What is Fetch.ai? Fetch.ai in 2024 explained

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As a researcher investigating Fetch.ai, I’m eager to delve deep into its application and background. In this article, I’ll provide an in-depth exploration of Fetch.ai’s functionality, its intriguing history, and the steps for acquiring its token.

Table of Contents

What is Fetch.ai?

Fetch.ai (FET) is a pioneering initiative that offers tailored artificial intelligence solutions to its clientele. Essentially, Fetch.ai empowers users with the ability to automate various tasks across multiple sectors, ultimately aiming to help them cut down operational expenses through this automation.

As a crypto investor, I would describe it as follows: I’m part of a self-governing network where artificial intelligence (AI) entities, known as agents, carry out diverse tasks autonomously. This machine-to-machine ecosystem allows these AI programs to interact and collaborate with each other, fostering an efficient and intelligent economic system.

Potential use cases include:

• Improving trading efficiency for financial services clients
• Allowing smart cities to improve services for residents
• Eliminating unnecessary middlemen in the gig economy by optimizing job recruitment

“Fetch.ai strives to streamline operations in sectors such as supply chain management, energy production, finance, Web3 technologies, transportation, and beyond, through automation.”

History and development: who created Fetch.ai?

In 2017, the trio of founders – Thomas Hain, Toby Simpson, and Humayun Sheikh – established Fetch.ai. The company received funding and backing from Outlier Ventures. Notably, an Initial Exchange Offering (IEO) on Binance was initiated by Fetch.ai, resulting in a remarkable $6 million in investments being raised within a mere 10 seconds.

In the beginning of 2020, Fetch.ai’s team launched their mainnet. They subsequently established collaborations: one with Bosch, aiming to incorporate automation and artificial intelligence data systems for industrial uses; and another with Datarella, planning to test smart city infrastructure in Munich, Germany.

How does Fetch.ai work?

There are a few different elements to Fetch.ai: here’s how it all works.

AI Agents that carry out functions and make decisions on the platform

The Agentverse is a software-as-a-service (SaaS) platform that where agents are fine-tuned.

The AI Engine is an interface that adds a human touch by receiving instructions and queries.

The Fetch Network brings all of these layers together into one interface.

Transactions in the Fetch.ai network are validated utilizing our unique version of the Proof of Stake consensus mechanism in the blockchain. The role of the FET token is to initiate and deploy AI agents, which operate within the network, as well as training these agents. FET is also employed for executing operations related to smart contracts, oracles, and transactions.

Network agents employ machine learning techniques to adjust to live media and situations, according to Fetch.ai advocates, enhancing the network’s productivity.

Using the Munich collaboration as a case in point, Fetch.ai could observe traffic patterns there and propose modifications to alleviate gridlock.

As a crypto investor, I can imagine an intelligent transportation system that has the capability to implement enhancements autonomously. For instance, this system could effectively manage traffic signals in real-time using real data, thereby improving overall traffic flow.

Other examples include seeing to it that energy is being used efficiently.

How to buy Fetch.ai: methods and wallets

FET tokens are trading on multiple different crypto exchanges.

1. Register an exchange account

To begin, register an account at one of the following exchanges where FET tokens are traded.

Options:

• Coinbase
• Binance
• KuCoin
• Gate.io

To get started with creating an account, please provide your email address and then adhere to the guidelines given. You may be required to undergo Know Your Customer (KYC) procedures, which vary between platforms but generally involve submitting a valid photo ID and additional documents such as proof of residence.

2. Buy or deposit crypto

At the moment, you can’t buy FET directly with a fiat currency like USD or EUR.

You have the option of making a bank transfer to deposit funds and then exchanging them for cryptocurrency on the platform, or you can go ahead and deposit crypto directly into your exchange wallet.

Here’s a guide on buying crypto if you’re not sure where to begin.

3. Buy Fetch.ai (FET)

As a researcher investigating the process of acquiring FET through cryptocurrency exchanges, I would describe it as follows: To add FET to my digital wallet, I must first exchange my current cryptocurrencies for it. On Binance, a popular trading platform, I can swap FET for Binance Coin (BNB), Tether (USDT), USD Coin (USDC), and Bitcoin (BTC). These options are also frequently used for FET trades on other reputable exchanges.

As a market analyst, I would recommend navigating to the spot trading section on your preferred cryptocurrency exchange platform. Once there, input the desired quantity of Fetch. token (FET) that you intend to buy in the provided field.

When you submit a market order, it gets executed immediately at the current market price. On the other hand, with a limit order, you set the desired price for the transaction, and your order waits in line to be filled only when that price is reached.

As a researcher studying financial markets, I can explain that placing limit orders entails additional effort and preparation from your side. You need to specify the maximum price you’re willing to pay for an asset, which requires more time and understanding of market conditions. However, in return for this investment, you’ll benefit from lower transaction fees compared to other order types.

5: Store your fetch.ai (FET) in a Wallet

You can store FET in a software or hardware wallet.

As a researcher, I would explain it this way: I use hardware wallets such as Ledger Nano S or Trezor for my cryptocurrency storage. These devices keep your funds safely offline, which is often referred to as cold storage. Cold storage is the most secure method for keeping crypto because it isolates your assets from the internet and reduces the risk of unauthorized access.

