The blockchain industry has witnessed tremendous growth over the years, with new blockchain projects emerging every day. Fetch.AI is one of the blockchain projects that is gaining traction, with a focus on building an infrastructure that can facilitate the development of modern decentralized applications.
This article will provide an overview of Fetch.AI and its ecosystem, highlighting its mission, background, and FET token.
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Fetch.AI is a Cambridge-based blockchain project that was founded in 2017 by Humayun Sheikh and Toby Simpson. The project’s primary aim is to create an ecosystem that can facilitate the development of intelligent autonomous agents that can interact with each other in a decentralized network.
Fetch.AI’s autonomous agents leverage artificial intelligence and automation to enable the execution of complex tasks in the digital economy. The team behind Fetch.AI comprises experts in the field of artificial intelligence, blockchain, and software development.
What is Fetch.AI?
Fetch.AI is an open-source blockchain project that aims to build an infrastructure for modern decentralized applications that are free from centralized rent-seeking. The project provides open-source software tools that developers can use in conjunction with its interoperable decentralized network to harness the power of AI and automation.
Fetch.AI’s unique selling proposition is its Autonomous Agent technology, which enables the creation of peer-to-peer applications with automation and AI capabilities, with or without direct access to a blockchain. Fetch.AI’s ecosystem is designed to provide a better autonomous ecosystem, where anyone can build and deploy AI services at scale, anytime and anywhere.
The Fetch.AI network is built on the Cosmos-SDK and uses a high-performance WebAssembly (WASM)-based smart contract language (CosmWasm). This architecture enables the Fetch.AI network to function as a layer-1 network for Ethereum and an interchain bridge to the rest of the blockchain world.
$FET is the native token of the Fetch.AI ecosystem and serves as the primary medium of exchange within the network. FET can be used to pay for services provided by Fetch.AI, just as USD is used to buy services in the United States. The FET token can also be staked, enabling token holders to earn semi-passive income while contributing to the network’s security.
Staking FET Tokens
Staking FET tokens involves delegating tokens to one or more validators who have a vital role in maintaining the integrity of the Fetch.AI network. Validators are responsible for validating transactions and creating new blocks on the network. By delegating tokens to validators, stakers can earn rewards while contributing to the network’s security.
Staking can be done using the Fetch Wallet, which is an easy-to-use wallet that supports staking. Once users have purchased native FET, they can send it to the address generated on their Fetch Wallet. Users can then go to the staking interface on the Fetch Wallet and connect their wallet to begin staking.
It is essential to do due diligence when selecting validators to delegate FET tokens to. Validators play a crucial role in maintaining the network’s security, and selecting the right validators is critical to the network’s overall health. Validators’ commission rates are set by validators, and this can impact the overall annual percentage rate (APR) of staking rewards. It is also essential to check the validator’s history of providing validator services on other chains and whether they have a website or social media account that can be contacted.
The Fetch Wallet is an easy-to-use wallet that enables users to interact with the Fetch blockchain and other Cosmos-based networks like Osmosis and Juno Network. The wallet supports native transfers and Inter-Blockchain Communication (IBC) protocol transfers, which allows for seamless cross-chain transfers of tokens. The wallet is also ultra-secure, encrypting private keys and mnemonics locally on the user’s device to prevent unauthorized access.
How Does Fetch Network Work?
Fetch.ai’s network leverages the Autonomous Agent technology to create a machine-to-machine ecosystem, where agents interact directly with each other via the blockchain network. The agents negotiate and interact with each other autonomously, without user input. Any resulting agreements between agents are recorded on the Fetch.ai blockchain using FET, the native token of the network. This system of autonomous economic agents eliminates the need for intermediaries, thereby reducing costs.
The Fetch.ai ecosystem is a diverse network of projects that offer various use cases for the FET token. For example, Starfleit is a decentralized exchange (DEX) that enables traders to transact directly with each other without the need for a centralized market maker. Mettalex is a blockchain-based exchange (DEX) that focuses on traditional and crypto commodity derivatives, providing a cost- and risk-efficient way to trade and hedge.
Resonate is a decentralized social network that uses AI to offer a more personalized and secure social experience. Meanwhile, CoLearn is a blockchain-mediated collective learning system that enables stakeholders to collaborate on building machine learning models. Axim allows businesses to securely connect data silos and gain valuable insights through machine learning models, all while preserving data privacy.
MOBIX incentivizes sustainable urban mobility by rewarding users for using micromobility services or offering infrastructure. Overall, these projects highlight the versatility of the Fetch.ai ecosystem and its commitment to using blockchain and AI to create innovative solutions for various industries.
Fetch.ai is also part of the Catena-X Automotive Network, which aims to create an open ecosystem for efficient and secure exchange of information throughout the automotive value chain. The cloud-based network is open to all companies in the European vehicle industry, along with their global partners, users, and equipment suppliers.
Fetch.ai is a blockchain project that leverages Autonomous Agent technology to create a machine-to-machine ecosystem that enables the execution of complex tasks in the digital economy. The Fetch.ai network provides open-source software tools that developers can use in conjunction with its interoperable decentralized network to harness the power of AI and automation. The FET token serves as the primary medium of exchange within the network and can be staked to earn semi-passive income while contributing to the network’s security.
Fetch.ai’s ecosystem comprises several projects, including CoLearn, Axim, Atomix, MOBIX, Resonate, Starfleit, and Mettalex, among others. With the increasing adoption of the Fetch.ai ecosystem, staking FET tokens becomes an even more attractive option for investors.