Fetch.ai (FET): Bridging AI and Blockchain for Decentralized Machine Learning

Fetch.ai, founded in 2017 and launched through an IEO on Binance in 2019, is an AI lab dedicated to building a decentralized machine learning network with a crypto economy. The Fetch.AI model focuses on democratizing AI technology by creating an open, permissionless network that leverages autonomous AI for executing tasks using secure datasets. Its applications span various sectors, including DeFi trading, transportation, energy grids, and more.

Founders:

  • Toby Simpson: Former COO, now a member of the Advisory Board. Simpson’s experience includes roles at Ososim Limited and as the Head of Software Design at DeepMind.
  • Humayun Sheikh: Current CEO of Fetch.ai. Also, the CEO and founder of Mettalex, founder of uVue and itzMe.
  • Thomas Hain: Former Chief Science Officer. Co-founder and director of Koemei before joining Fetch.ai.

Key Features:

  1. Digital Twin Framework: Provides modular components for building marketplaces, skills, and intelligence for digital twins, fostering connectivity.
  2. Open Economic Framework: Enables search and discovery functions for digital twins within the Fetch.ai ecosystem.
  3. Digital Twin Metropolis: Collection of smart contracts running on a WebAssembly virtual machine, maintaining an immutable record of agreements between digital twins.
  4. Fetch.ai Blockchain: Integrates multi-party cryptography and game theory for secure, censorship-resistant consensus, supporting digital twin applications.

Unique Aspects:

  • FET Token: The utility token, FET, plays a vital role in Fetch.ai’s ecosystem. It is used for creating, deploying, and training digital twins, essential for smart contracts and oracles. Developers access machine-learning utilities by paying with FET tokens.
  • Digital Twin Applications: Fetch.ai’s technology stack includes a learner component, a global market for collective learning, the Fetch.ai Blockchain, and a decentralized data layer based on IPFS. This infrastructure allows for secure, privacy-centric, and decentralized machine learning.

Circulation and Emission:

  • Circulating Supply (as of February 2021): 746,113,681 FET
  • Maximum Supply: 1,152,997,575 FET

Security Measures:

  • Blockchain Security: Fetch.ai ensures decentralization through blockchain technology, enhancing security.
  • Differential Privacy: Protects user privacy by avoiding exposure of private datasets during updates.
  • Multi-Party Cryptography and Game Theory: Provides secure and censorship-resistant consensus on the Fetch.ai blockchain.

Where to Buy FET: Fetch.ai (FET) tokens are available on various exchanges, including Binance, BiKi, BiONE, BitAsset, HitBTC, and more. Trading pairs encompass cryptocurrencies like Bitcoin (BTC) and Ether (ETH), along with stablecoins and fiat currencies.

Noteworthy Upgrades:

  • Capricorn Mainnet Upgrade: This upgrade introduces Inter-Blockchain Communication (IBC), enabling FET tokens to be available across IBC-enabled chains. It also supports smart contracts running on the CosmWasm VM.
  • Resonate Social: A social NFT platform, built on Fetch.ai, is in public beta. It aims to establish trust-centric social connections and sharing through NFTs.

Key Events:

  • Seed Funding (June 2018): Fetch.ai raised $15 million in a seed funding round from investors like Blockwall Management and Outlier Ventures.
  • IEO on Binance Launchpad (March 2019): Fetch.ai raised an additional $6 million through an IEO on Binance.
  • Institutional Investment (March 2021): Fetch.ai secured $5 million in institutional investment, led by GDA Group.
  • Asset Freeze (August 2021): Fetch.ai, alongside Binance, identified and froze $2.6 million allegedly stolen from its Binance trading account by hackers.

Fetch.ai stands at the intersection of AI and blockchain, pushing the boundaries of what decentralized machine learning can achieve. With its robust ecosystem and ongoing developments, Fetch.ai aims to redefine the landscape of AI-driven applications and connectivity.

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