As a founding member of the recently created ASI Superintelligence Alliance and as one of the longest-running crypto projects trying to tackle the decentralized AI narrative, we take a look at Fetch.ai today.
What is it that we need to ‘fetch’ in order to understand Fetch.ai? Let’s take a look at this continuously evolving AI narrative protocol that existed well before the hype.
Fetch.ai is a decentralized blockchain platform that integrates artificial intelligence and machine learning to offer solutions to the most pressing issues in our (digital) society today.
With a new focus on creating autonomous agents that operate independently on the blockchain, Fetch aims to generate financial value by letting these agents emulate real-world entities and solve complex problems.
Fetch.AI, founded in 2017 in Cambridge, UK, by Toby Simpson (COO), Thomas Hain (Chief Science Officer), and Humayun Sheikh (CEO), who was an early investor in DeepMind, where he played a role in supporting the commercialization of early-stage AI.
The founders envisioned an autonomous network that connects individuals, organizations, devices, and services using AI and machine learning. In this network, digital entities called Autonomous Economic Agents (AEAs) could independently interact and transact.
The Fetch.AI mainnet officially launched in January 2020. Meanwhile, Fetch.AI has established strategic partnerships with major companies like Bosch and Datarella to build next-generation smart city infrastructure.
The Fetch.ai Foundation is a non-profit organization based in the Netherlands, founded and governed by representatives from Fetch.ai and Bosch.
This review of Fetch AI (FET) was created for informational purposes. This article is not intended for promotion.
Fetch.ai employs a combination of its own technologies. These include agentverses, the deltaV engine, and their own way of enabling connections between agents. Fetch.ai also utilizes other AI and ML algorithms that allow these agents to learn and adapt independently. Let’s take a look at the innovations and products of Fetch.
Autonomous agents are software entities that carry out operations, to some degree independently, on behalf of a user or another program. In doing so, they employ some knowledge or representation of the user’s goals or desires. This brings us to AI agents, which have become the main focus of Fetch.
Everyone seems to be building agents, but are they useful in real life scenarios? Fetch wants to build useful systems or agents that are capable of:
The Fetch.ai ecosystem consists of several interconnected components that work together to enable the development and deployment of intelligent agents:
An open-source Python library that serves as the primary building block for coding Fetch.ai agents.
An online agent dashboard and hosting service that allows you to run your agents in the cloud and manage agents running on Agentverse and elsewhere. Developers can create intelligent agents in minutes. Initially, Agentverse only supports Python, but support for other languages is expected soon.
The AI Engine is the central powerhouse of DeltaV (a developer tool for testing), enabling users and developers to tap into a vast network of agent-based functions. Once an agent is registered, its offered Agent Function becomes visible to the AI Engine.
A platform that allows you to search for and connect with agents registered in the Almanac (their blockchain).
Yes, users have the option to keep their agents private if they do not wish to share their information publicly. The Agentverse Marketplace allows for the differentiation between public and private agents.
You can build your own AI Agent involving several core components:
Fetch Compute provides decentralized infrastructure for compute-intensive tasks—like training complex machine learning models or running large-scale inference.
Once your agent is ready, you can register it on the Agentverse platform, making it discoverable and accessible to other agents.
Once your agent is built, you’ll want others to find and interact with it. By registering it via the Almanac Contract on the blockchain, your agent becomes discoverable to others wanting to use an AI agent.
Building and registering your agent is just the start. The key to real-world impact lies in enabling agents to communicate and collaborate effectively. Fetch supports Python and will soon support JavaScript as well.
Agents on the Agentverse can also transact value. Each registered agent comes with a secure wallet and can handle direct exchanges. Every exchange is verified and transparently recorded.
To enable this AI agent decentralized economy, there are multiple components required:
Fetch.ai, alongside SingularityNET and Ocean Protocol, form three of the longest-serving teams in decentralized AI. They are committed to building open and beneficial AI, and want to build exit ramps away from centralized monopolies.
In doing this they aim to give AI researchers, companies, and governments an alternative through:
This union called the Artificial Superintelligence Alliance of this three crypto companies will also include the merger of their respective tokens into the ‘Artificial Superintelligence’ token, with the ticker $ASI. That has a combined value of the Alliance at signing is $7.5 Billion (theoretically ranking at #20 on Coinmarketcap) with 2.631 Billion tokens and $FET as the benchmark currency.
Fetch has launched a $10 million accelerator program to support startups focused on developing solutions in AI agents, quantum computing, and high-performance technology.
Through this, the Innovation Lab will provide funding, mentorship, and access to Fetch.ai’s agent-based technologies to help startups scale globally.
