What is Fetch.AI (FET Coin): A Long-Term Potential Review 2024

Combining artificial intelligence with blockchain technology is one of the most innovative and promising advancements in cryptocurrency. Consequently, projects in this field (collectively referred to as AI) are garnering significant attention from the community. Fetch.ai (FET) stands out in this group, having recently demonstrated exceptional price performance. But what exactly is FET coin, what is Fetch.AI, how does it operate, what is its purpose, and does its project have the potential for long-term development? Let’s explore and evaluate these aspects in detail in the following article.

Fetch.Ai – What Is FET Coin, and Should You Invest?

Overview of the Fetch.ai (FET) Project

Fetch.ai officially launched in 2019 through the Binance Launchpad. However, the project’s origins trace back two years earlier, with the collaboration of two companies, Itzme AI and uVue, to establish a startup based in the United Kingdom. Binance later selected the project, and it raised $10 million in just 10 seconds during its ICO.

Initially, Fetch.Ai was promoted as part of the fourth industrial revolution and as a project capable of decentralizing AI to power widespread systems like Amazon’s Alexa. The primary goal of Fetch.ai is to create a robust blockchain-based platform that integrates the Internet Of Things (IOT), artificial intelligence (AI), and decentralized solutions like smart contracts.

Overall, Fetch.Ai aims to create a completely decentralized AI economy.

What Is the Technology Behind Fetch.ai (FET)?

Without delving too deep into the complex technology provided by Fetch.AI, let’s clarify some basic principles.

Fetch.ai is comprised of three distinct parts: Autonomous Economic Agents (AEA), Open Economic Framework (OEF), and Fetch Smart Ledgers. Powering the ecosystem is the FET token.

• Autonomous Economic Agents (AEA): These are AI, bots, and algorithms created to act on behalf of organizations, individuals, and services. They can connect to anything from hardware, data sources, or software in the real world, enabling them to fulfill their roles as required. AEAs are also built with machine learning, allowing them to learn from mistakes and improve over time.
• Open Economic Framework (OEF): This framework uses AI to optimize the provision and use of information to support AEAs. AEAs can access data generated by the OEF through node operators. These node operators are rewarded with FET for providing trustworthy information.
• Fetch Smart Ledgers: This layer of the complex structure uses what is called Directed Acyclic Graph (DAG) technology. FSL is responsible for managing trust and intelligence to ensure the Fetch ecosystem remains secure and operational. This layer employs AI and machine learning to explore how different markets interact with each other.

What Is the Purpose of Fetch.Ai – FET Coin?

So, with the technologies mentioned above, what is the purpose of Fetch.Ai? Overall, Fetch.Ai appears to be a highly useful project, aiming to streamline various sectors such as transport, mobile, rail, infrastructure, energy, and smart housing to operate smoothly with less human dependency.

• #1. With its V1.0 release, Fetch allows the creation of multi-agent-based mobile services. Being open-source, anyone can utilize its suite of products.
• #2. Autonomous AI Travel Agents in Fetch reduce the role of centralized aggregation services and tools. It enables direct interaction between providers and consumers, thereby saving costs for both parties.
• #3. Fetch’s smart city mobility solutions address issues like parking. Within a smart city, Fetch can search and communicate with parking lots to find the nearest available spot to your destination and reserve it for you.
• #4. Fetch has also empowered transactions in commodities like steel, base metals, etc. It allows market participants to access data without impacting the efficiency and security features of the market.
• #5. With its collective learning module, Fetch helps physicians optimize diagnosis and patient care faster by sharing patient information within their network without allowing access to individual private data.

=> In conclusion, Fetch.AI is not just a blockchain project but leans more towards I.O.T and AI. It is directed towards real-life applications with a long-term vision. In terms of technology and application purpose, Fetch.Ai is highly commendable.

What Is FET Coin, and What Is the Tokenomics of FET?

FET coin is the primary currency of the Fetch.Ai ecosystem, used as the main medium of exchange within this system.

Currently, FET Token is an ERC-20 token, so in addition to exchange fees and deposit fees, you will incur transaction fees on the Ethereum Blockchain network. After the Fetch.AI (FET) Mainnet, FET Token will transition to FET Native Token and operate on their Blockchain. Then, the gas fees within the system will be collected by Fetch.AI.

Its total issued supply is 1,152,997,575 tokens (which may decrease further), distributed as follows:

• Foundation – 19.99%
• Founders and Team – 19.99%
• Public ICO – 6%
• Private sale – 6.38%
• Seed sale – 5.24%
• Advisors – 10%
• Mining Rewards – 15%
• Future Releases – 17.4%

Serving as a Utility Token within the Fetch.AI (FET) ecosystem, FET Token has the following uses:

• FET tokens can be staked to become Nodes for processing transactions and operating the system.

• Agents use FET Tokens to access the Digital World ecosystem of Fetch.AI. Once having access to Fetch.AI.

• FET Tokens can also be used as Gas Fee, similar to how ETH is used as gas on the Ethereum Blockchain network.

• When two Agents collaborate to exchange value, they must stake FET Tokens. This gives the Agents motivation to work no matter where they are.

• FET Tokens are used to reward miners of the Nodes.

Who is behind Fetch.AI (AI)?

The Fetch.AI team is led by three co-founders and four additional department heads. Humayun Sheikh leads as CEO of Fetch.ai, having extensive experience with artificial intelligence and as an early investor in AI company DeepMind, later acquired by Google. He has also worked at AI startup itzMe and drone company uVue.

