What Is Fetch.ai Crypto?

ChatGPT's release to the public has caused a major stir online, as people of all ages and backgrounds have used the A.I. chatbot for writing essays, tackling intricate problems, and even fixing computer code. This surge of interest in A.I. has further been reflected in the growth of artificial intelligence-based crypto projects, as investors seek to cash in on the trend and invest in the most promising A.I. platforms. One of the biggest gainers includes Fetch.ai (FET), which has seen its token prices increase 188% within a month. The Fetch.AI network merges blockchain technology with machine learning (ML) and artificial intelligence (AI) through the use of digital twins, also known as Autonomous Economic Agents.

What Is Fetch.ai?

The Fetch.ai network is an interchain protocol, based on the Cosmos-SDK, and uses a high-performance WASM-based smart contract language (CosmWasm). This also allows the Fetch.ai network to serve as a layer-1 network for Ethereum and as an interchain bridge to the rest of the blockchain world. Fetch.AI was established in 2017 and officially launched on Binance via an Initial Exchange Offering(IEO) in March 2019. This Artificial Intelligence (AI) lab is creating an open, permissionless, and decentralized machine learning network with an associated cryptocurrency economy. Fetch.AI allows everyone to access secure datasets using autonomous AI, enabling tasks that employ its worldwide data network. Its model is based on applications such as optimizing Decentralized Finance (DeFi) trading, transportation networks (parking and micro-mobility), smart energy grids, and travel - basically, any intricate digital system that requires vast datasets.

How Does Fetch.ai Work?

The Fetch.ai blockchain is based on the Cosmos-SDK and utilizes the high-performance WASM-based Cosmwasm smart contract language to enable complex cryptography and machine-learning logic to be executed on-chain. Through its Tendermint Proof-of-Stake (PoS) consensus mechanism, the blockchain is able to secure the network and provide staking, governance, and identity services that are necessary for twin digital applications. Additionally, the Fetch.ai blockchain is Cosmos-based and can be integrated with other blockchains in the Cosmos ecosystem through the inter-blockchain communication (IBC) protocol.

Promoted as the building block of the future, Fetch.AI is aimed at creating decentralized digital data marketplaces. To reduce the amount of work done by users, the platform will be powered by autonomous software agents powered by AI technology. These agents are designed to make it easier for users to access and use their generated data.

What can Fetch.ai be used for?

Fetch.ai is leveraging its multi-agent systems technology to decentralize access to data-systems, making it applicable to a variety of use cases and sectors. Not only has Fetch.ai developed numerous projects and use cases, but there is an ever-expanding number of independent projects built on their technology. These projects, tools, and platforms are being utilized in DeFi, mobility, and healthcare sectors, among others.

There are some projects already powered by Fetch.ai, such as Axim, Catena-X Automotive Network, and Mettalex.

• Axim: Axim allows businesses to safely and securely connect data silos, improve their understanding via machine learning models and gain valuable insights to help optimize their business functions, without compromising any of their data privacy.

• Catena-X: Fetch.ai is part of the Catena-X Automotive Network which aims to create an open ecosystem for an efficient and secure exchange of information throughout the automotive value chain. The cloud-based network is to be open to all companies in the European vehicle industry, along with their global partners, users and equipment suppliers.

• Mettalex: Mettalex is the world’s first blockchain-based exchange (DEX) focused on traditional and crypto commodity derivatives. Trading and hedging on Mettalex is orders of magnitude more cost, capital, and risk-efficient thanks to a limited exposure to price volatility, low margin requirements and non-existence of margin calls.

Moreover, the Fetch.AI collective learning module uses blockchain technology and AI capabilities to enable distributed parties to collaborate in training machine learning models without any individual participant having access to the underlying data. This allows the network to be taught from private data without actually accessing it.

Is Fetch.ai A Good Crypto? What Is A FET Token?

A FET token is a digital currency. The FET token is the primary medium of exchange within the Fetch.ai ecosystem. If you want to pay for services provided by Fetch.ai, you pay in FET. Much like you use USD to buy services in the United States.

It is not easy to answer whether a crypto token is good or not. With the popularity of AI and machine learning concepts, related tokens, such as Fetch.ai (FET), SingularityNET (AGIX), and The Graph(GRT) have surged recently. But whether the future for Fetch.ai FET Token is bullish or not, you should do your own research.

Is Fetch.ai Built on Ethereum?

Initially, the Fetch.ai team developed the FET utility token on an ERC-20 contract on the Ethereum network. This was done while they were finishing the work on the Fetch.ai native main network (mainnet). The Fetch.AI (FET) Contracts are asfollows:

• Ethereum: 0xaea46A60368A7bD060eec7DF8CBa43b7EF41Ad85

• BNB Chain(BEP20): 0x031b41e504677879370e9dbcf937283a8691fa7f

Who Is Behind Fetch AI?

Headed by its three co-founders Humayun Sheikh (CEO), Toby Simpson (CTO), and Thomas Hain (CSO), the Fetch.AI team is based in Cambridge, UK.

• Humayun Sheikh is the Co-Founder and CEO at Fetch.AI. He previously worked as the Founder and CEO at itzMe.

• Toby Simpson is a producer of the successful a-life Creatures series of games and and early developer at Deepmind. His thirty years’ experience in software, ten as a CTO, is now focussed on crypto-economics.

• Thomas Hain is a professor in Sheffield and an established scientist in advanced machine learning AI who bridges the real world and academia and is inspired by the opportunities AI brings to modern society.

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