The technological revolution has widely taken over the world over the past two decades. Artificial intelligence and blockchain are the two leading technological advancements that have the potential to completely transform the way how human lives.
Artificial intelligence has the potential to boost productivity while eliminating human errors to some extent. Blockchain, on the other hand, provides fast and transparent transaction facilities while ensuring users’ privacy. Both technologies can make wonders when they’re combined together.
Fetch.ai is one of the leading blockchain networks offering the benefits of these leading technologies.
What is Fetch.ai?
Fetch.ai is an ambitious platform that seeks to create a decentralized digital world where machines and algorithms can work autonomously and intelligently, facilitating a new era of economic and social growth.
Fetch.ai uses a combination of machine learning, artificial intelligence, and multi-agent systems to create a decentralized network of autonomous economic agents, that can perform a range of tasks and provide various services.
The Fetch.ai platform consists of several key components, including a smart contract system, a virtual machine, a consensus mechanism, and a decentralized ledger. It also has a unique economic framework that allows agents to interact and transact with each other using a native token called FET.
One of the main objectives of Fetch.ai is to enable the creation of decentralized marketplaces, where agents can negotiate and trade on behalf of their owners. These marketplaces can be used for a variety of purposes, including data sharing, transportation, energy trading, and more.
Fetch.ai also offers a range of tools and APIs to help developers create and deploy their own autonomous agents on the network. This allows for the creation of customized solutions that can address specific business needs and requirements.
With its innovative technology and talented team, Fetch.ai has captured the attention of investors, developers, and entrepreneurs alike, offering a tantalizing glimpse into the future of a connected, intelligent world.
Fetch.ai Brief History
Fetch.ai was co-founded by Humayun Sheikh (CEO), Thomas Hain (Chief Science Officer), and Toby Simpson (COO) in 2017. The aim was to create an AI and machine learning-backed network that can connect individuals, institutions, and technical devices together.
The mainnet was officially launched in 2019. The team has made certain improvements to the project over time. Over the years, the Fetch.ai team has collaborated with multiple industries including transportation, energy, and finance.
The team is dedicated to providing a more efficient, secure, and scalable infrastructure for decentralized systems, allowing for seamless coordination and optimization of resources in real time.
Important Features of Fetch.ai
Fetch.ai offers a range of features that can help businesses improve efficiency, reduce costs, and optimize processes.
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How Does Fetch.ai Work?
Fetch.ai Operates on a Three-Layered Architecture
- Smart Contract Layer – This layer provides a high-level programming interface for developers to create autonomous agents.
- Virtual Machine Layer – It acts as an execution environment for these agents.
- Ledger Layer – It serves as the underlying distributed ledger, providing a secure and decentralized platform for transactions and data storage.
Understanding Proof-of-stake Time (PoST)
Fetch.ai uses a unique consensus mechanism called the “proof-of-stake time” (PoST) algorithm to validate transactions and maintain the integrity of the ledger.
This algorithm ensures that nodes on the network are incentivized to participate in the validation process and rewards them for their contribution. This results in a more efficient and secure network, with a lower energy consumption compared to traditional proof-of-work (PoW) blockchains.
The autonomous agents created on the Fetch.ai platform can be programmed to interact with each other, as well as with external data sources and APIs. This allows for the creation of complex decentralized systems, where agents can work together to perform tasks and make decisions based on real-time data.
The platform also features a marketplace for trading agents. This allows developers to monetize their creations, while also providing businesses and organizations with access to a wide range of pre-built autonomous agents that can be easily integrated into their existing systems.
FET is the native token of the Fetch network that is used to pay transaction fees. The platform also rewards FET tokens to the node operators when they validate a transaction. With a circulating supply of 818 million tokens, FET has a market cap of $360 million. It ranks among the 200 best cryptocurrencies in terms of market cap.
Fetch.ai is an Ai-based blockchain network designed to automate a set of activities in a decentralized ecosystem. It also offers a range of tools and APIs that the developers can use to launch their own autonomous agents. It has the potential to play a vital role in defining the future of machine-to-machine communication and decision-making.
If you need more information about how the Fetch network works, feel free to get in touch with us.