What Is Fetch.ai (FET)?

Fetch.ai (FET) is a platform based on artificial intelligence (AI). It is defined as a decentralized digital representation of the actual world in which autonomous software agents conduct productive economic labor. To do this largely depends on machine learning (ML) and artificial intelligence (AI).

The purpose of Fetch.ai is to automate an infinite number of marketplaces that need massive manual interaction. Autonomous economic transactions, according to the researchers, would result in near-frictionless marketplaces that operate at a high rate.

How Does Fetch.ai (FET) Work?

Fetch.ai (FET) is based on a near-autonomous system that integrates multiple facets of a dynamic network, easy integration and use of ML/AI results into decision making, and collective intelligence comprised of the machine and human intelligence to create a non-siloed AI model that improves decision-making procedures.

On the Fetch.ai network, the FET token is utilized to trade value. It serves as the payment mechanism for all transaction costs, as well as a refundable means of registering on the ledger. It may also be staked to safeguard the network as a whole.

Fetch.ai (FET) combines machine learning, artificial intelligence, multi-agent systems, and decentralized ledger techniques to develop an institutional internet that is a digital representation of the economy’s moving parts that can get useful work done through efficient introductions and forecasts.

Fetch.ai (FET) does various operations to produce consensus using a mix of Proof-of-Stake (“PoS”) and a protocol. The PoS protocol creates new blocks, with the transaction order defined by the work performed between two blocks. A directed acyclic graph (DAG) that builds between the blocks is used to record this effort. The blockchain notarizes the DAG, eliminating the requirement for a coordinator.

Each block epoch elects a leader or committee of leaders via a decentralized random beacon based on a threshold signature technique.

For block production and data mining operations on the smart ledger, system rewards will be delivered to processing nodes.

There will be numerous components to transaction fees, including a specified gas price and a maximum number of operations.

Because the ledger is designed to be scalable, its actual performance will vary depending on the resources specified in the processing nodes. Fetch.ai (FET) has achieved speeds of over 30,000 transactions per second in private tests. Fetch.ai (FET) is planned to steadily expand the number of resources provided to the test network as demand grows. The test network is intended to have a block duration in the minute’s range when it first launches. This cautious estimate will be adjusted over time as the consensus protocol improves and test network deployments become more realistic.

The Open Economic Framework is the protocol that delivers services to agents at the second layer. Agents use the OEF to locate, negotiate with, and do business with other agents on the network. Its purpose is to provide semantic, geographic, and economic perspectives on the world to actors. There are two types of ledger nodes: pure ledger and ledger/OEF nodes. The OEF nodes are divided into two categories in the earliest implementations: “trusted” and “trustless.” The “trustless” nodes, like the pure ledger nodes, may be operated anonymously. To enable sophisticated search and discovery capabilities, “trusted” nodes can be given access to extra agent information. The operators of these nodes must have a public and legal identity, as well as Fetch.ai Foundation authorization.

Use Cases of the FET Token

The Fetch.ai (FET) token enables self-contained economic agents to do tasks on the network. On the FET network, the FET token is the primary means of value exchange. It is essential for all network exchanges, as a way of registering with the network, for staking, and for returning value to people who perform work on the network. The token provided by Fetch.ai gives agents access to the digital realm. It allows them to exist in this environment, in many locations, and to traverse it in search of other agents to provide or get value from. This value might take the shape of access to services, data, infrastructure, or data processing using AI and machine learning techniques.

FET is an access deposit token that functions as a sort of stake to signal a desire to behave correctly and link agents and nodes to the network. Due to the growing cost of doing so, it limits the ability of bad actors to flood the network with undesired nodes or agents.
Fetch.ai provides access to search, discovery, and advertising services. To access, browse, and interact with the Fetch.ai (FET) search engine, you’ll require AI tokens. This is an area designed for self-contained digital entities, with dynamic and self-contained pricing settings and negotiation.
The Fetch.ai token can access and construct ledger-based AI/ML algorithms. The AI token allows for the creation of and access to a wide range of machine learning and artificial intelligence jobs on the blockchain. These might be key services provided by Fetch.ai, such as trust and prediction models, or large-scale services developed separately for network users.

Fetch.ai (FET) Tokenomics

The total token supply of the FET token is 1,151,441,226 and its current circulating supply is 746,113,681.00 FET.

Fetch.ai (FET) Price

Fetch.ai (FET) is now trading around $0.3566 as of Feb. 15, 2022. Its 24-hour trading volume on exchanges is around $20,529,838.

Source: https://coinmarketcap.com/alexandria/article/what-is-fetch-ai-fet-features-tokenomics-and-price-prediction