Fetch.ai: AI Reaching New Heights
By Daman Rao | Crescent City Capital Market Analyst Intern
What is Fetch.ai?
Fetch.ai founded in 2017 is a decentralized platform designed to automate online transactions. Users employ autonomous entities called ‘digital twins’ to interact with other digital twins, such as those of airlines or service providers, to negotiate and execute tasks based on user-defined parameters. This can range from booking flights to decentralized finance activities in the crypto space. The platform uses artificial intelligence to enable digital twins to learn and improve over time.
FET is the native cryptocurrency of Fetch.ai, serving as the platform’s internal currency. Users spend FET to access services and stake it for governance participation, earning variable interest rates. This staking mechanism helps prevent spam and malicious activities on the platform. Fetch.ai aims to streamline and enhance various online transactions through decentralized automation.
How does it work?
The Fetch.ai blockchain operates as an interchain protocol based on the Cosmos-SDK, utilizing the high-performance Cosmwasm smart contract language. The Cosmos-SDK is an open-source framework for building multi-asset public Proof-of-Stake (PoS) blockchains. This framework enables the implementation of advanced cryptography and machine learning logic on-chain, ensuring network security through consensus mechanisms. The blockchain provides staking, governance, and identity services to support digital twin applications. It adopts a modified version of Cosmos’ Tendermint Proof-of-Stake consensus for network security and is interoperable with other Cosmos-based blockchains through the IBC protocol. Fetch.ai’s technology, based on multi-agent systems, decentralizes access to data systems, making it applicable across various sectors. The ecosystem includes independent projects in areas like DeFi, mobility, and healthcare, showcasing the versatility and broad adoption of Fetch.ai’s technology.
Recent Updates
FET as of November 9th is trading at $0.37 with a 24-hr trading volume of $113,266,582. The total circulating supply is 811 million tokens
In the past month Fetch.ai is up 82.5% and overall up 537% in the last year. This price surge comes with the hype and popularity created by AI and ChatGPT over the past year. Fetch.ai is heavily dependent on AI market size and activity in the space. It could dictate the price and tell us what is to come in the next year.
Another piece of information to pay attention to is a report published by Fortune Business Insights mentioned that the AI industry is projected to have a 23.6% compound annual growth rate (CAGR) between 2020-2027. This could mean a significant upside potential for FET, considering it is currently -81.08% from its 2021 ATH of $0.41.
In the past month, if we look closer to October 18th of this year, Fetch.ai started to trend upwards and is maintaining itself there. In the screenshot below Fetch.ai announced the release of Agentverse v0.12 on October 17th, it provides a robust platform to create, test, and deploy agents adaptable to any of your needs. It provides a user-friendly interface and a set of tools and libraries that make it easy to build and train AI agents, as well as to integrate them with existing systems. An ecosystem upgrade like this to the Fetch.ai network provided it with many performance improvements. This might have led the price surge to start off in October.
Summary
Fetch.ai is constructing a decentralized machine learning network, creating a tokenized and open-access framework for a smart infrastructure within a decentralized digital economy. The project aims to seamlessly integrate cutting-edge technological innovations into our daily products and services. It envisions a transformative “decentralized digital world” where autonomous software agents efficiently perform economic tasks on behalf of their owners or independently.
The Fetch.ai team is developing technology that caters to both current and future needs, envisioning a collective super-intelligence atop a scalable, next-gen distributed ledger. This, coupled with machine learning capabilities, provides the predictive power and infrastructure necessary for shaping the future economy.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. Please conduct your own due diligence before making any investment decisions.
References:
https://www.fortunebusinessinsights.com/blockchain-ai-artificial-intelligence-market-104588