In March 2019, Fetch.AI accelerated its development by launching its native token $FET through an Initial Exchange Offering on Binance, raising $6 million in just 10 seconds.
$FET, which is now the benchmark currency of the ‘Artificial Superintelligence Alliance” has the following contract: 0xaea46a60368a7bd060eec7df8cba43b7ef41ad85
It functions as the central element for transactions, governance, and staking on Fetch. The token is primarily used as a means of payment for AI services and is essential for agent creation, data access, and smart contract execution.
FET’s distribution strategy includes allocations for future releases, founders, the foundation, advisors, and token sales, with additional portions reserved for miners.
The total supply of FET tokens ranges between 1.1 billion and 1.2 billion. Initially, the token distribution was structured to allocate 20% each to the Fetch.ai Foundation and the founders, 17.6% to the token sale, 17.4% to future releases, 15% to mining rewards, and 10% to advisors.
As of 2023, the distribution remains as planned, with the Foundation, founders, various sale stages, future releases, mining, and advisors maintaining their respective shares.
Staking is how you delegate your FET tokens to a validator to help secure the Fetch.ai network. In return, you earn staking rewards in the form of more FET tokens. It’s a great way to grow your FET holdings over time. Here’s what you need to know to stake your FET using the ASI Alliance web wallet.
The great thing is, your staked FET never leaves your wallet. You can unstake at any time, but there is an unbonding period of 21 days before the tokens are available to trade or transfer again. This waiting period is standard for blockchains using the Cosmos SDK.
First, download and install the ASI Alliance browser extension wallet. Create a new wallet or import an existing one. You can also connect a Ledger hardware wallet for added security.
Log into your wallet and go to the Staking section. Here you’ll see a list of active validators and information like their voting power, commission, and uptime.
Choose a validator, enter the amount of FET you want to stake, and confirm the transaction. Make sure to leave a small amount of FET unstaked to cover future transaction fees.
Whenever you want to claim your accumulated staking rewards:
The rewards will be added to your wallet balance and can be staked again to compound your earnings.
If you want to unstake some or all of your FET:
Remember, unstaked FET will be locked for 21 days before you can trade or transfer it. Plan accordingly.
In addition to the ASI Alliance web wallet, you can stake FET in a few other ways:
Tokens issued to advisors, founders, and the foundation have a three-year vesting period.
Mining tokens, used to incentivize node operators, are distributed over five years, with the distribution rate dependent on the network’s economic performance.
Subject to a three-month lockup after the Token Generation Event (TGE). After the lockup, tokens vest linearly over the next three months.
Available immediately after the TGE with no lockup or vesting period.
Distribution begins 12 months after the TGE, released gradually over five years. No more than one-third of these tokens can be released in any single year.
Retained by the issuer, released over 24 months starting at least 12 months after the TGE to help control market supply.
Face a three-month lockup after the TGE.
Vesting occurs quarterly, with:
Vest linearly over four years, supporting the network’s long-term development.
Fetch.ai’s Agentverse is trusted by teams at the frontier of AI technology, including renowned organizations such as Bosch, T Systems, Cudo Compute, C4E, Mettalex, Scail, and Cambridge University. So these are no nobodies.
With over 22,000 agents, 26,000 hours of compute time, 500 protocols, and 121 million exchanged messages, AI agents are set to disrupt industries worth trillions. It’s understandable why Fetch wants to capitalize on this opportunity.
With their long presence in the industry and many elements like the AI engine, Agentverse, and AI Agent console, they could offer the next AI-driven solutions.
You can get started with the Fetch.ai ecosystem for free. There are no upfront costs or payment requirements to begin exploring and developing with uAgent, Agentverse, AI Engine, and DeltaV. This is advantageous, as the project simplifies AI agent development through a user-friendly, no-code platform.
In conclusion, Fetch.ai is a pioneering project in the decentralized AI space that has been working on autonomous agents and AI-driven solutions since 2017. With its Agentverse platform, AI Engine, and other tools, Fetch.ai simplifies the development and deployment of AI agents.
The native token, $FET, plays a central role in the ecosystem for AI agent transactions and can be staked. With its strong foundation and ongoing developments, Fetch.ai is well-positioned to capitalize on the growing AI industry and drive the adoption of decentralized AI solutions.
Disclaimer: Trading and investing in cryptocurrencies (also called digital or virtual currencies, altcoins) involves a substantial risk of loss and is not suitable for every investor. You are solely responsible for the risk and financial resources you use to trade crypto. The content on this website is primarily for informational purposes and does not constitute financial advice.
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