great promise in transforming interactions with the world through seamless integration of AI and ML, driving automation, process enhancement, and efficiency.

What is FET Token? 

The utility token within the Fetch.ai network, referred to as FET, serves as a crucial medium for transactions. FET tokens are employed for availing services within the Fetch ecosystem and covering network transaction costs. Users also have the option to stake FET tokens, engaging in securing the network via the Proof-of-Stake (PoS) consensus mechanism and earning rewards by contributing to validator nodes.

Initially established on an ERC-20 contract on the Ethereum network during the development phase of the native Fetch.ai main-net, the FET utility token enabled global developers to access FET tokens early on, catalyzing innovative solutions within the Fetch.ai ecosystem. However, as Ethereum's scalability limitations did not align with Fetch.ai's vision, the native FET token was introduced upon the Fetch.ai Main-net launch.

With the introduction of the native FET token, users within the Fetch.ai network no longer require tokens from other networks such as ETH or BTC. Solely the native FET tokens function as the driving force for the Fetch.ai ecosystem and its applications. Although ERC-20 FET tokens continue to circulate alongside the native ones, seamless conversion between the two types is feasible within the Fetch.ai network. It's worth noting that all ERC-20 FET tokens are expected to transition into native FET tokens eventually, but for the foreseeable future, both types will coexist. FET tokens can be acquired from various centralized or decentralized exchanges, although certain exchanges may exclusively deal with one type or the other.

FET tokens hold several utilities within Fetch.ai, including:

• Paying network fees: FET tokens cover transaction costs, encompassing fees required for message transmission or contract creation and execution.
• Incentivizing node operators: FET tokens serve as incentives for node operators to engage in network participation. These operators receive FET tokens as rewards for providing computing power and storage space to the network.
• Securing the network: FET tokens are instrumental in network security. Node operators stake FET tokens to deter malicious activities and safeguard the network from attacks.

FET statistics

History of Fetch.ai (FET)

Fetch.ai, headquartered in Cambridge, UK, was established in 2017 by Humayun Sheikh and Toby Simpson. Under Sheikh's leadership as CEO, Fetch.ai endeavors to pioneer a decentralized machine-learning network integrated with a cryptocurrency economy. Their platform facilitates data exchange, enables users to construct and deploy autonomous software agents.

Central to Fetch.ai's technology is the Ethereum blockchain, supporting its native token, FET. This token is pivotal in transaction facilitation, agent deployment, and data access within the Fetch.ai ecosystem.

The Fetch.ai team comprises adept engineers, scientists, and entrepreneurs proficient in AI, machine learning, and blockchain. They are committed to crafting a decentralized AI platform reshaping human interactions with the world.

Fetch.ai's array of features enhances its capabilities:

1. Autonomous Economic Agents (AEAs): These intelligent software agents autonomously operate, learn, and adapt, fostering seamless collaboration within the Fetch.ai network.
2. Open Ecoic nomFramework: Providing robust protocols and standards, this framework facilitates AEAs' interactions with each other and the real world, enabling various tasks like contract negotiation and asset trading.
3. Fetch Smart Ledger: Serving as a decentralized, tamper-proof ledger, it securely stores AEA-related data, ensuring accuracy and reliability.
4. FET Token: As the network's native token, FET is pivotal in facilitating transactions, agent deployment, and data access.
5. Interoperability: Fetch.ai's interoperability with other blockchains and networks allows AEAs to engage with external platforms and services, broadening opportunities.

By amalgamating these features, Fetch.ai cultivates a robust ecosystem empowering AEAs to autonomously drive economic activities, fostering efficiency and transforming multiple industries.

What is the value of the Fetch.ai (FET) Token?

As of June 27th, 2023, the Fetch.ai (FET) token is priced at $0.2. Its valuation is determined by various factors, including user demand, token supply, platform performance, and market dynamics. Despite being prone to fluctuations, the FET token exhibits long-term potential owing to the innovative capabilities of the Fetch.ai platform, poised to revolutionize global interactions.

Where can one purchase FET tokens and how?

CoinEx, a globally trusted cryptocurrency exchange serving over 5 million users worldwide with a 100% reserve, supports 700+ tokens, including FET, for seamless trading experiences. To acquire FET on CoinEx, adhere to the following steps:

1. Registration/Login: Begin by registering for an account on CoinEx by selecting "Register". Existing users can log in using their credentials.
2. Deposit Fiat or Crypto: Deposit funds into your CoinEx account using various options like credit cards. Additionally, you can deposit other supported cryptocurrencies to trade with FET tokens.
3. Exchange for FET: After funding your CoinEx account, navigate to the trading page and choose the appropriate FET trading pair corresponding to your deposit. For instance, opt for "FET/USDT" if you deposited USDT.
4. Purchase/Trade FET: Specify the desired quantity of FET tokens and exchange the paired token for FET after selecting the correct trading pair.