Fetch.ai

L

aunched in 2019 by Humayun Sheikh and his team, Fetch.ai quickly established itself as a leading platform for seamless and scalable interactions between autonomous agents, providing a unique, decentralized solution through its innovative multi-agent system technology.

Today, we will cover the following topics:
- About Fetch.ai (FET)
- How does Fetch.ai work?
- Key Features
- Technical Analysis
- Why is IOTA The Coin of the Week?

About Fetch.ai (FET)

What is Fetch.ai?

Fetch.ai (FET) is an open-source platform enhancing peer-to-peer (P2P) applications with advanced automation and AI.

It focuses on creating autonomous economic agents (AEAs), which are intelligent software entities that make decisions and perform tasks for users. These agents utilize AI and machine learning (ML) to optimize various processes.

Fetch.ai’s applications include supply chain optimization, DeFi, IoT, and secure data management. The platform employs smart contracts and a unique consensus algorithm, useful proof-of-work (uPoW), to ensure scalability and efficiency.

By integrating AI with blockchain, Fetch.ai aims to transform digital economic activities, promoting autonomy, efficiency, and innovation.

Fetch.ai cover picture showing a robot in the background.
Source: CryptoSlate

FET Token

The FET token serves as the utility token within the Fetch.ai network. As an ERC-20 token, it has a total supply of 2.63 billion tokens, with over 848 million currently in circulation as of May 28, 2024.

FET’s diverse roles within Fetch.ai network include:

Governance

FET token holders have the power to propose and vote on modifications to network structures, codebase enhancements, and resource distribution.

Staking and Network Security

By staking FET tokens, users help secure the network and receive passive income through new token rewards. Staking also unlocks additional features, including participation in collective learning (CoLearn), enabling FET holders to develop and stake on AI models.

Transaction and Service Fees

FET tokens are used to pay for various services and transaction fees within the network. Users can pay fees when generating information, running smart contracts, or creating and utilizing autonomous agents.

Incentive Mechanism

Users earn FET tokens as rewards for providing valuable data to the platform. Likewise, developers can gain FET by creating dApps or DeFi services that enhance the network’s growth and functionality.

Cross-Chain Interactions

FET tokens enable interactions with other blockchain networks due to Fetch.ai’s interoperability. This feature allows the token to be easily transferred between networks and used for cross-chain services and applications.

Use Cases of Fetch.ai

The Fetch.ai network, with its distinctive architecture and capabilities, presents various potential applications across diverse sectors.

A sketch showing Fetch.ai use cases like Decentralized delivery network, parking network, open economic framework and so on...
Use Cases of Fetch.ai

Here are some examples of how FET can be utilized:

Decentralized Finance (DeFi)

Botswap is a DeFi liquidity management tool designed to help users manage and safeguard their crypto assets. It swiftly responds to market changes to protect against rug pulls and impermanent losses on decentralized exchanges like Uniswap and PancakeSwap.

Smart Cities

Fetch.AI's technology enhances various aspects of smart cities, including traffic management, energy distribution, and public transportation. It enables autonomous agents to analyze data in real-time and make informed decisions, optimizing urban efficiency.

Automotive

Deep Parking is an application leveraging AI and blockchain technology to assist drivers in finding parking spaces. It operates by using a Digital Twin of the driver’s car to communicate with the Digital Twins of available parking spots nearby.

Supply Chain

Fetch AI and LiquidChefs are collaborating to develop an improved supply chain system. They intend to use Fetch AI’s technology, including Autonomous Economic Agents (AEA) and a search and discovery framework, to create a transparent supply chain. This will facilitate LiquidChefs in easily locating and connecting with local suppliers.

Collective Learning

Collective learning utilizes algorithms that enable multiple parties to enhance their datasets while maintaining privacy. By leveraging blockchain technology and AI capabilities, it supports and trains the network to learn from private data without directly accessing it.

Decentralized Delivery Network (DDN)

The Decentralized Delivery Network (DDN) offers a decentralized alternative to traditional centralized service providers like Deliveroo and Lyft. DDN allows users to interact directly with service providers, negotiate prices, and arrange the delivery of goods or transportation independently.

How does Fetch.ai work?

