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Fetch.ai (FET) is a decentralized, open-access blockchain platform that combines artificial intelligence and machine learning to automate tasks and optimize efficiency in various sectors such as finance, energy, and healthcare. It uses smart agents to perform tasks on behalf of individuals or organizations, leveraging AI automation to improve efficiency and deliver personalized experiences. The platform is powered by the FET utility token, which is used for transactions, governance, and network security.
Fetch.AI (FET) is used in several ways within the Fetch.ai ecosystem:
Staking and Governance: FET is used for staking, which helps secure the network and allows users to participate in governance by voting on project proposals. Users can delegate their stake to larger validators and share in rewards.
Transaction Fees: FET is used to pay for transaction fees on the network, ensuring the smooth operation of the decentralized machine learning platform.
AI Deployment and Services: FET is used to deploy AI models and pay for services on the network, facilitating the development of autonomous economic agents and other AI-powered applications.
Smart Contracts and Oracles: FET is essential for smart contracts and oracles, which are crucial components of the Fetch.ai platform, enabling the automation of tasks and decision-making processes.
Autonomous Economic Agents: FET is used to create, deploy, and train these agents, which can represent individuals, companies, or devices and perform tasks autonomously, leveraging machine learning and AI capabilities.
Overall, FET is the native utility token that powers the Fetch.ai ecosystem, enabling the creation of a decentralized digital economy with AI-backed machine learning capabilities.
To store Fetch.AI (FET) tokens, you can use the Fetch.ai browser extension wallet. This wallet supports native FET tokens and not ERC-20 FET tokens. Here are the steps to set it up:
Download and Install the Fetch.ai Browser Extension Wallet:
- Visit the official Fetch.ai website and follow the installation prompts to integrate the extension into your browser (Chrome, Brave, or Firefox).
Create or Import an Account:
- If you're setting up the wallet for the first time, select the Create new account option. If you have an existing account, select the Import existing account option and restore your wallet by inputting your seed phrase. If you're using a Ledger hardware wallet, select the Connect ledger option.
Connect Ledger Hardware Wallet (Optional):
- If you own a Ledger hardware wallet, connect it to your computer using the supplied USB cable and open the Ledger Live software. Ensure the Cosmos app is installed on your Ledger device. Then, open the Fetch.ai browser extension wallet and select the Connect Ledger option.
Deposit FET Tokens:
- Log into your Fetch wallet, copy your account's address, and use it as the destination account to send FET tokens from another wallet or exchange. You can also buy tokens directly within the Fetch wallet.
Manage Your Tokens:
- Once you have FET tokens in your Fetch wallet, you can use the wallet to send, receive, and stake your tokens. Ensure you have at least 1 available undelegated FET in your wallet to cover transaction fees.
Remember to never send ERC-20 FET tokens to the Fetch wallet, as it only supports native FET tokens. If you have ERC-20 FET tokens, you need to use a token bridge to swap them for native FET tokens before storing them in the Fetch wallet.
To buy Fetch.AI (FET) tokens, follow these steps:
Create an Account:
- Binance: Register on the Binance website or app, and verify your identification.
- Kriptomat: Sign up with Google, Apple, or enter your name and email. Verify your email, phone number, and identity.
- Kraken: Provide your email address and country of residence to create a free account.
- Coinbase: Download the Coinbase app and start the sign-up process, which includes verifying your ID and adding a payment method.
Add Funds:
- Binance: Deposit funds using a credit card, debit card, or bank transfer.
- Kriptomat: Add funds via bank deposit or credit card.
- Kraken: Connect a funding method such as a credit card, debit card, or bank transfer.
- Coinbase: Add a payment method like a bank account, debit card, or wire transfer.
Buy Fetch.AI:
- Binance: Navigate to the "Buy Crypto" section, select Fetch.AI, and choose your payment method.
- Kriptomat: Click on the Kriptomat icon, select "Buy," choose Fetch.AI, enter the amount, and confirm your purchase.
- Kraken: Search for Fetch.AI, select it, and complete your purchase with as little as $10.
- Coinbase: Search for Fetch.AI, select it, enter the amount you want to buy, and finalize your purchase.
Remember to review the fees and market conditions before making your purchase.
Fetch.AI (FET) was founded in 2017 by Thomas Hain, Toby Simpson, and Humayun Sheikh. The project received funding and support from Outlier Ventures and launched an Initial Exchange Offering (IEO) on Binance in March 2019, raising $6 million in just 10 seconds. The mainnet was deployed in early 2020, and the team secured partnerships with companies like Bosch and Datarella to introduce automation and AI data systems for industrial applications and trial smart city infrastructure in Munich, Germany.
Fetch.AI (FET) is a blockchain platform that leverages artificial intelligence (AI) to automate various tasks and create a decentralized digital economy. Here's a detailed overview of how it works:
AI Agents and the AgentverseFetch.AI is built around AI Agents, which are autonomous programs that make decisions independently on behalf of individuals, organizations, and devices. These agents operate in the Agentverse, a Software as a Service (SaaS) platform designed for developing and deploying AI Agent solutions. The Agentverse offers a range of use cases, from simple introductions to complex AI-driven systems, making it easy to deploy and manage agents.
Fetch Network and ComponentsThe Fetch network is the foundation of the ecosystem, comprising several key components:
- Almanac Contract: This is a central library that stores essential information about AI Agents, facilitating smooth data exchange and operation within the ecosystem.
- Fetch Name Service: This service provides easy-to-remember names for resources, making interactions with AI Agents and services straightforward.
- Fetch Ledger: This is a secure, unalterable ledger that records all transactions, ensuring transparency and trust within the network.
