What is Fetch.AI (FET)? Project overview and FET token

• What is Fetch.AI (FET)?
• What problems will Fetch.AI solve?
• How Fetch.AI Solves Problems
• Fetch.AI's application in practice
• Fetch.AI (FET) project development team and partners
• General information about the FET token
• What is FET token?
• What is the FET token used for?
• Details about FET token
• FET Token Allocation
• FET token project development roadmap
• Current transaction fee of FET token
• The best exchange and wallet for storing FET tokens today
• Assessing the potential of Fetch.AI (FET) project, should invest in FET token or not?
• summary

AI – artificial intelligence and blockchain are the two leading technologies today, with many applications in life. Fetch.AI is such a special project, combining two of today's hottest technology platforms. The ambitious project will create breakthroughs and improve efficiency in many areas of life. Surely, here you are probably very curious about this project. Let's find out more details with TraderH4 in the article below!

What is Fetch.AI (FET)?

Fetch.AI is a new generation artificial intelligence (AI) protocol that uses the useful Proof of Work consensus mechanism of the blockchain technology platform. The Fetch.AI blockchain is an inter-chain protocol, based on the Cosmos-SDK and using a high-performance WASM-based smart contract language (Cosmwasm).

 This also allows the Fetch.AI network to become a layer 2 network for legacy blockchains and as an inter-chain bridge to the outside world, as well as providing artificial intelligence for users. 

Fetch's special ecosystem. AI also uses two leading technology platforms in the blockchain space, to create a decentralized network. Fetch Platform. AI connects the Internet of Things (IoT) and algorithms. Through that, data, hardware, services, people, infrastructure, etc. can work together effectively, even users ask AI to act on their behalf. 

Fetch.AI was founded by a team of engineers including Toby Simpson, Humayun Sheikh, and Thomas Hain in 2017. Then the project officially launched to the market through an IEO on Binance in March 2019.

What problems will Fetch.AI solve?

So what problems can the introduction of Fetch.AI solve? That is data. We also know that today data networks have been applied in every corner of life. The biggest problem, however, is the cost of the data. 

The project hopes to collect data using IoT, which will replace the inefficient and expensive conventional way of accessing data. For example, if you need weather data, you can completely connect to the user's car and get the data for free. This data can then be sold to others. 

In addition, the project also seeks to provide services in a variety of areas, from checking the status of flights to optimizing supply chains. 

How Fetch.AI Solves Problems

To solve the problems, Fetch.AI offers a technological solution called Three Layers. This structure includes 3 components: Autonomous Economic Agents, Open Economic Framework, Smart Ledger

• Autonomous Economic Agents (AEA)

Inside the “digital world” of Fetch.AI, digital components can communicate with each other independently under human intervention. These AEAs can be many people, or they can be devices and services within the Fetch.AI (FET) network. These AEAs are connected and motivated to contribute and work together thanks to the FET token. This means that entities participating in the economy that Fetch.AI creates, can work with each other under human management.

• Open Economic Framework (OEF)

Open Economic Framework (OEF) is the framework used to connect AEAs. OEF consists of 2 types of nodes, Trustless and Trusted. Trustless Nodes can operate anonymously similar to pure Ledger Nodes. Trusted Nodes can access information and data inside the AEA. It is known that the operators of these nodes must have a public identity and be accepted by the Fetch.AI Foundation.

• Smart Ledger

Smart Ledger is the foundation of the Fetch.AI digital world. Fetch.AI's Smart Ledger uses a useful Proof of Work (uPoW) mechanism combined with DAG and PoS. In particular, Smart Ledger provides a market for those who have a need to use AI or ML, which would have been difficult to reach in the past because they were locked to centralized networks. Smart Ledger helps individuals/organizations/entities in need to access this data quickly and efficiently. Notably, according to the developer team, Smart Ledger can push the transaction speed up to millions of transactions per second.

Fetch.AI's application in practice

The most prominent application of Fetch.AI is in the transportation, energy and supply chain industries.

Transportation

• Shipping costs are saved
• Complicated travel routes are simplified
• Can predict dangerous situations 
• Auto connect, reroute journey
• Can automate effective travel planning
• Application in reservation system, tickets

Energy

• Flexible to change energy supplier, less time consuming.
• Limit conflicts between suppliers.
• Limit interruptions while in operation.

