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What is Fetch.AI and its cryptocurrency FET?


 What is Fetch.AI and its cryptocurrency FET?

With the increasing demand for technology and its greater adoption in our daily life and the development of many aspects of it, such as artificial intelligence and blockchain technology ...

Many projects are trying to gain a foothold in this world of technical innovation and intense competition.

Among the projects that aim to integrate blockchain technology with artificial intelligence, we find the crypto project “Fetch.AI”.

The Fetch.AI project was launched in February 2019 on the Binance Launchpad.

The project emerged as a merging of two technologies that are often mentioned together at the same time, namely artificial intelligence, which is abbreviated by the English alphabet (AI) and the blockchain.

The idea was born out of a desire to decentralize systems based on artificial intelligence that are now being increasingly adopted in the form of digital assistants, such as the "smart assistant" from "Google".

The Fetch.AI team believes in the vision of providing a variety of ancillary services without the need to provide free user-focused data to increasingly information-hungry companies that want to monopolize the process.

The story of the project and the UK startup Fetch begins in early 2017 after Itzme AI and uVue decided to unite their efforts under one roof.

The project was chosen by the Binance IPO platform that helped organize the sale of the digital currency in its initial form, as the company raised $ 6 million in about 10 seconds.

The digital currency of the “Fetch.AI” project is “FET”.

The project is based on Ethereum and remains so until now.

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What solutions does Fetch.AI offer?

Fetch.AI is being promoted as the building block of future decentralized digital data markets.

Based on this concept, the majority of AI users' tasks will be actually performed by so-called independent software agents supported by AI technology.

In addition, agents are supposed to simplify the use of user-generated data.

Fetch.AI aims to replace centralized systems charged with taking care of tasks ranging from handing over data to providing day-to-day services like booking hotel rooms.

Fetch developers argue that an open, decentralized system like theirs is in a better position to collaborate in the emerging machine-based economy.

In the “Fetch” project, software-based agents operate as digital entities capable of conducting independent transactions and representing themselves, their devices, services, or individual users.

Although not previously exposed to various challenges, Digital Agents will be able to use AI to participate in the decision-making processes for themselves and on behalf of Fetch.AI users.

These users will be recruited among individuals, companies and government agencies, while the range of tasks that agents can perform is virtually limitless, from checking the availability of airline tickets to developing weather knowledge models or improving the supply chain.

The Fetch.AI project wants to create an Open Economic Framework (OEF) as an ecosystem in which agents and digital data interact while providing the best performance at a lower cost.

One of the priority tasks of Fetch's digital economy model is the appropriate use of user-generated data.

The project's open economic framework should allow data generated by Internet of Things (IoT) devices to be made a commodity based on the fact that their agents will be located in each of these devices.

For example, a delivery operator can discover weather conditions by calling a vehicle windshield wiper and redirecting this information to his company's digital ecosystem in order to facilitate the provision of appropriate services related to this information.

Consequently, independent Fetch agents become of value to those who need their data, without necessarily being aware of it.

As agents become representatives of diverse data, devices, and services, they are transformed into useful tools for a group of data analysts and market experts looking to improve the delivery of various services.

Fetch.AI and the digital currency FET reduce the need for human intermediaries or companies to control access to the knowledge center.

With the help of machine learning technology that links blockchain to agents in the field, data that was previously considered to be of no economic value can now become the basis of emerging industries.

How does the Fetch.AI project achieve scalability?

The Fetch blockchain has been scaled to support theoretical millions of transactions per second and is able to restructure itself to connect OEF to Fetch agents.

Scalability is achieved by combining chains of transactions with some features of a non-periodic directed graph (DAG).

In some blockchain-based solutions, Fetch supports the simultaneous assignment of a transaction to many different resource corridors.

Corridors are then optimized for use with the help of the pre-evaluation module that determines which one is associated with a particular transaction.

Finally, transactions are aggregated by resource ID hashing, where system capacity is proportional to the number of lanes available.

What is the Mechanism for Proof of Beneficial Work (UPOW)?

The consensus mechanism used by Fetch.AI is called Proof of Beneficial Work (UPoW).

With this mechanism, new blocks are created in a manner similar to what is found in standard PoS proof-of-quota protocols, while the order of transactions is generated based on the work that takes place between the two blocks.

Specific computing issues are sorted by difficulty and grouped into Proof of Work packages, allowing even less powerful nodes to earn rewards.

More demanding issues, such as those related to AI or scheduling, must be addressed through the platform based on distributed computing arranged in this way.

The project team and the digital currency “FET”:

The Fetch.AI team is headquartered, as we told above, in Cambridge, UK, and the project is led by three founders:

Humayun Sheikh (CEO).
Toby Simpson (CTO Project Technical Director)
Thomas Hine (CSO Director, Strategic Office).
As of February 2021, the FET cryptocurrency has a market cap of $ 68 million.

The total number of digital currencies to be generated is set at 1.1 billion FET.

The digital currency is valued at $ 0.099 at the time of writing, with an estimated daily trading volume of $ 9 million.

The digital currency is available on the most prominent major trading platforms, on top of which is Binance and KuCoin.