- FET Tokens: These tokens are the medium of exchange, fueling transactions and facilitating interactions within the decentralized world of Fetch.AI.
DeltaV is a chat interface that connects users with registered agents in the Agentverse, enabling the creation and expansion of diverse services. It simplifies the complexities of AI integrations, offering a direct path to leverage the power of the platform.
Autonomous Economic AgentsAutonomous Economic Agents (AEAs) are digital citizens within the Fetch.AI ecosystem. They represent devices, services, organizations, and individuals, acting on their behalf on the network. AEAs are created to learn from previous mistakes, providing more efficient solutions and enhancing the overall performance of systems via AI. They are connected to data sources and hardware environments, leveraging the predictive nature of the Fetch.AI system.
Use Cases and ApplicationsFetch.AI has a wide range of potential use cases, including:
- Smart Cities: Optimizing urban infrastructure and services.
- Supply Chain: Improving logistics and supply chain management.
- Transportation: Enhancing transportation systems and traffic management.
- Energy Grid Optimization: Managing energy distribution and consumption efficiently.
- Healthcare: Analyzing patient data to diagnose diseases and develop treatment plans.
The FET token is used to register on the network, as the main payment method, and as an incentive for node operators. It is also staked for the security of the network, allowing users to access all network tools and features. The Fetch.AI network is secured through the staking of FET tokens, ensuring the integrity and trustworthiness of the platform.
In summary, Fetch.AI is a decentralized machine learning platform that uses AI Agents to automate tasks, create a digital economy, and optimize various sectors. The platform is built around the Fetch network, which includes the Almanac contract, Fetch Name Service, Fetch ledger, and FET tokens. The AI Agents, Agentverse, and DeltaV interface work together to create a robust ecosystem where AI is accessible to everyone, simplifying and enhancing digital interactions.
Fetch.AI (FET) has several strengths that make it a promising project in the cryptocurrency and artificial intelligence (AI) space. Here are some of its key strengths:
Decentralized AI Ecosystem: Fetch.AI is a decentralized AI ecosystem that enables users to create and deploy AI agents to automate various tasks. This decentralized approach allows for greater flexibility and scalability in AI applications.
Autonomous Economic Agents (AEAs): Fetch.AI's AEAs are sophisticated software capable of self-programming to meet specific needs. They analyze real-world data and context, acting logically to fulfill set objectives, much like AI chatbots.
Native Cryptocurrency (FET): The FET token is vital for network operations, covering transaction fees, AEA development, and accessing available services. FET holders can also stake their tokens on the Fetch.AI blockchain, contributing to transaction validation and earning token rewards.
Blockchain and AI Integration: Fetch.AI combines the strengths of blockchain and AI technologies, enhancing the efficiency and security of information exchange across various production chains. This integration has led to successful solutions for prominent brands in the automotive and healthcare sectors.
Scalability and Security: Fetch.AI's blockchain layer, the Fetch Network, is a Proof of Stake (PoS) network where validators stake FET to create new blocks. This ensures a secure and scalable infrastructure for AI applications.
Infrastructure Investment: Fetch.AI has received significant investments, such as the $100 million investment in Fetch Compute, its proprietary infrastructure program. This investment aims to provide developers and users with AI tools, computing power, and training capabilities.
- Market Performance: FET has shown significant growth, surging over 1,100% since the end of 2023, outperforming major digital assets like Bitcoin and Ethereum.
These strengths position Fetch.AI as a leader in the AI and blockchain space, offering a robust ecosystem for AI applications and a promising investment opportunity.
Fetch.AI (FET) carries several risks that investors should be aware of:
Risk Score: Fetch.AI has a low risk score, indicating that it is a relatively low-risk investment. This score is based on the amount of money required to shift its price over a 24-hour period, as well as recent changes in volume and market capitalization.
Market Volatility: Fetch.AI's price has been affected by mixed market and investor signals, leading to a potential bearish momentum. The asset's network growth has dropped to a seven-month low, suggesting a lack of investor confidence.
MVRV Ratio: Fetch.AI's Market Value to Realized Value (MVRV) ratio is currently at 12%, indicating profit for investors. Historically, corrections in Fetch.AI's price occur within the 7% to 30% MVRV range, which is considered a risk zone.
Price Correction: Fetch.AI's price could potentially fall below $2 due to the bearish signals and the MVRV ratio being in the risk zone. The price is currently hovering just above support at $2.22, and if it breaks below this level, it could dip to lows of $1.95.
General Cryptocurrency Risks: Cryptocurrency trading is inherently risky, and investors may lose some or all of their money. The market is unregulated in some regions, adding to the uncertainty.
Overall, while Fetch.AI has a low risk score, it is still subject to market volatility and specific indicators that suggest potential price corrections.
- Humayun Sheikh: Founder and CEO of Fetch.ai, known for his forward-thinking approach and passion for AI, machine learning, and decentralized systems.
- Toby Simpson: Co-founder and COO of Fetch.ai, involved in the development and launch of the Fetch.ai platform.
- Thomas Hain: Co-founder and Chief Science Officer of Fetch.ai, responsible for the scientific and technical aspects of the project.
- Maria Minaricova: Director of Business Development at Fetch.ai, focusing on strategic alliances and partnerships in areas like mobility, supply chains, and circular economy.
- Peter Busch: Global Product Owner for Distributed Ledger Technologies at Bosch, involved in the development of digital mobility connectivity and data strategies.
- Ricky Lamberty: Lead Expert in Digital Assets at Bosch, contributing to the Fetch.ai Foundation and shaping the future of finance.
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