Supply Chain

• Improve efficiency and management.
•  Optimizing the supply chain from raw materials to finished products and consumption, providing opportunities to reduce costs and improve efficiency.

The project is developing a number of advanced applications, aimed at optimizing solutions to everyday problems, through intelligent data sharing, machine learning and artificial intelligence. As follows:

Simple Open Economic Framework (SOEF)

The Simple Open Economic Framework, or SOEF is the latest version of the Fetch.AI search and discovery system for Agents. Agents can describe what they look like and what they do and find or be found by other agents. They can search semantically or geographically, identifying things that are important to them.

SOEF is easy to use and Fetch.AI has developed two demonstration apps to monitor its digital world including an iOS app and a website. These are great tools for developers: create an Agent and watch it appear in the metaverse Fetch.

In the coming months, SOEF will become truly decentralized: with many nodes located globally, specializing in different areas or topics. It will be a truly digital environment for agents to navigate, explore and survive, and anyone can run a node.

Autonomous AI Travel Agents

Personalized, privacy-focused travel agency. The promise of the Fetch.AI network is that a decentralized, multi-agent system will be able to provide a new, personalized travel solution that focuses on privacy and changes the way users view and work. with the hotel and tourism industry.

Fetch.AI has built a framework application to enable hotel operators to deploy autonomous AI Travel Agents to market, negotiate and transact their inventory on the Fetch.AI network and receive payments. payments in fiat or cryptocurrencies, powered by FET tokens.

Enroll in our program and build your own travel agency.

A pilot program is underway building “Autonomous AI Travel Agents” that work on behalf of people and hotels to book rooms directly. The project has provided a working proof of concept that can book hotel rooms. Codebase and application toolkit will be available in February 2021. Create and deploy Agents with 1 click. Autonomous AI Travel Agent will reduce the role of aggregators and centralized services. Direct supplier-to-consumer interaction is thus encouraged and results in significant cost savings for both the hotel and the consumer.

Autonomous Economic Agent (AEA) Registry

The project has developed a new Autonomous Economic Agents (AEA) registry, allowing you to build Agents and participate in this new digital economy much more easily. The aim is to build an efficient “App Store” for developers, allowing you to access and build agents like never before. 

The new user interface is designed for easy exploration of community-developed AEA projects. It allows you to find, download, and publish AEA packages that include the full set of agents, skills, connections, protocols, and contracts.

Fetch.AI (FET) project development team and partners

Project development team

The Fetch.AI project was founded in the United Kingdom and is led by the following 5 powerful people: 

• Humayun Sheikh is the co-founder and CEO of Fetch.AI. He is also the CEO and Founder of Mettalex and the founder of uVue and itzMe.
• Toby Simpson is the co-founder and former COO of Fetch.AI. Currently a member of the advisory board. He has also served as CTO at Ososim Limited as well as Head of Software Development at DeepMind.
• Thomas Hein is a co-founder and holds the position of CSO at Fetch.AI. Thomas Hein is a professor at the University of Sheffield and an established scientist in the field of AI. Before that, he was the co-founder and director of Koemei.
• Jonathan Ward (Chief Technology Officer – CTO): He used to be a PhD candidate in Machine Learning from University College London, he is also an AI researcher and former researcher of EMBL (European Molecular Biology Laboratory). ). 
• Maria Minaricova (Business Development Manager): She has experience in strategic program delivery, business development and modern ICT applications. Maria also worked for many years at Oracle.

Besides, the members who are active in the Fetch.AI project all have many years of experience in the field of AI, machine learning, blockchain, IOT...

