What is Fetch.ai? Is This Crypto Project Worth It?
Fetch.ai has been around for a while now but it is still being hyped about in the cryptocurrency community. It’s because the project has very high goals that come out of a science fiction novel.
This article will help you understand what these goals are and why Fetch.ai has great potential to lose its novelty status.
What is Fetch.ai?
Fetch.ai is a platform that aims to add value to data by linking gadgets and supporting the establishment of new markets based on what they learn from one another. True autonomy can only be achieved through the use of a platform such as this or something similar to Fetch.ai.
The project is well known for its autonomous agents which act as digital doubles of its users. They can act on their own and help their users make money even when they are asleep.
As a result, it will establish an ecosystem in which data, hardware, services, people, and infrastructure will all be able to efficiently work with one another, representing the various components of the economy as a whole.
Across the globe, billions of devices, processes, and pipelines are in critical need of automation and communication to function properly. Most blockchains aren’t built to manage such a large number of transactions, and none of them allow their users to gain knowledge from the data that is generated and traded on the network.
Fetch.ai has a lot of potential because it helps solves the problem stated above. It will help create a platform that will ensure that is truly autonomous. This project will:
- Make it possible to split the blockchain, which will increase concurrency and scalability.
- Autonomous Economic Agents (AEAs) can be quickly developed and deployed on any device using a framework for smart contract language with machine learning and artificial intelligence capabilities.
- Fixed-point arithmetic is provided for accuracy and predictability in all operations and transactions.
Fetch.ai will improve blockchain technology to be more convenient and more autonomous. The solutions it brings to the table will be something that would attract a lot of investors and developers to give the platform a chance.
Fetch.ai Mission and Vision
The objective and ambition of Fetch.ai are to provide a platform that enables enterprises of all sorts, from single independent developers to major organizations and consortiums, to be autonomous, apply machine learning, and be more decentralized by using the technology and services that they will provide.
Autonomous Economic Agents (AEA)
An AEA is a person or organization that represents and protects the interests of another person, organization, or object. AEAs operate independently of their owners’ constant input and take activities to achieve their set objectives. This is where Fetch.ai’s vision of autonomy comes into play.
Its primary objective is to generate monetary value for you, their owner, by operating in well-defined domains and markets.
Simply put, Autonomous Economic Agents are your digital twin in the Fetch.ai ecosystem. You can think of them as your assistants in the platform that do things on their own with your best interests in mind.
Your digital twin is constantly striving to make your life better. Your agent learns from you and your close relationships to automate your decision-making and everyday activities.
They use the information you provide to execute tasks on their own to achieve predefined goals. The entire Fetch.ai ecosystem is designed to house and nurture these AI-enabled nodes.
This is Fetch.ai’s biggest product and it’s one of the major reasons why a lot of investors are interested in it. After all, AEAs make it possible for you to earn money even in your sleep!
We’ve mentioned before that AEA’s are your personal AI assistants in the platforms that make moves on their own to support you. If you’re wondering whether or not the AI truly understands what you want, then let us assure you that Fetch.ai already thought of this issue in advance. This is where the AEA framework comes in.
The AEA Framework is a tool in the platform that you can use to create your AEAs.It is a Python-based development suite that provides you with an efficient and accessible set of tools for building and running AEAs. The framework is modular, extensible, and stackable.
It might seem intimidating to create your own AEA agent but the framework was designed to make agent development as simple as possible so that most developers can get started right away.
For AEAs to store transactions, such as the transfer of funds between them or the execution of smart contracts, they use ledgers. They ensure the truth and integrity of agent-to-agent interactions between two or more agents.
While a ledger can be used to store structured data the resulting costs and privacy implications make this an inefficient use of the ledger in most cases. This is where smart ledgers come in.
Fetch’s Smart Ledger was made to assist AEAs that require rapid and easy access to a resource store by providing them with convenient access. Fetch.ai claims that its Smart Ledger is capable of processing transactions of up to millions of transactions per second.
Open Economic Framework (OEF)
For AEAs to create value, they must connect with other AEAs. The Open Economic Framework (OEF) facilitates this interaction.
The OEF is a network of protocols, languages, and market procedures that allow agents to find and speak with one another, as well as trade with one another, under the OEF. As a result, the OEF creates a decentralized virtual environment that provides and supports APIs for AEAs.
OEFs are essential for creating a fully autonomous and decentralized environment envisioned but the Fetch.ai team. Without them, AEAs wouldn’t be able to carry out their full potential
This is where Fetch.ai implements its machine learning vision into blockchain technology. And they achieve it using Colearn.
Colearn is a library that allows for the execution of decentralized machine learning tasks on the FET network while protecting user confidentiality. Multi-stakeholder machine learning models can be created without the need for a central authority or the need to share their dataset with other stakeholders thanks to a blockchain-mediated collective learning system.
Through the use of Colearn’s library, AEAs or your digital twin will have a much easier time learning and improving. They’ll be able to pick up on your preferences and habits more quickly and accurately ensuring that they’ll be able to make the best decisions while trading.
Although the features of Colearn are very impressive with how it has the potential to improve AEAs it still has a long way to go. This Colearn library is still under development but it’s still worth mentioning since it’s one of the major goals of the development team.
The Fetch.ai team is made up of competent and experienced members. They have a clear vision for the project and they have the means of reaching it.
Humayun Sheikh – Co-founder and CEO
Humayun Sheikh is an entrepreneur that specializes in innovation. He is the founder and CEO of Fetch.ai, an innovative platform that integrates Internet of Things devices and algorithms to enable collective learning and automation.
Toby Simpson – Co-founder and CTO
Toby Simpson is a Deepmind early developer and producer who is most known for his work on the popular a-life Creatures video game franchise. His thirty years of software experience, including ten years as a Chief Technology Officer, makes him a very valuable member of the Fetch.ai team.
Thomas Hain – Co-founder and CSO
Thomas Hain is a professor at the University of Sheffield and a well-established scientist in advanced machine learning artificial intelligence. He bridges the gap between the real world and academia and is motivated by the prospects that AI provides to modern society. He is the Chief Science Officer and Co-Founder of Fetch.ai, a machine learning startup.
Fetch.ai Partners and Investors
Fetch.ai has investors like GDA Group, Blockwall Management, Next Ventures (Hong Kong), Outlier Ventures, Blockwall Management, Fireblocks, and many more.
They also have partnered with multiple projects since its inception. A good example of this would be its partnership with Algbra, a next-generation financial technology platform situated in London that makes use of cutting-edge technologies.
Fetch.ai’s token is FET. Throughout the Fetch.AI network, the FET token serves as the primary means of exchanging value.
In addition to being necessary for all network exchanges, it serves as a non-refundable method of registering with the network, as a means of staking, and as a system for rewarding individuals who contribute to the network’s upkeep.
The task completion is enabled through the Fetch.AI token, which is issued to autonomous economic agents.
Hopefully, you’ve learned what Fetch.ai is and how futuristic its features are. Their autonomous agents make things easier for their users and the best part is that they can function without supervision. Their dream of autonomous transactions is starting to become a reality and in our eyes, it is a good enough reason to give this project a shot.
* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.