Fetch.ai (FET)  is a decentralized network that combines blockchain technology with artificial intelligence to enable autonomous economic agents to perform tasks and make decisions independently. The platform facilitates data sharing, machine learning, and automation to create scalable solutions across various industries. It was launched in March 2019 by Toby Simpson, Humayun Sheikh, and Thomas Hain. ^[1][2]

Overview

Fetch.ai is a platform that enables a decentralized digital economy powered by autonomous AI agents. These agents are intelligent programs that act on behalf of users, devices, or organizations to perform tasks, make decisions, and exchange value. Fetch.ai provides the infrastructure and tools needed to build, deploy, and manage these agents, including the uAgents communication protocol, the Agentverse discovery platform, and a native blockchain that facilitates secure transactions using the FET token. The system allows agents to interact with one another, access shared resources, and collaborate to complete complex workflows in real time.

The platform also integrates an AI Engine that translates human input into agent-driven actions, enabling dynamic and adaptive task execution. Developers can use frameworks like LangGraph or AutoGen and decentralized computing resources like Fetch Compute to create scalable, purpose-driven agents. Once registered on the Agentverse and connected through the Almanac smart contract, these agents become discoverable and can transact securely with others. By combining AI, blockchain, and decentralized infrastructure, Fetch.ai creates a unified environment where autonomous agents operate efficiently across supply chains, data services, digital marketplaces, and more.

Funding

In March 2021, Fetch.ai received funding from GDA Group, a Toronto-based digital asset firm that invested $5 million in the Fetch ecosystem over an undisclosed period of time. The funding was announced to be used for the research and development of Fetch's applications, which focus on autonomous artificial intelligence (AI) agents deployed on behalf of large firms like Bosch and others. ^[16]

In March 2023, Fetch.ai raised $40 million from market maker and investment firm DWF Labs. The investment was said to be used to deploy decentralized machine learning, autonomous agents, and network infrastructure on its platform. ^[15]

Fetch Name Service

On July 27, 2023, Fetch.ai announced an update to Fetch.ai Wallet version 0.14, which gives access to Fetch Name Service (FNS) directly within the wallet. The Fetch Name Service, created by AzoyaLabs, provides a Name System for the Fetch.ai blockchain. It allows users to map a human-readable domain to wallet addresses. With wallet upgrade 0.14, users can buy and register any unique .FET domain name directly from within their wallet. ^[17]

Technology

Since Fetch.ai is a multi-utility network, it combines a 3-pillar framework consisting of Autonomous Economic Agents, an Open Economic Framework, and Smart Ledgers. ^[5]

The Fetch.ai ecosystem uses a principle of AI known as Multi-Agent Systems (MAS) which allows agents to work in harmony despite being heterogeneous. An agent is a part of the software that represents an entity, and through its autonomy, it can operate independently (without its owner’s influence) and continuously make decisions on its behalf. ^[5]

Autonomous Economic Agents (AEAs)

AEAs are intelligent and independent programs that operate on the owner’s behalf. The goal of these agents is to generate economic value for their owners. The Fetch.ai platform provides an environment where agents seeking some value are placed near the agents who have that value. Therefore, each agent sees the world that is reorganized for its needs. These autonomous economic agents can be made to represent real-world objects, people, or assets to allow them to communicate and transact. ^[4]

Open Economic Framework (OEF)

The Open Economic Framework (OEF) contains protocols, languages, and market mechanisms that facilitate communication and exchange of information between agents. It is the layer on top of the raw protocol and ledger that provides the environment for all economic agents to operate. This enables a decentralized space where agents can find each other and exchange information. ^[4][5]

Smart Ledger

The Fetch Smart Ledger, which is the Fetch.ai mainnet, is a form of smart contract-enabled ledger that consists of blockchain elements of Distributed Ledger Technologies (DLTs). It contains built-in AI based on notarized DAG technology that supports millions of economic agents and logs all transactions made on the blockchain. ^[5]

FET Token

FET is Fetch.ai’s multi-purpose native ERC-20 token and is used as the key medium of exchange on the platform. ^[5]

FET is used to pay for Fetch.ai services, deploy AI agents, and network transaction fees. Users can also stake FET for a chance to participate in ecosystem security through its proof of stake (PoS) mechanism on the Fetch.ai Ledger to earn rewards. ^[4][5]

FET is required by autonomous economic agents to perform specific tasks as well as register on the network. It allows agents access to the digital world in the form of services, data, infrastructure, or AI/ML algorithms. Users can deploy a node on the Fetch.ai chain and become a validator to earn FET rewards. It also gives users the ability to connect agents and nodes to the network by putting down an access deposit. Such a deposit also represents a stake in demonstrating good behavior. ^[4]

Partnerships

Fetch.ai x Bitget

On April 27, 2023, Bitget announced a pledge of $10 million for the development of the Fetch.ai ecosystem. ^[6]

Commenting on the pledge, Bitget cited the AI hype generated by ChatGPT, which raises “more possibilities of this technology in improving human productivity and creativity.” Regarding the nature of the partnership with Fetch.ai, Bitget said it would be “providing consultations on marketing” and other services to help the AI infrastructure provider expand its business partnerships. ^[6]

Fetch.ai x IOTA

In June 2021, Fetch.ai partnered with the blockchain network IOTA to enable a “controlled data sharing environment” for connected devices, setting the stage for a leap in Internet of Things (IoT) capabilities. ^[9]

The partnership was to allow sectors such as mobility, supply chain logistics, finance, healthcare, energy, and others to utilize automated data sharing across IoT networks. Iota’s native Tangle technology facilitates secure payments and communications between devices. ^[9]

“While there are numerous partnerships focusing on data privacy, this one adds the layer of economic benefit for stakeholders via autonomous economic agents without compromising data privacy,” - said Fetch.ai CEO Humayun Sheikh

Fetch.ai x Bosch

In February 2021, Bosch Group, the global technology supplier, teamed with Fetch.ai to launch a multi-purpose blockchain network to further advance Web3 capabilities like artificial intelligence and the Internet of Things. ^[10]

“We’re looking forward to working further with Bosch to bring about the wide adoption of these ground-breaking innovations, which will hugely benefit consumers and businesses in many industries including automotive, manufacturing, and healthcare.” - Jonathan Ward, CTO of Fetch.ai^[10]

Fetch.ai x LiquidChefs

In December 2021, Fetch.ai announced a partnership with LiquidChefs, an on-location food beverage services company. The partnership between Fetch.ai and LiquidChefs was to utilize Fetch.ai’s Autonomous Economic Agents integrated with its Search and Discovery Framework to build local and transparent supply chains, allowing LiquidChefs to search and connect with any sustainable supplier in its immediate vicinity. ^[18]