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Cryptocurrency Guide | Guides

What Is Fetch.ai (FET)? All You Need To Know

Author

Rickie Sanchez

Tags

Tags Editor's Choice / Slider Posts

Reading time

3 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice / Slider Posts

Reading time

3 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice, Slider Posts

Reading time

3 mins
Last update

fetch ai

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Key Takeaways

  • Fetch.ai (FET) is a project building an AI-powered decentralized digital economy.
  • They create software programs called “agents” that act on behalf of people, organizations, or devices and can learn and complete tasks autonomously.
  • Fetch.ai’s FET token is merging with Ocean Protocol (OCEAN) and SingularityNET (AGIX) to form a new token for the Superintelligence Alliance (ASI).

What Is Fetch.ai (FET)?

Fetch.ai is a (FET) project that creates software programs called “agents” that can act on behalf of people, organizations, or even devices. These agents can autonomously learn and complete tasks as instructed.

They aim to create a more efficient and automated digital economy through blockchain and AI, eventually enabling intelligent interactions between machines and facilitating secure transactions in a decentralized manner.

How Does Fetch.ai (FET) Work?

Fetch.ai (FET) is an open-source, decentralized network that leverages artificial intelligence (AI) and blockchain technology to create an automated digital economy. Here’s a breakdown of its key components:

Autonomous Economic Agents (AEAs)

These software programs act for individuals, organizations, or even devices.  AEAs can be programmed to perform specific tasks, such as negotiating a price for a service or managing data within a supply chain.

Blockchain Technology

Fetch.ai utilizes a blockchain to provide a secure and transparent platform for AEAs to interact and conduct transactions.  This ensures data integrity and fosters trust within the network.

Here’s a simplified example of how the project could work:

Imagine you want to book a flight at the best possible price. You create an AEA with your preferences (travel dates, budget, etc.). This AEA can then interact with other AEAs representing airlines and travel providers to negotiate the best deal for you. All this happens autonomously on the Fetch.ai network, leveraging AI to find the optimal solution.

Fetch.ai (FET) Token And Tokenomics

Tokenomics

The FET token is Fetch.ai’s native cryptocurrency. It is used for:

  • Powering Transactions and Services
  • Staking
  • Governance
  • Incentivization
  • Interoperability

Token Details

Total Supply 1,152,997,575 FET

Circulating Supply 846,093,898 FET

Current Price $2.68

Market Capitalization $2,265,199,137

This information is current as of April 12th, 2024, and the token’s price, market value, and available supply may fluctuate.

Distribution

  • Founders & Foundation (40%)
  • Token Sale (17.6%)
  • Future Releases (17.4%)
  • Mining Rewards (15%)
  • Advisors (10%)

Where Can I Buy Fetch.ai (FET)?

Binance Binance is a major exchange offering a wide range of cryptocurrencies. It offers multiple ways to buy crypto, including credit cards, debit cards, and peer-to-peer (P2P) trading.

Coinbase Coinbase is an American-based cryptocurrency exchange that allows you to buy cryptocurrencies using various payment methods, including bank transfers, debit cards, and wire transfers.

Bybit This exchange is known for its derivatives and margin trading features, but you can also use the platform for spot trading.

Is Fetch.ai (FET) A Good Investment?

Pros

  • Team With AI Expertise – The Fetch.ai team boasts experience from DeepMind, a leader in neural networks.
  • Strong Partnerships – They have partnerships with established companies like Bosch and ZoidPay, which validates their technology and open doors to real-world applications.
  • Upcoming Merger – FET is slated to transform into Artificial Super Intelligence (ASI), a new token merger with Ocean Protocol (OCEAN) and SingularityNET (AGIX).

Cons

  • Lack Of Blockchain Experience – While the team excels in AI, they might lack experience in core blockchain technology, which could pose challenges for development.
  • Unproven Technology – The core idea of autonomous economic agents is innovative but remains unproven at scale.

Final Thoughts

Whether Fetch.ai (FET) is a good investment depends on your risk tolerance and goals. Remember, this guide provides a starting point for your research. Always conduct your due diligence before making any investment decisions.