What Is Fetch.ai? How Does It Work? A Comprehensive Guide

What Is Fetch.ai?

Fetch.ai is a blockchain platform that utilizes artificial intelligence to automate daily tasks, such as booking a parking space or a flight. Fetch.ai aims to create a decentralized network of autonomous agents that can communicate, collaborate, and learn from each other using AI and machine learning.

Fetch.ai is unique in that it uses AI to create an open platform for the new AI economy. The platform allows users to build, deploy, and monetize AI marketplaces, transforming legacy systems to be AI-ready without changing existing APIs. Fetch.ai also offers secure data management, eco-friendly transportation, asset tokenization, and trusted social interactions. With the first open network for AI agents, users can make their services discoverable on the Fetch.ai platform.

Key Takeaways

  • Fetch.ai is a blockchain platform that uses AI to automate daily tasks.
  • Fetch.ai creates a decentralized network of autonomous agents that can communicate, collaborate, and learn from each other using AI and machine learning.
  • Fetch.ai allows users to build, deploy, and monetize AI marketplaces, transforming legacy systems to be AI-ready without changing existing APIs.

What Is The History of Fetch.ai?

Fetch.ai’s journey began in 2017 with Humayun Sheikh, Toby Simpson, and Thomas Hain. Sheikh, with his experience in early AI ventures like DeepMind and itzMe, saw the potential for a more democratic approach to intelligent technology1. Simpson, a software architect with a background at Ososim and DeepMind, joined forces drawn by the ambition to empower machines to act autonomously for the greater good.

2018 marked the year of seed funding, $15 million fueling the development of an open-permissioned network where AI agents could roam free2. These agents envisioned as autonomous software entities would learn, collaborate, and negotiate, orchestrating tasks in a decentralized dance of intelligence.

2020 ushered in the dawn of the mainnet. The network, christened “Leibniz,” went live, allowing developers to craft their own AI agents and unleash them onto the platform. This was the turning point, the moment decentralized intelligence became tangible.

Throughout 2021 and 2022, Fetch.ai blossomed. Partnerships with prominent players like Cudo and Ocean Protocol fueled ecosystem growth. The network itself evolved, as the network transitioned from Ethereum to its own blockchain, converting FET tokens from ERC-20 to native coins3.

In 2023, Fetch.ai built several impressive partnerships, most notably with tech giant Bosch. This strategic alliance saw Bosch join the Fetch Foundation, injecting resources and expertise while driving development in crucial sectors like mobility4.

How Does Fetch.ai Work?

Fetch.ai is a blockchain-based platform that uses artificial intelligence and machine learning to create an autonomous economy. The platform is composed of three main elements: Autonomous Economic Agents, the Open Economic Framework5, and the Fetch Smart Ledger. These three components work together to enable connectivity and maximum capacity for interaction between agents.

  1. AI Agents: You create autonomous software agents called “AEAs” (think digital twin of yourself). These AEAs learn, negotiate, and act on your behalf6.
  2. Decentralized Marketplace: AEAs roam on a blockchain network, a secure ledger of activity. They find other agents offering services like travel booking or resource management.
  3. Smart Contracts: Transactions happen via smart contracts, self-executing agreements on the blockchain. AEAs negotiate deals for you, ensuring secure and transparent interactions.
  4. Learning and Feedback: AEAs learn from experiences and gather data from other agents. This continuous improvement leads to smarter decisions and optimized outcomes for you.

So, Fetch.ai empowers you with autonomous AI agents that navigate a secure marketplace, finding the best deals and managing tasks, all powered by decentralized blockchain technology.

What Gives Fetch.ai Value?

The intrinsic value of Fetch.ai is derived from its technology, technical capacity, use cases, and the overall execution of the project through available tools and functions. The intrinsic value of Fetch.ai is also drawn from its multi-purpose native token, FET. FET is used to enable and reward node operators, as well as to unlock all operations on the network. FET also acts as the main payment method on the network.

What Are The Tokenomics Of Fetch.ai (FET)?

FET has a maximum supply of 1.15 billion, of which just over 1 billion are in circulation as of writing in December 2023, according to data from CoinGecko7. FET hit an all-time high of $1.17 in 2021 but has since lost 40% of its value, trading for just under $0.7. With a market capitalization of $723 million, FET is among the top 100 cryptos.

Despite a massive rally in 2023, FET continues to trade below its all-time high.
Despite a massive rally in 2023, FET continues to trade below its all-time high. Source: CoinGecko

How Has Fetch.ai (FET) Traded In 2023, And What Is The Fetch.ai Price Prediction?

As an AI-crypto project, Fetch.ai (FET) has enjoyed an extremely bullish 2023, along with most other AI plays. It has rallied by 650% year to date, according to TradingView, making up for a dire 20228.

Coincodex expects FET to continue racking up gains in 2024 with a high-price target of $1.15. In 2025, their minimum target is $0.75 and their maximum is $1.7. Their most bullish long-term projection sees FET trading above $2 before the end of the decade.

Binance is more or less neutral on FET, with price targets for the next three years ranging between $0.7 and $0.8. They don’t see FET trading above $1 before 2030.

FET has rallied in 2023 along with several other AI-crypto projects.
FET has rallied in 2023 along with several other AI-crypto projects. TradingView

Final Thoughts on Fetch.AI

Fetch.ai has been one of the most successful AI-crypto projects of 2023. The native FET token has experienced a massive rally of over 650%, and the team has built partnerships with several globally recognized brands. Fetch.ai provides the market with an alternative model for AI with its decentralized and democratic approach, but it will need to onboard more users and developers to truly challenge the tech giants that currently dominate the industry.

Frequently Asked Questions

What Is Fetch.Ai?

Fetch.ai is an open-access, decentralized platform powered by AI and blockchain technology. It allows you to create software agents that can act on your behalf in the digital world, automating tasks and negotiating deals, all while learning and improving over time.

What kind of Autonomous Economic Agents can be deployed with Fetch.ai?

Fetch.ai’s Autonomous Economic Agents (AEAs) can be deployed in various use cases. Some of the agents already in development include delivery agents, which can deliver anything across the world as part of a decentralized delivery network. Autonomous AI travel agents provide an alternative way to make travel bookings without the need for centralized aggregators or services.

Peter Barker

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Peter Barker

Peter is an experienced crypto content writer and a DeFi enthusiast with more than 3+ years of experience in the space. Previously a journalist and news editor at a leading European news sourcing agency.

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