Fetch.AI Review: Don’t Miss AI Coin Storming FET In 2024

October 21, 2023 - Around 8 mins mins to read

Combining artificial intelligence with blockchain technology is one of cryptocurrency’s most innovative and promising technological advancements. Therefore, projects in the field of AI are receiving significant attention from the community. Fetch.AI (FET) is a prominent name in this group, so let’s find out what this project is and what its growth potential is in the future through this Fetch.AI Review.

What is Fetch.AI (FET)?

Fetch.AI Review: Don't Miss AI Coin Storming FET

Fetch.AI is a new generation artificial intelligence (AI) protocol that uses the blockchain technology platform’s useful Proof of Work consensus mechanism. The Fetch.AI blockchain is an inter-chain protocol based on the Cosmos-SDK and uses 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 and provide artificial intelligence for users.

Fetch’s unique 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, and even users ask AI to act on their behalf.

Fetch-ai Network is the company behind the blockchain ecosystem. It was founded by Humayun Sheikh, Toby Simpson, and Thomas Hain in Cambridge, UK in 2017.

The company raised over $69 million on Binance Launchpad by selling approximately 6.4% of the total FET supply in a private sale in February 2019. At the beginning of 2021, fetch.ai mainnet v2 was launched works with 30 validators.

Fetch.ai is an inter-chain protocol built using Cosmos-SDK. Its native token exists on its parent blockchain, Ethereum (ETH), and the BNB Chain (BNB). The fetch.ai blockchain combines proof-of-stake (PoS) and proof-of-work (PoW) consensus mechanisms.

The problem that Fetch.AI (FET) wants to solve

Fetch.Ai is quite a worthwhile project. Its platform is oriented to the outside life, helping areas such as transportation, mobility, railways, infrastructure, energy, and smart home… can operate smoothly and is less dependent on humans.

With the release of V1.0, Fetch enables building multi-agent-based mobile services. Since the suite is open source, anyone can take advantage of it. With Autonomous AI Travel Agents, Fetch reduces the role of centralized services and aggregators. It allows direct interaction between the supplier and the consumer, thereby saving costs for both parties. Fetch innovative city mobility solutions help solve problems like parking.

While in a smart city, Fetch can search and communicate with parking lots to find the closest available space to your destination and reserve it for you. Fetch has also empowered activities related to commodity trading, such as steel, base metals, and more. It allows market participants to access the data without compromising the efficiency and security features of the market.

With its collective learning module, Fetch allows doctors to optimize diagnoses and help patients get care faster by sharing patient information within their network without allowing patient access into their private personal data.

In short, Fetch.AI is not simply a blockchain project but more towards IOT and AI. It is oriented to the real outside life, and has a long-term vision. In terms of technology and application purposes, I highly recommend Fetch.Ai.

Technology structure

To solve the problems, Fetch.AI offers a technological solution called Three Layers. This structure includes 3 components: Autonomous Economic Agents, Open Economic Framework, and 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 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, and 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 combines a useful Proof of Work (uPoW) mechanism with DAG and PoS. In particular, Smart Ledger provides a market for those needing 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. According to the developer team, Smart Ledger can increase the transaction speed to millions of transactions per second.

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: 818,912,300 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: 6.36%
Seed round: 5.24%
Foundation: 20%
Advisors: 10%
Future releases: 17.4%
Mining: 15%
Foundation: 20%

Why might FETs have the potential to invest?

Trend AI is a trend in recent times when many big companies start to pay attention to this industry. It started with the launch of ChatGPT, after which many famous companies Microsoft, Google all started pouring capital into AI. Or like Tron (TRX) has also opened a 100 million USD fund to invest in AI projects, and many other blockchains are also gradually encroaching into this field. This will push AI coins to grow, and Fetch.AI (FET) will be a prominent name among them.

Another reason many blockchain experts consider Fetch.ai a good investment is that the FET token has a fixed total supply and maintains a fairly effective token inflation-resistant tokenomics mechanism. Fetch.AI is limited to 1,152,997,575 FET tokens and cannot generate a single token beyond that (even the total supply could be less). As a result, the price of FET is expected to increase over time – as long as demand for the token does not decline.

The project is not simply a blockchain project combined with AI, but it is aimed at real life outside, has a long-term vision and is highly appreciated for technology and application purposes in many fields: transportation, energy and supply chains.

The company has raised over $69 million on the market’s most prestigious platform, Binance Launchpad. Over the past time, Fetch.Ai has also recorded many positive signals when continuously signing a number of new partnerships and research relationships. In the past, there were detractors who suggested that the project could be a scam because of the lack of public information, but now it has become more transparent and open. This will make Fetch.Ai one of the most anticipated projects in the future.

Finally, Fetch has an experienced team and is very good at AI and machine learning. The project focuses a lot on technology as shown by the fact that the majority of the project team are technical people. The development of technology holds a lot of promise.

Conclusion – Fetch.AI Review

In the above article, we shared details about the Fetch.AI project as well as the FET native token. Fetch.AI is one of the biggest blockchain projects on AI. By catching the right technology trend and raising capital from reputable names like Binance, the project also has relationships with many well-known partners such as Ankr, Uledger, Outliers Ventures and MOBI. Investing in Fetch.Ai you need to determine that for this industry to really succeed, it will take a very long time and roadmap. The price dynamics of the FET will depend on the general trend of the industry, or the news that Fetch.Ai has some major partnerships.

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. In addition to investing in technology, Fetch.AI also needs to invest more in the community to achieve even greater success.

Hopefully through this article you will find new investment opportunities. If you have any suggestions, please leave them in the comment section below to make our article better.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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