Fetch.ai’s primary offering is uAgents (micro-Agents), simple computer programs that autonomously perform tasks on behalf of individuals or companies.

These agents prioritize their owners' interests, adapt strategies to achieve their goals effectively, and respond dynamically to their environment and other agents.

Creating agents with Fetch.ai is designed to be straightforward, requiring only basic knowledge of Python.

Agents are registered on the Almanac contract, a smart contract on the Fetch.ai blockchain, making them searchable and accessible to other agents and users. This system allows for querying, updating, and verifying agent ownership via the Agentverse Explorer.

A sketch showing an example of the digital twin platform.
Source: Fetch.ai

Fetch.ai operates on a decentralized network that combines AI with blockchain technology, creating three fundamental layers essential to the project's goals:

Autonomous Economic Agents (AEAs)

These self-governing entities can make decisions, interact with their environment, and autonomously execute transactions.

Equipped with machine learning capabilities, AEAs can adapt and learn from their interactions.

They facilitate real-time communication and collaboration across networks, enabling the exchange of information, services, and assets without intermediaries.

Smart Ledger

This layer provides a distributed and tamper-proof ledger for recording transactions and interactions, ensuring transparency and security across the Fetch.ai network.

Open Economic Framework (OEF)

Serving as a decentralized search engine, the OEF allows AEAs to discover one another, access relevant information, and negotiate transactions.

It is crucial for creating an efficient and seamless marketplace within the Fetch.ai ecosystem.

Together, these layers establish Fetch.ai as a decentralized hub where AEAs can collaborate, optimize resource allocation, negotiate contracts, and facilitate various transactions.

Key Features

Fetch.ai offers several advanced features that enable users to engage actively in the digital economy:

Decentralized Oracles

The platform integrates decentralized oracles to securely connect real-world data with smart contracts.

This enhances the reliability and accuracy of the information used by autonomous economic agents (AEAs), enabling them to make well-informed decisions.

Machine Learning Integration

Fetch.ai incorporates machine learning techniques to enhance the capabilities of AEAs.

A sketch showing an example of machine learning integration.
Machine Learning Integration

These agents can learn from past interactions, adapt to user preferences, and continuously improve their decision-making processes.

Multi-Agent System (MAS)

Fetch.ai utilizes a multi-agent system where a collection of software agents work together to achieve predefined objectives.

This creates a collaborative and adaptive environment, allowing autonomous agents to learn from dynamic conditions and respond accordingly.

Interoperability

Fetch.ai is designed to work seamlessly with other blockchain networks and traditional systems.

A sketch showing the interoperability of Fetch.ai between Fetch.ai's core functions and third party services.
Fetch.ai's Interoperability

This interoperability ensures smooth integration with various platforms, promoting a more interconnected and expansive ecosystem.

Digital Twin Framework

Fetch.ai's modular components enable the creation of digital twin marketplaces and intelligence.

The Open Economic Framework (OEF) aids in search and discovery.

The Digital Twin Metropolis uses smart contracts on WebAssembly (WASM) for immutable agreements..

Technical Analysis

From a technical perspective, FET has been overall bullish, trading within the flat rising channel marked in red.

For the bulls to take over long-term, a break above the last major high, marked in blue at $2.55, is needed.

In such a scenario, a movement towards the $3.3 mark would be anticipated.

Meanwhile, as FET approaches the lower bound of the red channel, we will be looking for short-term trend-following buy setups.

FET daily chart overall bullish trading within the rising channel and it is currently approaching the lower bound of the channel around $2.
FET Chart - Daily Timeframe

Why is FET The Coin of the Week?

For this week, we've selected Fetch.AI for its innovative approach to integrating artificial intelligence with decentralized technologies.

Its unique multi-agent system facilitates autonomous operations and economic transactions, making it a revolutionary solution for various sectors.

Moreover, from a technical perspective, it is currently retesting the lower bound of its rising range, providing us with an opportunity to capitalize on the upcoming bullish impulse movement.

Fetch.ai
Fetch.ai
Price Targets ($)
Buy range:
2.1300
-
1.9500
Target points:
2.5300
2.8960
3.4410
Leverage (optional):
x
(isolated)
(cross)
Stop loss (optional):
1.6000
Start trading:

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