The CTO at Fetch.AI is Toby Simpson, who brings over a decade of experience as a CTO in various tech companies. He also worked at DeepMind as Head of Software Design.

The third co-founder and Chief Science Officer of Fetch.AI is Thomas Hain, holding a Ph.D. from the University of Cambridge. Besides his role at Fetch.AI, he is also a professor at the University of Sheffield.

In addition to the co-founders, the leadership team includes Jonathan Ward (Head of Research), Troels F. Rønnow (Head of Software Engineering), Maria Minaricova (Head of Business Development), and Arthur Meadows (Head of Investor Relations). The rest of the Fetch.AI team comprises 10 developers, 11 researchers, and 5 administrative staff.

Significant Milestones of Fetch.AI (FET)

FET was launched through an initial coin offering (ICO) with over 6.4% of the maximum supply on Binance Launchpad in February 2019. Data from Binance shows FET launched at a price of $0.33 on February 28, 2019.

Initially, FET experienced slow growth. However, from 2021, it began to draw attention and recorded several new partnerships, for example:

• February 2021: Fetch.ai partnered with Festo – a manufacturer of electromechanical systems to develop a decentralized manufacturing marketplace.
• February 2021: Fetch.ai also collaborated with Bosch to build an ecosystem for applications that can fully interact with established Web3.0 technologies like AI.
• June 2021: Fetch.ai signed a partnership with IOTA, a blockchain network focused on the Internet Of Things (IOT), to “enable IOT devices to automatically communicate in an automated economy.”
• August 2022: Fetch.ai announced its roadmap for 2022-2023. The ecosystem DEX named Starfleit and the GDPR-compliant data sharing service GetMySlice are expected to launch in Q4 2022. The real-world asset lending protocol Atomix is anticipated to launch in Q2 2023.
• September 2022: Fetch.ai established a research and development partnership with fintech Algbra to develop ethical financial solutions.
• December 2, 2022: following the release of an upgraded version of the native Fetch cryptocurrency wallet. The latest version, which addressed issues with messaging functionality, loading times, and user interactions, saw over 10,000 installs in the first five days of its release.
• December 9, 2022: FET closed with a price increase of over 35% after Binance, the world’s largest cryptocurrency exchange by trading volume, announced the deployment of FET staking on its platform with an annual return rate of 7%.
• January 5, 2023: Their new wallet v0.6.2 was also released. The next day, the price of FET rose from $0.1 to $0.13 – a 30% increase.

Here we are with our regular round-up summary, this time covering the past month.

Highlights include ????
– Fetch Wallet v0.6.2 released
– Second-ever community meet-up in India
– Overview of Fetch Network & Tools 2022 released

… & much more! pic.twitter.com/NntJN129Eh

— Fetch.ai (@Fetch_ai) January 8, 2023

Following this were positive news throughout the AI community, triggering a fomo wave into projects in this field, making Fetch.AI (FET) one of the best-performing assets in early 2023.

Today’s FET Crypto Price Update

Artificial Superintelligence Alliance (FET)

$ 1.43 0.05%

Is Fetch.AI (FET) a Good Investment?

You’ve learned about what FET coin is and the basic information about the Fetch.Ai project. So, is this a good project to invest in, or is it just a temporary fomo of the community? To get a comprehensive view, let’s summarize the strengths and weaknesses of it.

#1 Fetch.AI is one of the more ambitious blockchain projects as it’s also trying to integrate with artificial intelligence. There is a lot of hope for success in the future as the Fetch.AI team appears to have the skills, knowledge, and industry experience to create something that can solve many real-world problems in various industries from supply chain to energy, and more.

#2 Another reason many blockchain experts consider Fetch.ai a good investment is because the FET token has a fixed total supply and maintains an effective anti-inflation tokenomics mechanism. Fetch.AI is limited to 1,152,997,575 FET tokens and cannot create any more than that amount (in fact, the total supply might even be less). Therefore, the price of FET is expected to increase over time – if the demand for the token does not decline.

#3 Recently, Fetch.Ai has also recorded many positive signals by continuously signing some new partnerships and research. Previously, there were skeptics who thought the project could be a scam due to a lack of public information, but now it has become more transparent and open. This will make Fetch.Ai one of the most anticipated projects in the future.

#4 The AI trend has been gaining momentum recently with major players starting to invest in this sector. It originated from the launch of ChatGPT, followed by renowned companies like Microsoft and Google investing in AI. Tron (TRX) also opened a $100 million fund to invest in AI projects, and many other blockchains are gradually moving into this field. This will boost the development of AI coins, with Fetch.AI (FET) being a prominent name among them.

#1 The current growth of Fetch.AI (FET) is largely dependent on the general “AI trend” in the market, rather than strong internal project momentum. Therefore, if the AI trend cools down, it’s likely that FET coin will also lose its momentum.

#2 Despite owning advanced technology, Fetch.Ai currently lacks any complete products. Everything is still in the planning and execution stages. There are many risks ahead. The development process is expected to be long and costly, and it’s hard to evaluate in the short term.

#3 Generally, the use cases for FET are still limited or quite specialized, not user-friendly for many people, which might deter many cryptocurrency enthusiasts. Or, some people might buy FET solely for speculation, without paying attention to its utilities.

#4 Although experienced in the AI industry, none of the leaders or advisors in the team have shown familiarity with blockchain technology. A question arises: is it necessary for Fetch.Ai (FET) to develop on the blockchain, and can a team like this help it achieve anything when combined with blockchain? Some opinions (like that of Andree Cronje) suggest that blockchain and AI technologies are not really related and may not effectively support each other.