Partner of Fetch.AI

• Blockchain for Europe: This consortium was founded by four leading blockchain companies including Ripple, NEM, Fetch.AI, and EMURGO/Cardano. The goal of the association is to promote understanding of AI and blockchain within the EU and its member state organisations.
• Clustermarket: This company makes access to cutting-edge technologies more relevant to fields like science, GE Healthcare. In addition, Clustermarket has developed the platform, to provide personalized recommendations on specific equipment and services. The purpose of Clustermarket is to support customer research, based on Fetch.AI's digital-world implementation requirements.
• AIIN – AI innovation network, providing a collaborative platform between various stakeholders including public, private and third sector organizations to examine the transformative impact of artificial intelligence. 
• ULedger supports a stateless blockchain protocol, making it possible for the Fetch.AI network to use centralized real-world data from IoT devices and other data sources in a provable manner. This protocol provides very high security, integrity, and identity for electronic communications.
• MOBI is a non-profit organization that works with forward-thinking companies, Governments and NGOs. The goal towards that is to make mobile services more efficient, affordable.

In addition, Fetch.AI has many other important partners, supporting AI and blockchain technology.

General information about the FET token

What is FET token?

FET is the native token of the Fetch.AI ecosystem and is also a mandatory means of payment for those who want to join the system and use the service. Initially, this token was used according to the ERC20 standard of the Ethereum platform before the mainnet. After the mainnet was officially launched in 2019, FET swap to native token.

What is the FET token used for?

Below are the functions of the FET token in the Fetch.AI ecosystem.

• Can participate in staking transaction verification and system operation.
• Rewards for node miners who verify transactions. 
• Means to pay gas costs (similar to Ethereum).
• Means to access the Fetch.AI ecosystem.
• Means to conduct value exchange between agents.
• Use during interactions and searches using Fetch.AI's tools.
• Develop algorithms on AI and ML.

Details about FET token

• Token name: Fetch.AI token
• Ticker: FET
• Blockchain: Ethereum
• Smart contract: address 0x1d287cc25dad7ccaf76a26bc660c5f7c8e2a05bd
• Decimal: 18
• Token standard: ERC20 standard (original)
• Token type: utility token
• Total supply: 1,152,997,575 FET
• Circulating supply: 746.113,681.00 FET

FET Token Allocation

With the above total supply, the FET tokens will be distributed into the following sources:

• Public sale (IEO): 6%
• Private sale: 6.38%
• Seed round: 5.24%
• Foundation and team: 19.9%
• Advisors: 10%
• Future releases: 17.4%
• Mining: 15%
• Foundation: 19.9%

FET token project development roadmap

Current transaction fee of FET token

FET Token will be converted to FET as a native token and run on a private blockchain, so the gas fee in the system will be collected by Fetch.AI.

The best exchange and wallet for storing FET tokens today

Currently, FET token is listed on many famous exchanges such as: Coinbase Exchange, Binance, Gate.io, Crypto.com, Bitvavo, KuCoin, MEXC, CoinEx, BitMart... Buy and sell tokens easily. 

This token can be stored by hardware wallet, soft wallet, exchange wallet.

• Wallets on listed exchanges: Binance, BitMart, KuCoin, ..
• Hardware wallets: Ledger Nano, Trezor, ..
• Soft wallets: MyEtherWallet, MyCrypto, Meta Mask, Trust Wallet…

Assessing the potential of Fetch.AI (FET) project, should invest in FET token or not?

AI is increasingly being expanded and applied in many areas of real life. Many projects have also used the power of AI such as XAIN (AI for peer-to-peer transport and sharing), DeepCloud AI (AI for running decentralized applications – IoT and Web 3.0 Dapps) and Surety. AI (AI and blockchain for the insurance industry). Besides, today's leading technology giants such as Google, Facebook and IBM are very interested in Big Data and AI.

 Therefore, this is definitely fertile ground but Fetch.AI is also facing fierce competition in the market. Besides the unique technology, the community is the decisive factor for the survival of the project. Although Fetch. AI has paid more attention to marketing and taking care of the community but they will probably need to have an even more effective marketing strategy. This helps them create a competitive advantage and differentiate themselves from other projects. 

summary 

In the above article, we shared details about the Fetch.AI project as well as the FET native token. Fetch.AI is a huge project, having set a record of 10 seconds of selling out tokens in an open sale. However, over time in the market will appear many formidable competitors in the same segment, directly competing with Fetch.AI. Therefore, Fetch will very quickly be dethroned, even regressed. Moreover, in addition to investing in technology, Fetch.AI also needs to invest more in the community to achieve even greater success. Let's accompany TraderH4 to find out other potential projects!

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