Fetch.ai
Fetch.ai (FET) is an open and permissionless network leveraging artificial intelligence (AI) to create a decentralized machine-learning system that can execute tasks on the blockchain. It was launched in March 2019 by Toby Simpson, Humayun Sheikh, and Thomas Hain. [1][2]
Overview
Fetch.ai, the artificial intelligence lab developing the Fetch.AI platform was founded in 2017 and launched via IEO (Initial Exchange Offering) on Binance Launchpad in March 2019 by a team based in Cambridge, UK. The project was co-founded by Toby Simpson, Humayun Sheikh, and Thomas Hain. Sheikh is the CEO of the project, Simpson is the COO, and Hain is the Chief Science Officer. The Fetch.AI mainnet went live in January 2020. [2][3]
On the Fetch.ai network, users have access to a set of autonomous economic agents that work on their behalf. These agents can perform various tasks such as conducting searches, negotiating, trading knowledge, and sharing predictions. They collaborate with other economic agents to solve complex problems effectively. These agents can also perform autonomous economic transactions that create a near-frictionless marketplace. [4]
Fetch.ai’s ecosystem is powered by FET which is the network’s native cryptocurrency and also an ERC-20 token. [12][13]
In February 2019, the Fetch.AI (FET) token sale on the crypto exchange Binance’s Launchpad reached its hard cap of $6 million dollars with the sale of over 69 million tokens. In a tweet published the same day, Binance CEO Changpeng Zhao reported the sale had been completed within a "dizzying 22 seconds". [11]
On June 6, 2021, Fetch.ai reportedly claimed that hackers stole $2.6 million worth of crypto from its Binance account and resold the tokens for a significantly reduced price. Following the attack, the Royal Courts of Justice in London ordered Binance to identify the hackers and seize the stolen assets. [14]
"We need to dispel the myth that crypto assets are anonymous. The reality is that with the right rules and applications, they can be tracked, traced and recovered." - said Syedur Rahman, a partner from Fetch.ai's legal team at Rahman Ravelli.[14]
On August 24, 2021, Fetch.ai launched an NFT marketplace for AI-generated art, giving users the ability to create digital collectibles in a collaborative setting through machine learning technology. The platform, dubbed Colearn Paint, allows groups of creators to automatically generate and collectively own NFTs designed by a machine learning algorithm. The platform is geared towards “abstract compositions,” according to Humayun Sheikh, CEO of Fetch.ai, who cited “collective learning” as a major trend for the future. [7][8]
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]