Alternatively, software wallets such as MetaMask and TrustWallet are preferred for their convenience and accessibility. However, it’s crucial to protect your sensitive data, including private keys, offline to avoid potential security risks associated with storing them digitally.

Regulatory landscape for Fetch.ai

It’s essential to stay informed about the regulatory landscape for cryptocurrencies you’re interested in, such as Fetch.ai. Regulations can vary significantly from one region to another and may impact the legitimacy of trading a particular crypto. Moreover, regulatory decisions can influence the value of a cryptocurrency.

“Fetch.ai is a noteworthy initiative with regulatory implications, given that it functions as both a cryptocurrency platform and an artificial intelligence project, each of which may be subject to current or forthcoming regulations.”

United States

As a financial analyst, I would describe the regulatory landscape for crypto assets in the United States as being overseen primarily by two key agencies: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The SEC focuses on securities-related matters, while the CFTC has jurisdiction over commodity futures and derivatives. Both commissions play essential roles in ensuring compliance with relevant laws and regulations within their respective domains.

As a crypto investor, I’d put it this way: The Securities and Exchange Commission (SEC) is the government agency responsible for deciding if an asset, including cryptocurrencies like FET, meets the definition of a security. Securities are tightly regulated investments that require a license to buy and sell. Since FET hasn’t been classified as a security, it isn’t subject to any securities regulations.

Exchanges that sell FET tokens must, however, comply with AML and KYC legislation in the US.

In the United States, AI isn’t specifically regulated at present. However, given the growing use of AI tools and businesses, regulations could potentially be implemented in the future.

European Union

In the European Union, each country independently oversees the regulation of cryptocurrencies. Yet, the EU aims to establish a uniform regulatory structure through the Markets in Crypto-Assets (MiCA) legislation. Intended for implementation in June 2024, MiCA will enable EU member states to harmoniously manage crypto-related markets.

As an analyst, I can assure you that based on current information, MiCA (Markets in Crypto-Assets) regulation does not seem to pose any immediate threats to the functioning or accessibility of Fetch.ai and its associated FET tokens. However, it’s essential to note that the EU Artificial Intelligence Act was passed in March 2024, and its implications for projects like Fetch.ai are still uncertain.

Asia

Approaching a significant share of the world’s population, Asia encompasses a richly varied legal landscape in relation to cryptocurrency. Japan and South Korea impose stringent rules regarding anti-money laundering and Know Your Customer (KYC) procedures for cryptos. In contrast, China has prohibited both crypto trading and mining, which significantly restricts the applicability of Fetch.ai as FET tokens cannot be exchanged in this region. Additionally, China is exploring the development of AI regulations.

In Singapore, the 2019 Model AI Governance Framework regulates the use of AI, with a focus on making AI systems centred around humans and ensuring that decisions made by AI models are both fair and transparent. Similar discussions about regulations are ongoing in various parts of the world, which may potentially influence how Fetch.ai’s network functions.

Future outlook for Fetch.ai

The Fetch.ai project holds great promise in various aspects, but it could encounter regulatory challenges if the implementation of AI regulations unfolds unfavorably in the imminent future.

Technological advancements and integrations

In addition to collaborating with Bosch and Datarella, Fetch.ai has formed a connection with Deutsche Telekom through the Fetch.ai Foundation. Such partnerships with established companies outside the crypto realm are generally viewed as a positive sign that a project has applications in various industries.

As an analyst, I would explain it this way: Through integrating the Inter-Blockchain Communication Protocol of Cosmos Network, Fetch.ai has expanded its presence across multiple blockchain networks. Consequently, decentralized finance (DeFi) protocols on various platforms can now support Fetch.ai technology. This initiative is part of a larger movement in the blockchain industry known as interoperability – enabling seamless collaboration and interaction between different projects.

As a researcher studying projects in the field, I’ve observed that those which show potential for expansion beyond a single network tend to garner more attention due to their scalability and perceived competitive advantage.

An update to Fetch.ai has expanded its capabilities, enabling the execution of sophisticated smart contracts written in Rust. As a result, complex applications can now be developed using the Fetch.ai network.

Fetch.ai price history and market performance

The cost of Fetch.ai’s cryptocurrency, FET, has reached unprecedented peaks lately, aligning with a surge in global curiosity towards artificial intelligence initiatives.

FET initiated trading at approximately $0.21 in June 2019. Its value remained relatively stable throughout the years 2019-2023. However, an astonishing surge occurred between February and March 2024, pushing the price up by over 400% to reach a high of $3.20. Currently, FET is trading at around $2.49.

The Potential of Fetch.ai

As an analyst, I can assert that with solid partnerships in place and a compelling use case across various sectors, Fetch.ai is primed to secure a significant market share within the AI solutions and services industry. The escalating demand for advanced AI platforms presents a fertile ground for Fetch.ai to establish itself as a leading player. However, this growing market interest will inevitably bring forth steeper competition from other projects.

Fetch.ai is vulnerable to any potential technological weaknesses it may have, as well as unfavorable regulation in either the cryptocurrency or AI sector.

It’s advisable for those involved with the Fetch.ai project to keep a close eye on both regulatory developments and emerging competition in the expanding markets for artificial intelligence (AI) solutions and blockchain technology.

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2024-05-23 14:46